CLIFFS NATURAL RESOURCES INC., 10-Q filed on 4/25/2014
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2014
Apr. 21, 2014
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
CLIFFS NATURAL RESOURCES INC. 
 
Entity Central Index Key
0000764065 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Mar. 31, 2014 
 
Document Fiscal Year Focus
2014 
 
Document Fiscal Period Focus
Q1 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
153,181,056 
Trading Symbol
clf 
 
Statements Of Condensed Consolidated Operations (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
REVENUES FROM PRODUCT SALES AND SERVICES
 
 
Product
$ 860.9 
$ 1,082.6 
Freight and venture partners' cost reimbursements
79.1 
57.9 
TOTAL REVENUES
940.0 
1,140.5 
COST OF GOODS SOLD AND OPERATING EXPENSES
(876.8)
(902.6)
SALES MARGIN
63.2 
237.9 
OTHER OPERATING INCOME (EXPENSE)
 
 
Selling, general and administrative expenses
(51.1)
(48.4)
Exploration costs
(4.2)
(22.7)
Miscellaneous - net
(58.6)
1.5 
Other operating expense
(113.9)
(69.6)
OPERATING INCOME (EXPENSE)
(50.7)
168.3 
OTHER INCOME (EXPENSE)
 
 
Interest expense, net
(42.7)
(49.1)
Other non-operating income
1.2 
1.1 
TOTAL OTHER EXPENSE
(41.5)
(48.0)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES
(92.2)
120.3 
INCOME TAX BENEFIT
21.8 
6.0 
EQUITY LOSS FROM VENTURES, net of tax
(0.3)
(5.5)
NET INCOME (LOSS)
(70.7)
120.8 
LOSS (INCOME) ATTRIBUTABLE TO NONCONTROLLING INTEREST
0.4 
(13.8)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
(70.3)
107.0 
PREFERRED STOCK DIVIDENDS
(12.8)
(9.9)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
$ (83.1)
$ 97.1 
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic:
$ (0.54)
$ 0.66 
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted:
$ (0.54)
$ 0.66 
AVERAGE NUMBER OF SHARES (IN THOUSANDS)
 
 
Basic
153,040 
147,827 
Diluted
153,040 
148,081 
CASH DIVIDENDS DECLARED PER DEPOSITARY SHARE
$ 0.44 
$ 0.34 
CASH DIVIDENDS DECLARED PER COMMON SHARE
$ 0.15 
$ 0.15 
Statements Of Condensed Consolidated Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Statement of Comprehensive Income [Abstract]
 
 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ (70.3)
$ 107.0 
OTHER COMPREHENSIVE INCOME
 
 
Pension and OPEB liability, net of tax
3.4 
6.5 
Unrealized net gain on marketable securities, net of tax
3.9 
2.6 
Unrealized net gain on foreign currency translation
40.5 
3.3 
Unrealized net gain (loss) on derivative financial instruments, net of tax
10.5 
(7.0)
OTHER COMPREHENSIVE INCOME
58.3 
5.4 
OTHER COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NONCONTROLLING INTEREST
(0.5)
(1.2)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ (12.5)
$ 111.2 
Statements Of Condensed Consolidated Financial Position (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
CURRENT ASSETS
 
 
Cash and cash equivalents
$ 364.0 
$ 335.5 
Accounts receivable, net
130.6 
270.0 
Inventories
609.8 
391.4 
Supplies and other inventories
204.9 
216.0 
Other current assets
363.0 
347.1 
TOTAL CURRENT ASSETS
1,672.3 
1,560.0 
PROPERTY, PLANT AND EQUIPMENT, NET
11,086.0 
11,153.4 
OTHER ASSETS
 
 
Other non-current assets
444.5 
408.5 
TOTAL OTHER ASSETS
444.5 
408.5 
TOTAL ASSETS
13,202.8 
13,121.9 
CURRENT LIABILITIES
 
 
Accounts payable
329.2 
345.5 
Accrued expenses
363.5 
392.7 
Short-term and current portion of long-term debt
96.9 
20.9 
Other current liabilities
253.5 
326.4 
TOTAL CURRENT LIABILITIES
1,043.1 
1,085.5 
PENSION AND POSTEMPLOYMENT BENEFIT LIABILITIES
285.0 
294.0 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
300.7 
309.7 
DEFERRED INCOME TAXES
1,195.7 
1,146.5 
LONG-TERM DEBT
3,194.8 
3,022.6 
OTHER LIABILITIES
347.9 
379.3 
TOTAL LIABILITIES
6,367.2 
6,237.6 
COMMITMENTS AND CONTINGENCIES (SEE NOTE 18)
   
   
CLIFFS SHAREHOLDERS' EQUITY
 
 
Preferred Stock - no par value, Class A - 3,000,000 shares authorized, 7 % Series A Mandatory Convertible, Class A, no par value and $1,000 per share liquidation preference (See Note 14), Issued and Outstanding - 731,233 shares (2013 - 731,250)
731.3 
731.3 
Common Shares - par value $0.125 per share, Authorized - 400,000,000 shares (2013- 400,000,000 shares); Issued - 159,546,224 shares (2013 - 159,546,224 shares); Outstanding - 153,181,056 shares (2013 - 153,126,291 shares)
19.8 
19.8 
Capital in excess of par value of shares
2,321.1 
2,329.5 
Retained earnings
3,300.9 
3,407.3 
Cost of 6,365,168 common shares in treasury (2013 - 6,419,933 shares)
(298.5)
(305.5)
Accumulated other comprehensive loss
(55.1)
(112.9)
TOTAL CLIFFS SHAREHOLDERS' EQUITY
6,019.5 
6,069.5 
NONCONTROLLING INTEREST
816.1 
814.8 
TOTAL EQUITY
6,835.6 
6,884.3 
TOTAL LIABILITIES AND EQUITY
$ 13,202.8 
$ 13,121.9 
Statements Of Condensed Consolidated Financial Position (Parenthetical) (USD $)
Mar. 31, 2014
Dec. 31, 2013
Class of Stock [Line Items]
 
