NEW YORK (TheStreet) -- Shares of Cliffs Natural Resources Inc. (CLF) are lower by 3.58% to $11.03 in early afternoon trading on Friday, as the stock continues to decline from yesterday, after it was announced the quarterly benchmark price for metallurgical coal fell to a six year low for the fourth quarter, Bloomberg Buisnessweek reported.
Doyle Trading Consultants LLC. issued a report stating that Chinese demand for the material needed for steel making declined, resulting in the fourth quarter price of $119 per metric ton, a decrease of one dollar from the previous quarter, Businessweek added.
Separately, TheStreet Ratings team rates CLIFFS NATURAL RESOURCES INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CLIFFS NATURAL RESOURCES INC (CLF) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, unimpressive growth in net income, poor profit margins, weak operating cash flow and generally high debt management risk."