Cliffs Natural Resources to Record $1 Billion Charge in Fourth Quarter
Cliffs Natural Resources Inc. (NYSE:CLF) announced that it will incur a $1 billion charge in the fourth quarter of 2012 related to the acquisition of Consolidated Thompson Iron Mines Ltd. It will be recorded as a goodwill impairment charge and as a non-cash expense for the year ended December 31 2012. Cliffs expects to incur the charge due to the project’s lower long-term volumes and higher capital and operating costs. Delay in the Phase II expansion of the Bloom Lake mine also led to the impairment. Cliffs also expects to incur $100 million to $150 million in other charges ...
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