After crumbling down a year ago for suffering massive losses, Bloom Lake iron ore mine in Quebec finally has a buyer. The losses Bloom Lake incurred shows how the commodity meltdown has adversely affected the metals industry.
Cliffs Natural Resources Inc
Breaking News
Cliffs Natural Resources Inc (CLF.N) said it would write down the value of its coal and iron ore assets by $6 billion due to weak prices, putting it in breach of debt covenants and sending its shares down as much as 6.8 percent.
Activist investor Casablanca Capital has rejected an offer made by Cliffs Natural Resources to end the proxy battle to gain control of the miner's board, Reuters reported.
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