Cliffs provides update for North American Business Unit UNDATED (wnmu) - Cliffs Natural Resources is deferring some purchase obligations for iron ore pellets until next year. Officials say the sale of about one million tons to some customers will be delayed until the first quarter of 2010. They say as a result, Cliffs now has contractual obligations for 17 million tons of pellets this year and expects to collect cash for that amount. The amount of 2009 sales volume will depend on so-called 'bill and hold' sales, which include 1.2 million tons deferred at the end of 2008.

Cliffs' North American Ore business segment is expected to produce 15 million tons of iron ore pellets this year at a cost of $70 to $80 per ton.
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