The rating on Cleveland-based mining and natural resources company Cliffs Natural Resources Inc. reflects the combination of what Standard&Poor's Ratings Services considers to be 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 the iron ore business, given its exposure to steel industry conditions; Cliffs' significant customer concentration; and the company's somewhat high cost structure. In addition, the rating incorporates our expectation that Cliffs will continue to pursue a somewhat aggressive growth strategy toward acquisitions in an effort