 
Preferred stock, par value
$ 0 
 
Cumulative Mandatory Convertible
7.00% 
 
Common shares, par value
$ 0.125 
$ 0.125 
Common shares, authorized (in shares)
400,000,000 
400,000,000 
Common shares, issued (in shares)
159,546,224 
159,546,224 
Common shares, outstanding
153,181,056 
153,126,291 
Common shares in treasury
6,365,168 
6,419,933 
Preferred Class A [Member]
 
 
Class of Stock [Line Items]
 
 
Preferred Stock, Liquidation Preference Per Share
$ 1,000 
 
Preferred stock, shares authorized (in shares)
3,000,000 
 
Preferred Shares, Issued and Outstanding, Shares
731,233 
731,250 
Preferred Class B [Member]
 
 
Class of Stock [Line Items]
 
 
Preferred stock, shares authorized (in shares)
4,000,000 
 
Statements Of Condensed Consolidated Cash Flows (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
OPERATING ACTIVITIES
 
 
NET INCOME (LOSS)
$ (70.7)
$ 120.8 
Adjustments to reconcile net income to net cash provided (used) by operating activities:
 
 
Depreciation, depletion and amortization
141.1 
140.6 
Deferred income taxes
15.1 
(46.3)
Other
3.2 
(10.0)
Changes in operating assets and liabilities:
 
 
Receivables and other assets
161.5 
102.7 
Product inventories
(214.5)
(194.0)
Payables and accrued expenses
(117.7)
(139.2)
Net cash used by operating activities
(82.0)
(25.4)
INVESTING ACTIVITIES
 
 
Purchase of property, plant and equipment
(103.3)
(230.4)
Other investing activities
12.6 
2.0 
Net cash used by investing activities
(90.7)
(228.4)
FINANCING ACTIVITIES
 
 
Net proceeds from issuance of Series A, Mandatory Convertible Preferred Stock, Class A
0 
709.4 
Net proceeds from issuance of common shares
0 
285.6 
Repayment of term loan
0 
(847.1)
Borrowings under credit facilities
225.0 
297.0 
Repayment under credit facilities
0 
(72.0)
Common stock dividends
(23.0)
(22.9)
Preferred stock dividends
(12.8)
0 
Other financing activities
8.7 
(4.1)
Net cash provided by financing activities
197.9 
345.9 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
3.3 
(0.1)
INCREASE IN CASH AND CASH EQUIVALENTS
28.5 
92.0 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
335.5 
195.2 
CASH AND CASH EQUIVALENTS AT END OF PERIOD
$ 364.0 
$ 287.2 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BUSINESS SUMMARY AND SIGNIFICANT ACCOUNTING POLICIES
NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with SEC rules and regulations and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly, the financial position, results of operations, comprehensive income and cash flows for the periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of results to be expected for the year ending December 31, 2014 or any other future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2013.
Basis of Consolidation
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned and majority-owned subsidiaries, including the following operations:
Name
 
Location
 
Ownership Interest
 
Operation
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
Wabush
 
Newfoundland and Labrador/ Quebec, Canada
 
100.0%
 
Iron Ore
Bloom Lake
 
Quebec, Canada
 
82.8%
 
Iron Ore
Tilden
 
Michigan
 
85.0%
 
Iron Ore
Empire
 
Michigan
 
79.0%
 
Iron Ore
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
Pinnacle
 
West Virginia
 
100.0%
 
Coal
Oak Grove
 
Alabama
 
100.0%
 
Coal
CLCC
 
West Virginia
 
100.0%
 
Coal

Intercompany transactions and balances are eliminated upon consolidation.
Also included in our consolidated results are Cliffs Chromite Ontario Inc. and Cliffs Chromite Far North Inc. Cliffs Chromite Ontario Inc. holds a 100 percent interest in each of the Black Label and Black Thor chromite deposits and, together with Cliffs Chromite Far North Inc., a 70 percent interest in the Big Daddy chromite deposit, all located in northern Ontario, Canada.
Equity Method Investments
Investments in unconsolidated ventures that we have the ability to exercise significant influence over, but not control, are accounted for under the equity method. The following table presents the detail of our investments in unconsolidated ventures and where those investments are classified in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2014 and December 31, 2013. Parentheses indicate a net liability.
 
