Cliffs Natural Resources And Global Economic Uncertainty
By Doolan Wesley:Cliffs Natural Resources Inc. (CLF) is an international mining and natural resources company. The company harvests metallurgical coal and iron ore and sells to steel producers. Currently the stock is trading around $52 a share, and has fallen $50 from the 52 week high of $102.The main culprit of the fall is simply supply and demand taking its toll on the company. With the world economy weakening, and the decreasing natural gas prices creating a decreased demand for coal, Cliffs has seen its company's value drop. Cliffs announced recently that it plans to cut production of coal at its mine in West Virginia by 300,000 tons which will result in a total production of 800,000 tons annually.
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Although there is much negativity streaming from this company, Cliffs recently announced that the company was considering upgrading one of its U.S. coal mines into a gas mine. ThisComplete Story »