Key Developments: Cliffs Natural Resources Inc (CLF.N)

CLF.N on New York Stock Exchange

6.57USD
6 May 2015
Change (% chg)

$-0.01 (-0.15%)
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$6.58
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$6.65
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$6.55
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$18.41
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Latest Key Developments (Source: Significant Developments)

Cliffs Natural Resources Inc names P. Kelly Tompkins New Chief Financial Officer
Thursday, 2 Apr 2015 07:00am EDT 

Cliffs Natural Resources Inc:Has named its current Executive Vice President of Business Development, P. Kelly Tompkins as the Company's new Executive Vice President & Chief Financial Officer effective April 1.Says Tompkins will replace Terrance Paradie, who announced his resignation to pursue an opportunity with another company.Simultaneously with Tompkins's appointment as CFO, the Company's current Executive Vice President, Seaborne Iron Ore, Clifford Smith has been named Executive Vice President, Business Development.The position previously occupied by Smith has been eliminated.  Full Article

Cliffs Natural Resources Inc declares quarterly cash dividend
Friday, 27 Mar 2015 07:00am EDT 

Cliffs Natural Resources Inc:Declares quarterly cash dividend of $17.50 per share.Payable on May 1, to shareholders of record as of close of business on April 15.  Full Article

Cliffs Natural Resources Inc prices $540,000,000 senior secured notes due 2020
Wednesday, 25 Mar 2015 09:13am EDT 

Cliffs Natural Resources Inc:Prices $540 million aggregate principal amount of 8.25 pct senior secured notes due March 31, 2020.Says that it will receive net proceeds, after initial purchasers' discounts and the payment of fees and expenses, of about $491.4 million.Intends to use the net proceeds to repay all amounts outstanding under its existing revolving credit facility and for general corporate purposes.Closing of offering is expected to occur on March 30.  Full Article

Cliffs Natural Resources Inc agrees to sell its Chromite Assets in Canada
Monday, 23 Mar 2015 07:00am EDT 

Cliffs Natural Resources Inc:Has entered into definitive agreement to sell its Chromite assets in Northern Ontario, Canada to Noront Resources Ltd for $20 mln.Says transaction is comprised of chromite deposits and associated claims held by Cliffs.  Full Article

Cliffs Natural Resources Inc announces proposed offering of $500,000,000 senior secured notes due 2020
Wednesday, 18 Mar 2015 08:00pm EDT 

Cliffs Natural Resources Inc:Intends to offer to sell, subject to market and other conditions, $500 mln aggregate principal amount of Senior Secured Notes due 2020.Intends to use net proceeds from offering of new first lien notes to repay all amounts outstanding under its existing revolving credit facility and for general corporate purposes.Proposed New First Lien Notes offering is conditioned on replacement of company's existing revolving credit facility with new senior secured asset-based credit facility.  Full Article

Cliffs Natural Resources Inc announces exchange offers for senior notes
Friday, 27 Feb 2015 12:01am EST 

Cliffs Natural Resources Inc:Announced the commencement of private offers to exchange up to $750 million aggregate principal amount of its newly issued 7.75 pct. Senior Secured Notes due 2020.For certain outstanding senior unsecured notes of Cliffs, upon the terms and subject to the conditions set forth in the company's offering memorandum dated Feb. 26, 2015.  Full Article

Cliffs Natural Resources Inc finalizes energy agreement in U.P. of Michigan
Wednesday, 18 Feb 2015 07:00am EST 

Cliffs Natural Resources Inc:Finalizes an interim power agreement with We Energies for its Michigan operations.Says that this is one key step in a series of contemplated short and long-term agreements that are essential to the viability of its iron ore mines in the Upper Peninsula.  Full Article

Cliffs Natural Resources announces elimination of quarterly dividend
Monday, 26 Jan 2015 07:00am EST 

Cliffs Natural Resources Inc:To eliminate the quarterly dividend of $0.15 per share on Cliffs' common shares.Says decision is applicable to the first quarter of 2015 and all subsequent quarters.  Full Article

Cliffs Natural Resources Inc concludes the sale of Logan County Coal and Provides Update on Bloom Lake
Friday, 2 Jan 2015 07:00am EST 

Cliffs Natural Resources Inc:Completes the sale of its Logan County Coal assets in West Virginia to Coronado Coal II LLC, an affiliate of Coronado Coal LLC, for $174 mln in cash and the assumption of certain liabilities.The expected tax benefit associated with the transaction will be between 20 pct to 25 pct of the previously disclosed pre-tax loss of about $400 mln, which represents an additional benefit of $80 mln to $100 mln in future cash tax savings.Cliffs will record results of this sale in its fourth quarter earnings.Separately, Cliffs confirms that active production at Bloom Lake has completely ceased and the exit from Eastern Canada continued to be executed on schedule as previously announced.The mine has transitioned to care and maintenance status and, consequently, at this time only a small number of employees involved in such activities are still in the payroll.The last shipment of iron ore out of the Port of Sept-Iles will be completed in early Jan. 2015.  Full Article

Cliffs Natural Resources Inc to sell Logan County Coal assets
Wednesday, 3 Dec 2014 06:00am EST 

Cliffs Natural Resources Inc:Entered into a definitive agreement to sell its Logan County Coal assets in southern West Virginia to Coronado Coal II LLC for $175 million in cash and the assumption of certain liabilities.Cliffs anticipates using the cash proceeds from the sale for debt repayment.The parties expect to close the transaction by year-end 2014.  Full Article

Miner Cliffs quarterly revenue falls, cuts capex

- Coal and iron ore producer Cliffs Natural Resources Inc reported a 28 percent fall in quarterly revenue, and the company cut its capital budget as prices tumble.

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