Cliffs trims 2011 iron ore volumes outlook
The miner forecast 2011 sales of 7.4 million tons in its Eastern Canadian iron ore segment, down from its prior estimate of 8 million tons, hurt by lower pellet sales and delayed shipments.
Posted: Friday , 27 Jan 2012
(Reuters) -
Mining company Cliffs Natural Resources Inc forecast weak full-year sales volumes at its Eastern Canadian and Asia Pacific iron ore businesses, hurt by lower sales of pellets and delayed shipments.
Cliffs forecast 2011 sales volume of 7.4 million tons in its Eastern Canadian iron ore segment, down from its prior forecast of 8 million tons.
The company also slightly trimmed its sales volumes outlook for its Asia Pacific iron ore unit, citing the timing of two shipments. However, Cliffs said volumes at its U.S. iron ore business would be in line with its previous expectations.
"The company expects meaningful growth in emerging economies, specifically China, where crude steel production and iron ore imports are anticipated to reach record annual levels," Cliffs said in a statement.
In 2012, Cliffs expects to sell about half of its expected global iron ore sales volume to seaborne customers in Asia, with remaining volumes sold to North American clients.
Cliffs Natural shares closed at $75.18 on Thursday on the New York Stock Exchange.
