Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Cliffs Natural Resources -17% after big Q3 miss

Published 10/27/2016, 11:48 AM
Updated 10/27/2016, 11:48 AM
Cliffs Natural Resources -17% after big Q3 miss
  • Cliffs Natural Resources (CLF -16.9%) plunges after the reported a surprise Q3 loss and lower than expected EBITDA, driven by weaker than expected U.S. iron ore sales volumes and higher costs.
  • CLF says its Q3 U.S. iron ore production volume fell to 3.86M metric tons from 4.1M in the year-ago quarter, but sales margins rose to $12.57/metric ton from $8.70; Asia-Pacific iron ore production was essentially flat at 2.97M metric tons vs. 2.93M a year ago, and sales margins jumped to $6.75/metric ton from $2.20.
  • CLF reiterates its U.S. full-year sales projection of ~18M metric tons, at cash production costs of $50-$55/metric ton; in Asia-Pacific, CLF expects sales volume of 11.5M metric tons at cash production costs of $25-$30/metric ton.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.