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Cliffs Shares Fall On Dividend, Salary Cuts

Stock quotes in this article: CLF  

NEW YORK (AP) — Shares of Cliffs Natural Resources Inc. tumbled on Wednesday a day after the iron ore and coal miner said it will slash its dividend by more than half, launch a public offering of 12 million shares and cut salaries of virtually all its salaried personnel to save money.

Cliffs shares fell $4.67, or 16 percent, to $24.24 in midday trading.

Given the continued uncertain outlook for the industry and its steel clients, Deutsche Bank analyst Jorge Beristain said that the proceeds from Cliffs' offering will likely go toward strengthening its balance sheet as opposed to mergers and acquisitions in the near future. ...

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