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Cliffs Natural blames Rio, BHP, Vale for weak iron-ore prices

Reuters - UK Focus

April 29 (Reuters) - Cliffs Natural Resources Inc (NYSE: CLF - news) , which is struggling to cope with an over-supplied iron ore market, blamed industry leaders BHP Billiton Ltd, Rio Tinto PLC and Vale SA for weak prices for the commodity.

The prices are depressed "not by the fact that these guys produce a lot of iron ore, but by the fact that they are saying that they will produce a lot more," Cliffs Chief Executive Lourenco Goncalves said on a call with analysts on Wednesday.

Cliffs reported a surprise profit after the close of market on Tuesday. The shares rose as much as 5.3 percent in early trading on Wednesday, before reversing course to trade down 3.9 percent at $5.64 by midday. (Reporting by Kanika Sikka and Anannya Pramanick in Bengaluru; Editing by Savio D'Souza)