Cliffs Natural Resources Falls Along with AK Steel, US Steel

Coal and iron ore producer Cliffs Natural Resources

traded more than 2% lower today. One equity research analyst told Benzinga that this could be in relation to significant drops in stock prices of steel companies AK Steel

and United States Steel

. Issues with steel producers could hurt demand for iron ore, a key steel input. As of Cliffs' last quarterly earnings release, approximately 81% of product revenues came from iron ore. AK Steel may be falling as a result of a downgrade to Sell by Goldman Sachs

yesterday, June 10. In a June 10 note, Goldman cited falling scrap metal prices as a factor that will hurt steel producers. Cheaper scrap metal can be a substitute for newly produced metal. Goldman already gives United States Steel a Sell rating.