Prior to the year-end mess please note that on Nov 13th, 2012 Cliffs announced a 62 cent div. Less than one week later on Nov 19th,2012 they announced the rollback dealing with Bloom Lake's Phase II construction which will decrease Cliffs' Eastern Canadian Iron Ore 2013 sales volumes to 9 - 10 million tons from the previous expectation of 13 - 14 million tons.
Also on Nov 19th they announced that Effective Jan. 5, 2013, Cliffs will idle two of the four production lines at Northshore Mining in Minnesota. Cliffs will also temporarily idle production at its Empire Mine in Michigan beginning in the second quarter of 2013 in the form of an extended summer shutdown. These production curtailments will impact approximately 125 employees at Northshore and 500 employees at Empire mine, respectively.
That's four and a half months ago.
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