Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Iron-ore and coal miner Cliffs Natural Resources has become the third major US company in the past six months to seek creditor protection for its Canadian arm to try to isolate losses and protect shareholders.The miner said it had commenced restructuring proceedings in Montreal on Tuesday. The move mirrors the route taken by US Steel, which sought creditor protection for its money-losing Canadian operations in September, and by US discount retailer Target Corp, which announced this month it was abandoning its Canadian expansion.
Iron-ore and coal miner Cliffs Natural Resources has become the third major US company in the past six months to seek creditor protection for its Canadian arm to try to isolate losses and protect shareholders.The miner said it had commenced restructuring proceedings in Montreal on Tuesday. The move mirrors the route taken by US Steel, which sought creditor protection for its money-losing Canadian operations in September, and by US discount retailer Target Corp, which announced this month it was abandoning its Canadian expansion.
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