Cleveland-Cliffs -5% after cutting full-year iron ore sales outlook

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Cleveland-Cliffs plunges after beating Q3 earnings and revenue estimates but cutting its full-year sales and production volume outlook for its U.S. Iron Ore and Asia Pacific segment by 500K tons, mainly due to ore quality.

CLF cuts its U.S. iron ore outlook cut to 18.5M tons from 19M due to significant reduction in pellet nomination by a large customer; for 2018, CLF sees sales and production volumes of 20M tons, due to increased capacity from the acquisition of the remaining minority interest in the Tilden mine.

CLF also chops its Asia Pacific sales outlook to 10.5M metric tons and production to 11M, citing operational decisions reflecting current market conditions and quality ore availability; for 2018, it expects Asia Pacific iron ore sales and production volumes of 11M metric tons.

Source: Seekingalpha