 
 
 
 
 
 
 
(In Millions)
Investment
 
Classification
 
Accounting
Method
 
Interest
Percentage
 
March 31,
2014
 
December 31, 2013
Hibbing
 
Other non-current assets1
 
Equity Method
 
23
 
$
1.7

 
$
(3.9
)
Other
 
Other non-current assets
 
Equity Method
 
Various
 
34.3

 
34.7

 
 
 
 
 
 
 
 
$
36.0

 
$
30.8

                                         
1 At December 31, 2013, the classification for Hibbing was Other liabilities.
Significant Accounting Policies
A detailed description of our significant accounting policies can be found in the audited financial statements for the fiscal year ended December 31, 2013 included in our Annual Report on Form 10-K filed with the SEC. The significant accounting policies requiring updates have been included within the disclosures below.
Foreign Currency
Our financial statements are prepared with the U.S. dollar as the reporting currency. The functional currency of the Company’s Australian subsidiaries is the Australian dollar. The functional currency of all other international subsidiaries is the U.S. dollar. The financial statements of international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Where the local currency is the functional currency, translation adjustments are recorded as Accumulated other comprehensive loss. Income taxes generally are not provided for foreign currency translation adjustments. To the extent that monetary assets and liabilities, inclusive of intercompany notes, are recorded in a currency other than the functional currency, these amounts are remeasured each reporting period, with the resulting gain or loss being recorded in the Statements of Unaudited Condensed Consolidated Operations. Transaction gains and losses resulting from remeasurement of short-term intercompany loans are included in Miscellaneous - net in our Statements of Unaudited Condensed Consolidated Operations. For the three months ended March 31, 2014, net losses of $6.5 million related to the impact of transaction gains and losses resulting from remeasurement, of which losses of $8.8 million and losses of $3.1 million, respectively, resulted from remeasurement of short-term intercompany loans and cash and cash equivalents. For the three months ended March 31, 2013, net gains of $3.7 million related to the impact of transaction gains and losses resulting from remeasurement, of which losses of $0.5 million and losses of $0.3 million, respectively, resulted from remeasurement of short-term intercompany loans and cash and cash equivalents.
SEGMENT REPORTING
SEGMENT REPORTING
NOTE 2 - SEGMENT REPORTING
Our Company’s primary operations are organized and managed according to product category and geographic location: U.S. Iron Ore, Eastern Canadian Iron Ore, Asia Pacific Iron Ore, North American Coal, Ferroalloys and our Global Exploration Group. The U.S. Iron Ore segment is comprised of our interests in five U.S. mines that provide iron ore to the integrated steel industry. The Eastern Canadian Iron Ore segment is comprised of two Eastern Canadian mines that primarily provide iron ore to the seaborne market for Asian steel producers. The Asia Pacific Iron Ore segment is located in Western Australia and provides iron ore to the seaborne market for Asian steel producers. The North American Coal segment is comprised of our four metallurgical coal mines and one thermal coal mine that provide metallurgical coal primarily to the integrated steel industry and thermal coal primarily to the energy industry. There were no intersegment revenues in the first quarters of 2014 or 2013.
The Ferroalloys operating segment is comprised of our interests in chromite deposits held in Northern Ontario, Canada and the Global Exploration Group is focused on early involvement in exploration activities to identify new projects for future development or projects that add significant value to existing operations. The Ferroalloys and Global Exploration Group operating segments do not meet reportable segment disclosure requirements and, therefore, are not reported separately.
We evaluate segment performance based on sales margin, defined as revenues less cost of goods sold, and operating expenses identifiable to each segment. This measure of operating performance is an effective measurement as we focus on reducing production costs throughout the Company.
The following table presents a summary of our reportable segments for the three months ended March 31, 2014 and 2013, including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures:
 
(In Millions)
 
Three Months Ended
March 31,
 
2014
 
2013
Revenues from product sales and services:
 
 
 
 
 
 
 
U.S. Iron Ore
$
361.3

 
38
%
 
$
410.1

 
36
%
Eastern Canadian Iron Ore
158.3

 
17
%
 
245.3

 
22
%
Asia Pacific Iron Ore
254.2

 
27
%
 
270.8

 
24
%
North American Coal
166.2

 
18
%
 
214.3

 
18
%
Total revenues from product sales and services
$
940.0

 
100
%
 
$
1,140.5

 
100
%
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
U.S. Iron Ore
$
95.0

 
 
 
$
157.3

 
 
Eastern Canadian Iron Ore
(49.7
)
 
 
 
19.4

 
 
Asia Pacific Iron Ore
66.3

 
 
 
61.3

 
 
North American Coal
(48.4
)
 
 
 
1.8

 
 
Other
—

 
 
 
(1.9
)
 
 
Sales margin
63.2

 
 
 
237.9

 
 
Other operating expense
(113.9
)
 
 
 
(69.6
)
 
 
Other expense
(41.5
)
 
 
 
(48.0
)
 
 
Income (loss) from continuing operations before income taxes and equity loss from ventures
$
(92.2
)
 
 
 
$
120.3

 
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
28.7

 
 
 
$
26.6

 
 
Eastern Canadian Iron Ore
41.2

 
 
 
41.1

 
 
Asia Pacific Iron Ore
39.1

 
 
 
36.4

 
 
North American Coal
29.9

 
 
 
32.5

 
 
Other
2.2

 
 
 
4.0

 
 
Total depreciation, depletion and amortization
$
141.1

 
 
 
$
140.6

 
 
 
 
 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
 
 
U.S. Iron Ore
$
14.9

 
 
 
$
11.7

 
 
Eastern Canadian Iron Ore
51.0

 
 
 
167.0

 
 
Asia Pacific Iron Ore
3.2

 
 
 
4.3

 
 
North American Coal
9.2

 
 
 
11.1

 
 
Other
0.9

 
 
 
1.6

 
 
Total capital additions
$
79.2

 
 
 
$
195.7

 
 
                                         
1    Includes capital lease additions and non-cash accruals. Refer to NOTE 19 - CASH FLOW INFORMATION.
A summary of assets by segment is as follows:
 
(In Millions)
 
March 31,
2014
 
December 31, 2013
Assets:
 
 
 
