Cliffs Natural Resources Inc (CLF)’s Rescue Expertise to be Put to the Test
Cliffs Natural Resources Inc (NYSE:CLF)’s Mine Recue Team won first place at the 2013 National Coal Mine Rescue Competition. The four day competition administered by the US Department of Labor’s Mine Safety and Health Administration, and sponsored by the National Mining Association included events from first aid to more difficult scenarios.
“Mine rescue teams are the backbone of our readiness for mine emergency response," said Joseph A. Main, assistant secretary of labor mine safety and health. Cliffs Natural Resources Inc (NYSE:CLF)’s David Webb, Senior Vice President of Global Coal, referred to the achievement a great accomplishment. Adding that, "To take home this prize proves that our employees are truly among the very best in the industry and that their work and dedication pays off”.
However, Cliffs Natural Resources Inc (NYSE:CLF) is present in other hazardous segments as well. A simulated chemical spill of Ether Amine was the reason for emergency rescue squads rush to its facilities in Palmer last Monday.
The novelty of the exercise is the integration of outside local rescue agencies. The objective aimed at is to provide Cliff’s emergency response team and outside agencies an opportunity to train and team together. "It'll be a good opportunity for some newer firefighters. To actually get the chance to try out some skills they just learned in class," said Bob U'Ren, Ishpeming Township Fire. Emergency medical services, firefighters, and other public agencies sat a triage at an off-site location.
"Communication needs to be tight in between the Cliff’s as well as the outside agencies. Having exercises like this reinforces that communication and the need for it. And how to improve upon it," said Jennifer Huetter, District Manager Public Affairs in Michigan.
On another note, FBR & Co. lowered Cliffs Natural Resources Inc (NYSE:CLF)’s outperform rating. BB&T Corp. analysts have also downgraded the stock to hold, and other analysts started coverage following these new developments. In all, six research analysts have rated the stock with a sell rating, twelve have given a hold rating, and four have issued a buy rating to the stock.
Disclosure: Jodor Jalit holds no position in any of the mentioned stocks.