Strong market positions in iron ore, Strong and stable cash flows, Significant barriers to entry, and Improving industry conditions. Concentrated end markets, and High cost producer. The ratings on Cliffs Natural Resources Inc. reflect its fair business risk profile, characterized by its leading domestic market position in the North American iron ore market, high barriers to entry, and its significant cash flow generating ability throughout the cyclical downturn. Cliffs' significant customer concentration, the cyclical nature of iron ore, given its exposure to steel industry conditions, and the company's somewhat high cost structure are tempering factors. Cliffs is the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fine iron ore out of Australia,
