U.S. Markets close in 5 hrs 54 mins

Cleveland-Cliffs’s Asia-Pacific Division Remained Weaker

Annie Gilroy
Cleveland-Cliffs’s Asia-Pacific Division Remained Weaker

Cleveland-Cliffs (CLF) has direct exposure to the seaborne iron ore trade through its APIO (Asia-Pacific Iron Ore) unit. The company announced on April 6 that it expects to close its Australian operations by June 30, 2018. Cliffs’s CEO had noted time and again that due to the strategies followed by seaborne iron ore miners (PICK) such as BHP Billiton (BHP), Vale (VALE), Rio Tinto (RIO), Fortescue Metals Group (FSUGY), and Roy Hill, the iron ore market is in rough shape.