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

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.

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

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