Iron ore and coal miner Cliffs Natural Resources Inc has become the third major U.S. company in the last six months to seek creditor protection for its Canadian arm, in an attempt to isolate losses and protect its shareholders. The miner said Bloom Lake General Partner Ltd and some of its affiliates, including Cliffs Quebec Iron Mining, commenced restructuring proceedings in Montreal, Quebec, on Tuesday.The move mirrors the route taken by U.S. Steel, which sought creditor protection for its money-losing Canadian operations in September and U.S. discount retailer Target Corp that recently took similar steps.The long-anticipated move by Cliffs helps insulate the publicly listed U.S. parent company from the vast majority of the $650 million to $700 million in closure costs tied to its mothballed assets in Canada.
Cliffs Natural Resources Inc. is an international mining and natural resources company. Shares of CLF traded higher by 5.61% or $0.405/share to $7.62. In the past year, the shares have traded as low as $5.63 and as high as $23.53. On average, 9838920 shares of CLF exchange hands on a given day and today's volume is recorded at 4149561.
Target Corporation (Target) is engaged in providing everyday essentials and fashionable, and differentiated merchandise at discounted prices. Shares of TGT fell by 0.52% or $-0.39/share to $74.86. In the past year, the shares have traded as low as $54.66 and as high as $77.75. On average, 5434340 shares of TGT exchange hands on a given day and today's volume is recorded at 1727007.
Source