U.S. Iron Ore
$
1,742.9

 
$
1,671.6

Eastern Canadian Iron Ore
7,854.2

 
7,915.5

Asia Pacific Iron Ore
1,074.9

 
1,078.4

North American Coal
1,784.4

 
1,841.8

Other
467.5

 
455.6

Total segment assets
12,923.9

 
12,962.9

Corporate
278.9

 
159.0

Total assets
$
13,202.8

 
$
13,121.9

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
NOTE 3 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2014 and December 31, 2013:
 
(In Millions)
 
Derivative Assets
 
Derivative Liabilities
 
March 31, 2014
 
December 31, 2013
 
March 31, 2014
 
December 31, 2013
Derivative Instrument
Balance Sheet Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Derivatives designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
Other current assets
 
$
0.6

 
 
 
$
—

 
Other current liabilities
 
$
0.4

 
Other current liabilities
 
$
2.1

Foreign Exchange Contracts
Other current assets
 
4.1

 
Other current assets
 
0.3

 
Other current liabilities
 
15.1

 
Other current liabilities
 
25.8

Total derivatives designated as hedging instruments under ASC 815
 
 
$
4.7

 
 
 
$
0.3

 
 
 
$
15.5

 
 
 
$
27.9

Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Exchange Contracts
 
 
$
—

 
 
 
$
—

 
Other current liabilities
 
$
1.9

 
Other current liabilities
 
$
1.1

Customer Supply Agreement
Other current assets
 
42.0

 
Other current assets
 
55.8

 
 
 
—

 
 
 
—

Provisional Pricing Arrangements
Other current assets
 
1.3

 
Other current assets
 
3.1

 
Other current liabilities
 
7.4

 
Other current liabilities
 
10.3

Total derivatives not designated as hedging instruments under ASC 815
 
 
$
43.3

 
 
 
$
58.9

 
 
 
$
9.3

 
 
 
$
11.4

Total derivatives
 
 
$
48.0

 
 
 
$
59.2

 
 
 
$
24.8

 
 
 
$
39.3


Derivatives Designated as Hedging Instruments
Cash Flow Hedges
Australian and Canadian Dollar Foreign Exchange Contracts
We are subject to changes in foreign currency exchange rates as a result of our operations in Australia and Canada. With respect to Australia, foreign exchange risk arises from our exposure to fluctuations in foreign currency exchange rates because the functional currency of our Asia Pacific operations is the Australian dollar. Our Asia Pacific operations receive funds in U.S. currency for their iron ore sales. The functional currency of our Canadian operations is the U.S. dollar; however, the production costs for these operations primarily are incurred in the Canadian dollar.
We use foreign currency exchange contracts to hedge our foreign currency exposure for a portion of our U.S. dollar sales receipts in our Australian functional currency entities and our entities with Canadian dollar operating costs. For our Australian operations, U.S. dollars are converted to Australian dollars at the currency exchange rate in effect during the period the transaction occurred. For our Canadian operations, U.S. dollars are converted to Canadian dollars at the exchange rate in effect for the period the operating costs are incurred. The primary objective for the use of these instruments is to reduce exposure to changes in Australian and U.S. currency exchange rates and U.S. and Canadian currency exchange rates, respectively, and to protect against undue adverse movement in these exchange rates. These instruments qualify for hedge accounting treatment, and are tested for effectiveness at inception and at least once each reporting period. If and when any of our hedge contracts are determined not to be highly effective as hedges, the underlying hedged transaction is no longer likely to occur, or the derivative is terminated, hedge accounting is discontinued.
As of March 31, 2014, we had outstanding Australian and Canadian foreign currency exchange contracts with notional amounts of $315.0 million and $275.7 million, respectively, in the form of forward contracts with varying maturity dates ranging from April 2014 to March 2015. This compares with outstanding Australian and Canadian foreign currency exchange contracts with a notional amount of $323.0 million and $285.9 million, respectively, as of December 31, 2013.
Changes in fair value of highly effective hedges are recorded as a component of Accumulated other comprehensive loss in the Statements of Unaudited Condensed Consolidated Financial Position. Any ineffectiveness is recognized immediately in income and, as of March 31, 2014 and 2013, there was no material ineffectiveness recorded for foreign exchange contracts that were classified as cash flow hedges. However, certain Canadian hedge contracts were deemed ineffective during the fourth quarter of 2013 and no longer qualified for hedge accounting treatment. The de-designated hedges are discussed within the Derivatives Not Designated as Hedging Instruments section of this footnote. Amounts recorded as a component of Accumulated other comprehensive loss are reclassified into earnings in the same period the forecasted transactions affect earnings. Of the amounts remaining in Accumulated other comprehensive loss related to Australian hedge contracts and Canadian hedge contracts, we estimate that losses of $0.7 million and losses of $7.3 million (net of tax), respectively, will be reclassified into earnings within the next 12 months.
The following summarizes the effect of our derivatives designated as cash flow hedging instruments, net of tax in Accumulated other comprehensive loss in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2014 and 2013:
 
(In Millions)
Derivatives in Cash Flow Hedging Relationships
Amount of Gain (Loss)
Recognized in OCI on Derivative
 
Location of Gain (Loss)
Reclassified
from Accumulated OCI into Earnings
 
Amount of Gain (Loss)
Reclassified
from Accumulated
OCI into Earnings
(Effective Portion)
 
(Effective Portion)
 
(Effective Portion)
 
Three Months Ended
March 31,
 
 
 
Three Months Ended
March 31,
 
2014
 
2013
 
 
 
