Cliffs Natural Resources (CLF), the largest producer of iron ore pellets in the U.S., recorded third-quarter 2009 profits of 45 cents, significantly lower than last year’s earnings of $1.61 per share, on weak iron volumes and prices. However, reported earnings were in contrast to the Zacks Consensus Estimate of a loss of 6 cents. Consistent with weaker year-over-year global demand for iron ore -- the steelmaking raw material -- revenues in the quarter tumbled 44% to $666.4 million. Performance by Segments North American Iron Ore: Sales in the segment slipped 47% to $428.2 million on a 31% decline in volumes to 5.5 million tons. Iron ore production halved to 4.6 million tons in the quarter. Demand for iron ore pellets remained weak year over year despite steel demand picking up in the last quarter. Capacity utilization in the North American steel industry ramped from 49% in ...

International mining and natural resources company, Cliffs Natural Resources Inc. (CLF) announced on Oct 12 its decision to exercise its right of first refusal to acquire U.S. Steel Canada’s 44.6% interest and ArcelorMittal Dofasco’s 28.6% interest in the Wabush Mines joint venture in Canada. Wabush Mines includes the Scully Iron Ore Mine near Wabush, Newfoundland, Labrador; the pellet plant and port facilities at Point Noire, Quebec ; and integrated rail facilities. In addition, Wabush Mines owns an equity position in an electricity generation utility in Newfoundland that provides power for its mining operations. On Oct 9, Consolidated Thompson Iron Mines Ltd. (CLM) had announced an agreement with U.S. Steel Canada and ArcelorMittal Dofasco (other two joint venture partners), to acquire their interests in the Wabush mine for about $88 million in cash if Cliffs, the third partner to the joint venture had no objection. Under the ...

International mining and natural resources company Cliffs Natural Resources Inc. (CLF) is expecting increased production and sales volume in its North American Business Unit, which includes its North American Iron Ore and North American Coal business segments.

Cliffs expects the North American Iron Ore business segment to recognize sales volume of about 16 million tons in 2009, higher than the previous guidance of 13 million to 14 million tons. North American Iron Ore equity production volume in 2009 is expected to be 17 million tons, up from a prior projection of 15 million tons.

Cliffs also raised its 2009 expected sales volume for its North American Coal business segment to about 1.8 million short tons from a previous expectation of 1.5 million tons. North American Coal production volume is expected to be 1.8 million tons, up from a previous expectation of 1.3 million tons. Cliffs operates coal mines in West Virginia

...

Currencies trade in a tight range…Pesos, loonies and reals in the spotlight…The Mogambo on a Thursday!YAHOO!…Jobs reports dominate today & tomorrow…And Now… Today’s Pfennig!

Good day… And a Tub Thumpin’ Thursday to you! Once again yesterday, we traded all day in a very tight range with the currencies. The ADP/Challenger data didn’t give anyone a warm and fuzzy about the labor picture, and tax receipts are in the news… So, let’s go to the tape!

OK, front and center this morning, I have to talk about this deal with tax receipts in this country. So, I’ve chronicled the April and June debacles for tax receipts, but just in case someone is new to class, and missed that, let’s review… The U.S. used to count on the months of April and June for HUGE cash receipts from tax returns, but this year, both April and June’s tax receipts were so bad, the expenditures

...

Cliffs Natural Resources Inc. (CLF) reported that its wholly owned subsidiary, Pinnacle Mining Company, LLC, is calling back about 100 employees at its Pinnacle and Green Ridge No. 1 mines, located near Pineville, West Virginia. Employees are expected to return to work this month. Cliffs reported there is a modest improvement in current orders and foresees improved market conditions going forward.

The Pinnacle Complex includes the Pinnacle, Green Ridge1 and Green Ridge 2 mines and the Pinnacle Preparation Plant. Both the Pinnacle and Green Ridge 1 mines halted production during February 2009, while the Preparation plant is operating on a reduced scale to serve customer requirements. The production shutdown had affected approximately 360 employees.

The mines produce metallurgical coal for the steel industry. Metallurgical coal demand has fallen as the steel industry has had to cut back production in the face of the global economic slowdown.

Pinnacle will reduce production, which will

...

China imported record amounts of copper and iron ore in April as its mammoth stimulus program stoked its foundries and mills.  But the nation’s exports remained weak, leaving some to wonder how much longer the country can keep its economic fires lit without an increase in global consumption.

China’s voracious appetite for commodities drove the second-biggest monthly haul of crude oil and tripled aluminum imports, but very little steel, aluminum and coal went the other way.

“Industrial production is coming online and demand is rising. But sentiment may be tempered by the view that some of the material is being stockpiled and… consumption hasn’t risen as quickly as imports,” Ben Westmore, commodities economist at National Australia Bank, told Reuters.

Copper imports jumped 6.6% from March to April, to 399,833 tons; iron ore imports soared 9.4% to 57 million tons, and crude oil imports hit 3.93 million barrels per day,

...