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Cliffs CFO: Mining Companies On Sidelines Of Iron-Ore Swaps Market

By Matt Day Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- The iron-ore derivatives market will continue to grow, but miners of the steel component don't see a need to hedge at current prices, the chief financial officer of Cliffs Natural Resources (CLF) said Thursday. Laurie Brlas said while the company was watching developments in the market for iron-ore derivatives, Cliffs wasn't interested in participating. The Cleveland company is the largest North American iron-ore producer. "We're not in the business of speculating in the market," Brlas told Dow Jones Newswires on the sidelines of a Dahlman Rose & Co. conference, adding she was satisfied with Cliffs' exposure to cash prices, which is growing as Cliffs' long-term pricing agreements expire and are replaced with contracts that move more in line with market prices. In some metals and other commodities markets, producers use derivatives contracts to lock in sales prices on a portion of their production and guarantee some of their cash flow. Iron-ore miners and steelmakers have generally been reluctant to use such hedges. Other market participants have stepped in, and trading activity in iron-ore swaps cleared by Singapore Exchange Ltd. (S68.SG) reached record highs in October. Iron-ore trading "will evolve into a real marketplace," Brlas said, but she said mining companies have yet to see the benefit of jumping into the market. Brlas said she expects prices in the coming years to remain at levels that maintain a healthy profit margin, underpinned by rapid growth in emerging-market steel demand and the high cost of iron-ore mining in top producer China. Thursday, the benchmark spot price of iron ore delivered into China rose 0.3% to settle at $147.60 a metric ton, according to The Steel Index. -By Matt Day, Dow Jones Newswires; 212-416-4986; matt.day@dowjones.com

Stock News for Cleveland Cliffs (CLF)
DateTimeHeadline
02/12/201608:02:18Amended Statement of Ownership (sc 13g/a)
02/11/201618:20:02Statement of Changes in Beneficial Ownership (4)
02/11/201618:19:08Statement of Changes in Beneficial Ownership (4)
02/11/201610:16:29Amended Statement of Ownership (sc 13g/a)
02/10/201610:18:57Amended Statement of Ownership (sc 13g/a)
02/10/201608:59:00Cliffs Natural Resources Inc. Announces Results to Date of Exchange...
02/08/201607:55:26Current Report Filing (8-k)
02/07/201620:30:00Cliffs Natural Resources to Settle Securities Lawsuit
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01/27/201609:50:00Cliffs Natural Reports 54% Drop in Revenue
01/27/201608:05:00Cliffs Natural Resources Inc. Announces Exchange Offers for Senior...
01/27/201608:00:00Cliffs Natural Resources Inc. Reports Fourth-Quarter and Full-Year...
01/13/201607:00:00Cliffs Natural Resources Inc. to Announce Fourth-Quarter and...
01/07/201619:54:00Commodities Rout Forces Oil, Mining Firms to Cut Further -- 3rd...
01/04/201616:15:00Cliffs Natural Resources Inc. Announces Increase in Conversion...
12/22/201517:19:00Cliffs Natural Resources Inc. Completes the Sale of its Remaining...
12/08/201516:28:00Miners Bury Dividends Amid Commodity Price Fall
11/30/201517:05:03Cliffs Natural Resources in 2015: Why It's Fallen 68%
11/17/201518:05:58Why Keurig Green Mountain, Vivint Solar, and Cliffs Natural Slumped...

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