Agreement With United Steel Labour Union; Investors Activity; News For Cliffs In China
Denver, CO, 08/15/2013 (Avauncer.com) – Cliffs Natural Resources Inc (NYSE:CLF) closed at $24.54 in the previous trading session after going up by 2.59% (or $0.62). With around 153.86 million outstanding shares, the market capitalization of the company is $3.78 billion.
The company, Cliffs Natural Resources, announced that a provisional agreement with the United Steel labour Union has reached its Bloom Lake mine in Quebec on a 3 year labour agreement that will cover safety of around 300 workers. A key to Cliffs Natural Resources’ expectations was measured by Bloom Lake mine which is in Quebec and has confirmed costly, however lesser 2Q cash outlay of $87 or every year there is a metric ton loss by 4%. The main reason for this is the amount of enhanced production and the resulting positive force on the cost rate of Bloom Lake mine.
Cliffs Natural Resources was in the portfolio of 19 hedge funds at the end of the 1Q of the year 2013. Recently, the company has experienced a decrease in support from the most elite money managers of the world. With CLF holdings, there were 27 hedge funds in the database, at the end of the previous quarter.
SAC Capital Advisors holds the most valuable position in this company and it is managed by Steven Cohen. SAC Capital Advisors has a $66.7 million position in the stock that comprises of 0.3% of its 13F portfolio. The next is Dmitry Balyasny which is managed by Balyasny Asset Management and has $20.4 million position in the stock that comprises of 0.3% of its 13F portfolio.
The stock of the company has risen because of the speculative trading on improved sentiment of china. National Development and Reform Commission of china increased its forecast for Chinese steel production growth for the year 2013 to 9% YOY up from 4% YOY. Reports show that Chinese imports of iron ore had hit a high record in July.