2014
 
2013
Australian Dollar Foreign
Exchange Contracts
(hedge designation)
$
5.5

 
$
3.2

 
Product revenues
 
$
(9.1
)
 
$
1.8

Canadian Dollar Foreign Exchange Contracts
    (hedge designation)
(7.8
)
 
(8.2
)
 
Cost of goods sold and operating expenses
 
(3.4
)
 
0.2

Canadian Dollar Foreign Exchange Contracts
(prior to de-designation)
—

 
—

 
Cost of goods sold and operating expenses
 
(0.3
)
 
—

 
$
(2.3
)
 
$
(5.0
)
 
 
 
$
(12.8
)
 
$
2.0


Fair Value Hedges
Interest Rate Hedges
Our fixed-to-variable interest rate swap derivative instruments, with a notional amount of $250.0 million, are designated and qualify as fair value hedges as of March 31, 2014. The objective of the hedges is to offset changes in the fair value of our debt instruments associated with fluctuations in the benchmark LIBOR interest rate as part of our risk management strategy.
For derivative instruments that are designated and qualify as fair-value hedges, the gain or loss on the hedge instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in net income. We include the gain or loss on the derivative instrument and the offsetting loss or gain on the hedged item in Other non-operating income
. The net gain recognized in Other non-operating income for the three months ended March 31, 2014 was $0.2 million. There were no derivative instruments that were designated as fair-value hedges for the period ended March 31, 2013.
Derivatives Not Designated as Hedging Instruments
Foreign Exchange Contracts
During the fourth quarter of 2013, we discontinued hedge accounting for Canadian foreign currency exchange contracts for all outstanding contracts associated with Wabush and Ferroalloys operations as projected future cash flows were no longer considered probable, but we continue to hold these instruments as economic hedges to manage currency risk. Subsequent to de-designation, no further foreign currency exchange contracts were entered into for Wabush or Ferroalloys operations. As of March 31, 2014, the outstanding de-designated foreign currency exchange rate contracts had a notional amount of $38.6 million in the form of forward contracts with varying maturity dates ranging from April 2014 to June 2014. This compares with outstanding de-designated foreign currency exchange contracts with a notional amount of $74.8 million as of December 31, 2013.
As a result of discontinued hedge accounting, the instruments are prospectively adjusted to fair value each reporting period through Cost of goods sold and operating expenses on the Statements of Unaudited Condensed Consolidated Operations. For the three months ended March 31, 2014, the change in fair value of our de-designated foreign currency exchange contracts resulted in net losses of $0.9 million. The amounts that were previously recorded as a component of Accumulated other comprehensive loss prior to de-designation are reclassified to earnings and a corresponding realized gain or loss will be recognized when the forecasted cash flow occurs. For the three months ended March 31, 2014, we reclassified losses of $0.3 million from Accumulated other comprehensive loss related to contracts that matured during the period, and recorded the amounts as Cost of goods sold and operating expenses on the Statements of Unaudited Condensed Consolidated Operations. As of March 31, 2014, approximately $0.4 million of losses remain in Accumulated other comprehensive loss related to the effective cash flow hedge contracts prior to de-designation. We estimate the remaining $0.4 million of losses will be reclassified to Cost of goods sold and operating expenses in the next three months upon the maturity of the related contracts.
Customer Supply Agreements
Most of our U.S. Iron Ore long-term supply agreements are comprised of a base price with annual price adjustment factors. The base price is the primary component of the purchase price for each contract. The indexed price adjustment factors are integral to the iron ore supply contracts and vary based on the agreement, but typically include adjustments based upon changes in the Platts 62 percent Fe spot rate and/or international pellet prices and changes in specified Producers Price Indices, including those for all commodities, industrial commodities, energy and steel. The pricing adjustments generally operate in the same manner, with each factor typically comprising a portion of the price adjustment, although the weighting of each factor varies based upon the specific terms of each agreement. In most cases, these adjustment factors have not been finalized at the time our product is sold. In these cases, we historically have estimated the adjustment factors at each reporting period based upon the best third-party information available. The estimates are then adjusted to actual when the information has been finalized. The price adjustment factors have been evaluated to determine if they contain embedded derivatives. The price adjustment factors share the same economic characteristics and risks as the host contract and are integral to the host contract as inflation adjustments; accordingly, they have not been separately valued as derivative instruments.
A certain supply agreement with one U.S. Iron Ore customer provides for supplemental revenue or refunds to the customer based on the customer’s average annual steel pricing at the time the product is consumed in the customer’s blast furnace. The supplemental pricing is characterized as a freestanding derivative and is required to be accounted for separately once the product is shipped. The derivative instrument, which is finalized based on a future price, is adjusted to fair value as a revenue adjustment each reporting period until the pellets are consumed and the amounts are settled.
We recognized $27.7 million as Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2014 related to the supplemental payments. This compares with Product revenues of $24.1 million for the comparable respective period in 2013. Derivative assets, representing the fair value of the pricing factors, were $42.0 million and $55.8 million in the March 31, 2014 and December 31, 2013 Statements of Unaudited Condensed Consolidated Financial Position, respectively.
Provisional Pricing Arrangements
Certain of our U.S. Iron Ore, Eastern Canadian Iron Ore and Asia Pacific Iron Ore customer supply agreements specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate to be based on market inputs at a specified point in time in the future, per the terms of the supply agreements. The difference between the provisionally agreed-upon price and the estimated final revenue rate is characterized as a freestanding derivative and is required to be accounted for separately once the provisional revenue has been recognized. The derivative instrument is adjusted to fair value through Product revenues each reporting period based upon current market data and forward-looking estimates provided by management until the final revenue rate is determined. At March 31, 2014 and December 31, 2013, we recorded $1.3 million and $3.1 million, respectively, as Other current assets and $7.4 million and $10.3 million, respectively, as Other current liabilities in the Statements of Unaudited Condensed Consolidated Financial Position related to our estimate of final revenue rate with our U.S. Iron Ore, Eastern Canadian Iron Ore and Asia Pacific Iron Ore customers. These amounts represent the difference between the provisional price agreed upon with our customers based on the supply agreement terms and our estimate of the final revenue rate based on the price calculations established in the supply agreements. As a result, we recognized a net $6.1 million decrease in Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2014 related to these arrangements. This compares with a net $2.9 million decrease in Product revenues for the comparable period in 2013.
The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2014 and 2013:
(In Millions)
Derivatives Not Designated as Hedging Instruments
Location of Gain (Loss) Recognized in
Income on Derivative
Amount of Gain/(Loss) Recognized in Income on Derivative
 
