Cliffs Natural Resources Inc. announced that it will post $1.37 billion in impairment charges related to its iron ore assets.
The Cleveland, Ohio-based mining company said it will write down about $1 billion in Consolidated Thompson Iron Mines Limited. Cliffs bought the Canadian mining company in 2011 for about $5 billion.
Cliffs also said it will take a pre-tax charge of $365 million related to the planned sale of its 30 percent stake in an iron ore mine in Brazil.
Cliffs' holdings include several properties in West Virginia: the Chilton-Dingess, Powellton and Toney Fork Mine No. 2, all in Man, and the Pinnacle Complex in Pineville.