Cliffs 1st Qtr results.Australian Iron Production growth flat in...

Cliffs 1st Qtr results.


Australian Iron Production growth flat in Q1.

Now sitting on $550m in cash and $600m credit facility which is untouched.

It appears they have spent the $400m notes raised in March already.

"As previously announced, in the first quarter, Cliffs completed a $400 million Senior Notes offering. The Company used a portion of the proceeds to pay off a $200 million term loan and $54.2 million of project-level debt related to its investment in the Amap Iron Ore Project. Other major uses of cash in the first quarter included $43.3 million for changes in working capital, $18.9 million in property, plant and equipment, and $94.6 million related to the acquisition of Wabush Mines."