Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, December 3, 2014

Cliffs Natural expects loss of $375 mln-$425 million on asset sale, (NYSE: CLF)

Cliffs Natural Resources Inc said it expects to record a pretax loss of $375 million to $425 million on the sale of its Logan County coal assets in West Virginia in the fourth quarter.The miner's shares rose as much as 6 percent in early trading after the company said it will continue to explore sale options for other coal assets amid lower prices."With remaining assets still on the table, we expect additional transactions to take place going forward, which should provide additional cash inflows over the coming quarters," FBR Capital Markets & Co analyst Mitesh Thakkar said.In July, Cliffs lost a proxy battle to hedge fund Casablanca Capital, which urged the company to spin off its international operations, form a master limited partnership from its U.S. assets and sell non-core assets.

Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF traded higher by 4.41% or $0.36/share to $8.52. In the past year, the shares have traded as low as $7.00 and as high as $27.13. On average, 11859100 shares of CLF exchange hands on a given day and today's volume is recorded at 2092674.