 
Three Months Ended
March 31,
 
 
2014
 
2013
Foreign Exchange Contracts
Cost of goods sold and operating expenses
$
(0.9
)
 
$
—

Customer Supply Agreement
Product revenues
27.7

 
24.1

Provisional Pricing Arrangements
Product revenues
(6.1
)
 
(2.9
)
 
 
$
20.7

 
$
21.2


Refer to NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS for additional information.
INVENTORIES
Inventories
NOTE 4 - INVENTORIES
The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2014 and December 31, 2013:
 
(In Millions)
 
March 31, 2014
 
December 31, 2013
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in
Process
 
Total
Inventory
U.S. Iron Ore
$
270.6

 
$
25.7

 
$
296.3

 
$
92.1

 
$
13.0

 
$
105.1

Eastern Canadian Iron Ore
78.3

 
50.4

 
128.7

 
65.3

 
48.1

 
113.4

Asia Pacific Iron Ore
46.4

 
61.3

 
107.7

 
39.7

 
50.6

 
90.3

North American Coal
63.5

 
13.6

 
77.1

 
59.4

 
23.2

 
82.6

Total
$
458.8

 
$
151.0

 
$
609.8

 
$
256.5

 
$
134.9

 
$
391.4


We recorded lower-of-cost-or-market inventory charges of $22.1 million and $13.4 million in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2014 for our North American Coal and Eastern Canadian Iron Ore operations, respectively. The charge at North American Coal was a result of market pricing declines during the period. The charge at Eastern Canadian Iron Ore was a result of declines in Platts pricing and higher inventory costs at both Bloom Lake and Wabush.  Bloom Lake’s higher inventory costs were driven by the timing of maintenance activities and mine development, whereas Wabush’s higher costs were driven by unfavorable production performance up to the idling of the Scully mine operation. 
For the three months ended March 31, 2013, we recorded lower-of-cost-or-market inventory charges of $2.0 million for our North American Coal operations. These charges were a result of market declines and costs associated with operational and geological issues. No other lower-of-cost-or-market inventory charges were recorded for the three months ended March 31, 2013.
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT
NOTE 5 - PROPERTY, PLANT AND EQUIPMENT
The following table indicates the value of each of the major classes of our consolidated depreciable assets as of March 31, 2014 and December 31, 2013:
 
(In Millions)
 
March 31,
2014
 
December 31, 2013
Land rights and mineral rights
$
7,841.1

 
$
7,819.6

Office and information technology
126.1

 
125.7

Buildings
269.8

 
255.2

Mining equipment
1,624.1

 
1,600.3

Processing equipment
2,199.2

 
2,148.6

Railroad equipment
315.6

 
219.0

Electric power facilities
116.2

 
114.3

Port facilities
103.2

 
99.4

Interest capitalized during construction
23.9

 
23.8

Land improvements
54.6

 
69.3

Other
94.7

 
104.4

Construction in-progress
896.1

 
991.3

 
13,664.6

 
13,570.9

Accumulated depreciation and depletion
(2,578.6
)
 
(2,417.5
)
 
$
11,086.0

 
$
11,153.4


We recorded depreciation and depletion expense of $138.4 million in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2014. This compares with depreciation and depletion expense of $135.9 million for the three months ended March 31, 2013.
The accumulated amount of capitalized interest included within construction in-progress at March 31, 2014 is $30.8 million, of which $0.6 million was capitalized during 2014. At December 31, 2013, $31.4 million of capitalized interest was included within construction in-progress, of which $17.4 million was capitalized during 2013.
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
NOTE 6 - GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES
Goodwill
The following table summarizes changes in the carrying amount of goodwill allocated by operating segment for the three months ended March 31, 2014 and the year ended December 31, 2013:
 
(In Millions)
 
March 31, 2014
 
December 31, 2013
 
U.S. Iron Ore
 
Eastern Canadian Iron Ore
 
Asia Pacific
Iron Ore
 
North American Coal
 
Other
 
Total
 
U.S. Iron Ore
 
Eastern
Canadian Iron Ore
 
Asia Pacific Iron Ore
 
North American Coal
 
Other
 
Total
Beginning Balance
$
2.0

 
$
—

 
$
72.5

 
$
—

 
$
—

 
$
74.5

 
$
2.0

 
$
—

 
$
84.5

 
$
—

 
$
80.9

 
$
167.4

Arising in business combinations
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Impairment
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(80.9
)
 
