(Source: Business Wire)
Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced increased production and sales volume expectations in its North American Business Unit, which includes its North American Iron Ore and North American Coal business segments.
North American Iron Ore Cliffs now expects its North American Iron Ore business segment to recognize sales volume of approximately 16 million long tons in 2009, an increase from the Company's previous expectation of 13 million to 14 million tons. In addition, Cliffs expects to collect cash for approximately 3 million tons of "bill and hold" sales in 2009. These "bill and hold" sales are unlikely to meet revenue recognition requirements. This new expectation compares with a previous expectation of 3 million to 4 million tons of "bill and hold" sales. North American Iron Ore equity production volume in 2009 is expected to be 17 million tons, up from a previous expectation of 15 million tons.
North American Coal Cliffs also raised its 2009 expected sales volume for its North American Coal business segment to approximately 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.
Donald J. Gallagher, president of Cliffs' North American business unit, said, "As our customers are increasing steel production and restarting blast furnaces in North America and Europe, we are seeing modest improvements in orders and in market expectations for steelmaking raw materials. We will continue to monitor the markets closely to ensure we adjust production appropriately to meet demand as needed."
To be added to Cliffs Natural Resources e-mail distribution list, please click on the link below: http://www.cpg-llc.com/clearsite/clf/emailoptin.html
About Cliffs Natural Resources Inc. Cliffs Natural Resources (NYSE: CLF) (Paris: CLF) is an international mining and natural resources company. We are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework.
