Cliffs Natural Resources Curbs Expenditures
Marquette, MI – (Great Lakes Radio News) – Cliffs Natural Resources Inc. has announced the reduction of an additional $100 Million in Full-Year 2014 Capital Expenditures.
The reduction is in addition to the Company’s previously announced capital spending decrease of approximately 55%, or $460 million, from Cliffs’ full-year 2013 capital expenditures.
The $100 million decrease will impact all of Cliffs’ segments.
The spending reduction is driven by volatility in seaborne iron ore and metallurgical coal prices.
Cliffs indicated that it expects the pricing environment to remain volatile over the near term, which will directly impact the realized revenue in the majority of the Company’s business segments.