(80.9
)
Impact of foreign currency translation
—

 
—

 
2.8

 
—

 
—

 
2.8

 
—

 
—

 
(12.0
)
 
—

 
—

 
(12.0
)
Ending Balance
$
2.0

 
$
—

 
$
75.3

 
$
—

 
$
—

 
$
77.3

 
$
2.0

 
$
—

 
$
72.5

 
$
—

 
$
—

 
$
74.5

Accumulated goodwill impairment loss
$
—

 
$
(1,000.0
)
 
$
—

 
$
(27.8
)
 
$
(80.9
)
 
$
(1,108.7
)
 
$
—

 
$
(1,000.0
)
 
$
—

 
$
(27.8
)
 
$
(80.9
)
 
$
(1,108.7
)

Other Intangible Assets and Liabilities
Following is a summary of intangible assets and liabilities as of March 31, 2014 and December 31, 2013:
 
 
 
(In Millions)
 
 
 
March 31, 2014
 
December 31, 2013
 
Classification
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Definite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Permits
Intangible assets, net
 
$
129.3

 
$
(38.9
)
 
$
90.4

 
$
127.4

 
$
(35.9
)
 
$
91.5

Utility contracts
Intangible assets, net
 
54.7

 
(53.5
)
 
1.2

 
54.7

 
(53.1
)
 
1.6

Leases
Intangible assets, net
 
2.4

 
(0.2
)
 
2.2

 
2.4

 
(0.1
)
 
2.3

Total intangible assets
 
 
$
186.4

 
$
(92.6
)
 
$
93.8

 
$
184.5

 
$
(89.1
)
 
$
95.4

Below-market sales contracts
Other current liabilities
 
$
(23.0
)
 
$
—

 
$
(23.0
)
 
$
(23.0
)
 
$
—

 
$
(23.0
)
Below-market sales contracts
Other liabilities
 
(205.9
)
 
159.7

 
(46.2
)
 
(205.9
)
 
159.7

 
(46.2
)
Total below-market sales contracts
 
 
$
(228.9
)
 
$
159.7

 
$
(69.2
)
 
$
(228.9
)
 
$
159.7

 
$
(69.2
)

Amortization expense relating to intangible assets was $2.7 million and $4.7 million, respectively, for the three months ended March 31, 2014 and 2013, and is recognized in Cost of goods sold and operating expenses in the Statements of Unaudited Condensed Consolidated Operations. The estimated amortization expense relating to intangible assets for each of the five succeeding years is as follows:

(In Millions)

Amount
Year Ending December 31,

2014 (remaining nine months)
$
7.4

2015
7.6

2016
7.1

2017
6.4

2018
7.4

2019
7.4

Total
$
43.3


The below-market sales contracts are classified as a liability and recognized over the term of the underlying contracts. The outstanding below-market sales contract has a remaining life of approximately three years. There were no Product revenues related to below-market sales contracts for the three months ended March 31, 2014. For the three months ended March 31, 2013, we recognized $1.9 million in Product revenues related to the below-market sales contracts. The following amounts are estimated to be recognized in Product revenues for the remainder of this year and each of the three succeeding fiscal years:
 
(In Millions)
 
Amount
Year Ending December 31,
 
2014 (remaining nine months)
$
23.0

2015
23.0

2016
23.0

2017
0.2

Total
$
69.2

FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS
NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS
The following represents the assets and liabilities of the Company measured at fair value at March 31, 2014 and December 31, 2013:
 
(In Millions)
 
March 31, 2014
Description
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
134.0

 
$
—

 
$
—

 
$
134.0

Derivative assets
—

 
0.6

 
43.3

 
43.9

Available-for-sale marketable securities
33.2

 
—

 
—

 
33.2

Foreign exchange contracts
—

 
4.1

 
—

 
4.1

Total
$
167.2

 
$
4.7

 
$
43.3

 
$
215.2

Liabilities:

 

 

 

Derivative liabilities
$
—

 
$
0.4

 
$
7.4

 
$
7.8

Foreign exchange contracts
—

 
17.0

 
—

 
17.0

Total
$
—

 
$
17.4

 
$
7.4

 
$
24.8

 
(In Millions)
 
December 31, 2013
Description
Quoted Prices in Active
Markets for Identical
Assets/Liabilities (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
85.0

 
$
—

 
$
—

 
$
85.0

Derivative assets
—

 
—

 
58.9

 
58.9

Available-for-sale marketable securities
21.4

 
—

 
—

 
21.4

Foreign exchange contracts
—

 
0.3

 
—

 
0.3

Total
$
106.4

 
$
0.3

 
$
58.9

 
$
165.6

Liabilities:

 

 

 

