Cliffs Natural Resources expects about $6 billion impairment charge in 3rd quarter

MarketsAssociated Press

Cliffs Natural Resources Inc. said Friday that it will take a charge of about $6 billion to write down the value of its seaborne iron ore and coal assets.

The Cleveland-based mining and natural resources company said that the impairment, to be recognized in its third quarter, is tied to expected lower long-term pricing and the difficult market for seaborne iron ore and metallurgical coal compared with its more stable U.S. iron ore business.

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The charge won't impact Cliffs' cash flows from operations or any future operations.

Cliffs will report its third-quarter results on Oct. 27.