Strong market positions in iron ore Strong and stable cash flows Significant barriers to entry Improving industry conditions Concentrated end markets High cost producer The 'BBB-' rating on Cliffs Natural Resources Inc. reflects what Standard&Poor's Ratings Services considers the company's "fair" business risk profile and "intermediate" financial risk profile. These assessments reflect its good domestic market position in the North American iron ore market, high barriers to entry, and significant cash flow generating ability throughout a cyclical downturn. However, our rating also incorporates the highly cyclical nature of iron ore, given its exposure to steel industry conditions, significant customer concentration, and somewhat high cost structure. In addition, the rating incorporates our expectation that Cliffs will maintain a somewhat
