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.