Cleveland Cliffs Inc (CLF)

[Saving Grace]

Vale cuts iron ore forecast, as dam burst adds to low margin cutbacks

Vale (NYSE:VALE) lowers its iron ore production forecast for next year to 340M-350M metric tons, compared with earlier guidance of 376M tons.The likelihood of missing guidance was flagged in July as slumping metal prices prompted efforts to lift average ore quality; since then are new reductions related to the dam collapse at its Samarco joint venture with BHP Billiton that halted output and damaged infrastructure used by another Vale mine.Vale, which is hosting its annual investor day event at the NYSE today, expects to produce 340M tons of iron ore this year.Vale -0.6% premarket.

http://seekingalpha.com/news/2956746-vale-cuts-iron-ore-forecast-as-dam-burst-adds-to-low-margin-cutbacks?uprof=45&dr=1#email_link

Brazil sues BHP, Vale for for mine disaster

Brazil has officially filed a 20B Brazilian reais ($5.2B) lawsuit against mining companies BHP Billiton (NYSE:BHP) and Vale (NYSE:VALE) to clean up what it says was its worst ever environmental catastrophe.In a speech to the COP21 climate change summit in Paris, President Dilma Rousseff blamed the mine disaster on the "irresponsible action of a company" and said the firms would be "severely punished."Besides additional pressure from a global commodity rout, BHP's shares have fallen 20% since the dam burst on Nov. 5.Previously: BHP shares get crushed under mine lawsuit (Nov. 30 2015)

http://seekingalpha.com/news/2956266-brazil-sues-bhp-vale-for-for-mine-disaster?uprof=45&dr=1#email_link