Cliffs Natural Resources Shares Sharply Lower

Shares of Cliffs Natural Resources Inc CLF are down sharply Wednesday morning following a company announcement that it is pursuing exit options for its Eastern Canadian iron ore operations, which may result in the closure of the Bloom Lake mine.

The estimated closure costs are expected to be in the range of $650 million to $700 million in the next five years.

Shares were down 15 percent at $8.62.