Ring of Fire Monitor

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Thursday, April 28, 2011

BIG NEWS FROM CLF QUARTERLY $40m IN ROF 2011

For 2011, Cliffs is maintaining its SG&A expenses expectation of approximately $200 million. In addition, the Company expects to incur the following additional cash outflows:
--  Approximately $50 million to $55 million related to its global
        exploration activities;
    --  Approximately $40 million related to its chromite project in Ontario,
        Canada; and
    --  Approximately $10 million related to Sonoma Coal partner profit
        sharing, down from a previous estimate of $50 million due to lower
        anticipated sales volumes.

... In addition, Cliffs has a major chromite project, in the pre-feasibility stage of development, located in Ontario, Canada.

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