CLEVELAND, May 24, 2016 /PRNewswire/ -- Cliffs Natural
Resources Inc. (NYSE: CLF) issues the following
clarification to its joint news release with Minnesota Power, dated
May 24, 2016: Cliffs confirms
that it has received the full $31
million in cash pursuant to the terms of the previously
disclosed agreements with Minnesota Power. Such agreements cover a
number of asset utilizations by Minnesota Power and ensure low cost
power to Cliffs' wholly-owned operations in Minnesota through 2031.
About Cliffs Natural Resources Inc.
Cliffs Natural
Resources Inc. is a leading mining and natural resources company in
the United States. The Company is
a major supplier of iron ore pellets to the North American steel
industry from its mines and pellet plants located in Michigan and Minnesota. Cliffs also operates an iron ore
mining complex in Western
Australia. Driven by the core values of safety, social,
environmental and capital stewardship, Cliffs' employees endeavor
to provide all stakeholders operating and financial transparency.
News releases and other information on the Company are available at
www.cliffsnaturalresources.com.
Forward-Looking Statements
This release contains
statements that constitute "forward-looking statements" within the
meaning of the federal securities laws. As a general matter,
forward-looking statements relate to anticipated trends and
expectations rather than historical matters. Forward-looking
statements are subject to uncertainties and factors relating to
Cliffs' operations and business environment that are difficult to
predict and may be beyond our control. Such uncertainties and
factors may cause actual results to differ materially from those
expressed or implied by the forward-looking statements. These
statements speak only as of the date of this release, and we
undertake no ongoing obligation, other than that imposed by law, to
update these statements. Uncertainties and risk factors that
could affect Cliffs' future performance and cause results to differ
from the forward-looking statements in this release include, but
are not limited to: trends affecting our financial condition,
results of operations or future prospects, particularly the
continued volatility of iron ore prices; availability of capital
and our ability to maintain adequate liquidity, in particular
considering borrowing base reductions from the sale of non-core
assets; our level of indebtedness could limit cash flow available
to fund working capital, capital expenditures, acquisitions and
other general corporate purposes or ongoing needs of our business,
which could prevent us from fulfilling our debt obligations;
continued weaknesses in global economic conditions, including
downward pressure on prices caused by oversupply or imported
products, including the impact of any reduced barriers to trade,
recently filed and forthcoming trade cases, reduced market demand
and any change to the economic growth rate in China; our ability to reach agreement with our
iron ore customers regarding any modifications to sales contract
provisions, renewals or new arrangements, including with
ArcelorMittal; uncertainty relating to restructurings in the steel
industry and/or affecting the steel industry; our ability to
maintain appropriate relations with unions and employees and enter
into or renew collective bargaining agreements on satisfactory
terms; the impact of our customers reducing their steel production
or using other methods to produce steel; our ability to
successfully execute an exit option for certain of our Canadian
entities that minimizes the cash outflows and associated
liabilities of such entities, including the Companies' Creditors
Arrangement Act (Canada) process;
our ability to successfully identify and consummate any strategic
investments and complete planned divestitures; our ability to
successfully diversify our product mix and add new customers beyond
our traditional blast furnace clientele; the outcome of any
contractual disputes with our customers, joint venture partners or
significant energy, material or service providers or any other
litigation or arbitration; the ability of our customers and joint
venture partners to meet their obligations to us on a timely basis
or at all; the impact of price-adjustment factors on our sales
contracts; changes in sales volume or mix; our actual levels of
capital spending; our actual economic iron ore reserves or
reductions in current mineral estimates, including whether any
mineralized material qualifies as a reserve; events or
circumstances that could impair or adversely impact the viability
of a mine and the carrying value of associated assets, as well as
any resulting impairment charges; the results of prefeasibility and
feasibility studies in relation to projects; impacts of existing
and increasing governmental regulation and related costs and
liabilities, including failure to receive or maintain required
operating and environmental permits, approvals, modifications or
other authorization of, or from, any governmental or regulatory
entity and costs related to implementing improvements to ensure
compliance with regulatory changes; our ability to cost-effectively
achieve planned production rates or levels; uncertainties
associated with natural disasters, weather conditions,
unanticipated geological conditions, supply or price of energy,
equipment failures and other unexpected events; adverse changes in
currency values, currency exchange rates, interest rates and tax
laws; risks related to international operations; availability of
capital equipment and component parts; the potential existence of
significant deficiencies or material weakness in our internal
control over financial reporting; and problems or uncertainties
with productivity, tons mined, transportation, mine-closure
obligations, environmental liabilities, employee-benefit costs and
other risks of the mining industry. For additional factors
affecting the business of Cliffs, refer to Part I – Item 1A. Risk
Factors of our Annual Report on Form 10-K for the year ended
December 31, 2015. You are urged to
carefully consider these risk factors.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cliffs-issues-clarification-statement-300274058.html
SOURCE Cliffs Natural Resources Inc.