Derivative liabilities
$
—

 
$
2.1

 
$
10.3

 
$
12.4

Foreign exchange contracts
—

 
26.9

 
—

 
26.9

Total
$
—

 
$
29.0

 
$
10.3

 
$
39.3

Financial assets classified in Level 1 at March 31, 2014 and December 31, 2013 include money market funds and available-for-sale marketable securities. The valuation of these instruments is based upon unadjusted quoted prices for identical assets in active markets.
The valuation of financial assets and liabilities classified in Level 2 is determined using a market approach based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable. Level 2 securities primarily include derivative financial instruments valued using financial models that use as their basis readily observable market parameters. At March 31, 2014 and December 31, 2013, such derivative financial instruments included our existing foreign currency exchange contracts and interest rate swaps. The fair value of the foreign currency exchange contracts is based on forward market prices and represents the estimated amount we would receive or pay to terminate these agreements at the reporting date, taking into account creditworthiness, nonperformance risk and liquidity risks associated with current market conditions.
The derivative financial assets classified within Level 3 at March 31, 2014 and December 31, 2013 included a freestanding derivative instrument related to certain supply agreements with one of our U.S. Iron Ore customers. The agreements include provisions for supplemental revenue or refunds based on the customer’s annual steel pricing at the time the product is consumed in the customer’s blast furnaces. We account for this provision as a derivative instrument at the time of sale and adjust this provision to fair value as an adjustment to Product revenues each reporting period until the product is consumed and the amounts are settled. The fair value of the instrument is determined using a market approach based on an estimate of the annual realized price of hot-rolled steel at the steelmaker’s facilities, and takes into consideration current market conditions and nonperformance risk.
The Level 3 derivative assets and liabilities at March 31, 2014 and December 31, 2013, also consisted of derivatives related to certain provisional pricing arrangements with our U.S. Iron Ore, Eastern Canadian Iron Ore and Asia Pacific Iron Ore customers. These provisional pricing arrangements specify provisional price calculations, where the pricing mechanisms generally are based on market pricing, with the final revenue rate to be based on market inputs at a specified point in time in the future, per the terms of the supply agreements. The difference between the provisionally agreed-upon price and the estimated final revenue rate is characterized as a derivative and is required to be accounted for separately once the revenue has been recognized. The derivative instrument is adjusted to fair value through Product revenues each reporting period based upon current market data and forward-looking estimates provided by management until the final revenue rate is determined.
The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
($ in millions)
 
Fair Value at March 31, 2014
 
Balance Sheet Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate
(Weighted Average)
 
Provisional Pricing Arrangements
 
$
1.3

 
Derivative assets
 
Market Approach
 
Management's
Estimate of 62% Fe
 
$117
 
 
$
7.4

 
Derivative liabilities
 
 
 
 
 
 
Customer Supply Agreement
 
$
42.0

 
Derivative assets
 
Market Approach
 
Hot-Rolled Steel Estimate
 
$625 - $660 ($645)

The significant unobservable input used in the fair value measurement of the reporting entity’s provisional pricing arrangements is management’s estimate of 62 percent Fe price based upon current market data, including historical seasonality and forward-looking estimates determined by management. Significant increases or decreases in this input would result in a significantly higher or lower fair value measurement, respectively.
The significant unobservable input used in the fair value measurement of the reporting entity’s customer supply agreement is the future hot-rolled steel price that is estimated based on current market data, analysts' projections, projections provided by the customer and forward-looking estimates determined by management. Significant increases or decreases in this input would result in a significantly higher or lower fair value measurement, respectively.
We recognize any transfers between levels as of the beginning of the reporting period. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2014 or 2013. The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 and 2013.
 
(In Millions)
 
Derivative Assets (Level 3)
 
Three Months Ended
March 31,
 
2014
 
2013
Beginning balance
$
58.9

 
$
62.4

Total gains
 
 
 
Included in earnings
29.0

 
28.0

Settlements
(44.6
)
 
(37.1
)
Transfers into Level 3
—

 
—

Transfers out of Level 3
—

 
—

Ending balance - March 31
$
43.3

 
$
53.3

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
29.0

 
$
28.0


 
(In Millions)
 
Derivative Liabilities (Level 3)
 
Three Months Ended
March 31,
 
2014
 
2013
Beginning balance
$
(10.3
)
 
$
(11.3
)
Total gains
 
 
 
Included in earnings
(7.4
)
 
(6.8
)
Settlements
10.3

 
11.3

Transfers into Level 3
—

 
—

Transfers out of Level 3
—

 
—

Ending balance - March 31
$
(7.4
)
 
$
(6.8
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(7.4
)
 
$
(6.8
)

Gains and losses included in earnings are reported in Product revenues in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2014 and 2013.
The carrying amount for certain financial instruments (e.g., Accounts receivable, net, Accounts payable and Accrued expenses) approximate fair value and, therefore, have been excluded from the table below. A summary of the carrying amount and fair value of other financial instruments at March 31, 2014 and December 31, 2013 were as follows:
 
 
 
(In Millions)
 
 
 
March 31, 2014
 
December 31, 2013
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Senior notes—$700 million
Level 2
 
$
699.5

 
$
743.0

 
$
699.4

 
$
718.2

Senior notes—$1.3 billion
Level 2
 
1,289.8

 
1,504.8

 
1,289.6

 
1,404.9

Senior notes—$400 million
Level 2
 
398.5

 
442.0

 
398.4

 
432.1

Senior notes—$500 million
Level 2
 
496.7

 
528.0

 
496.5

 
523.8

Revolving loan
Level 2
 
175.0

 
175.0

 
—

 
—

Equipment loan facilities
Level 2
 
135.3

 
135.3

 
140.8

 
140.8

Fair value adjustment to interest rate hedge
Level 2
 
—

 
—

 
(2.1
)
 
(2.1
)
Total long-term debt
 
 
$
3,194.8

 
$
3,528.1

 
$
3,022.6

 
$
3,217.7


The fair value of debt is based on the fair market yield curves for the remainder of the term expected to be outstanding. The fair value of long-term debt was determined using quoted market prices or discounted cash flows based upon current borrowing rates. The revolving loan is variable rate interest and approximates fair value. See NOTE 8 - DEBT AND CREDIT FACILITIES for further information.
Items Measured at Fair Value on a Non-Recurring Basis
The following table presents information about the impairment charges on both financial and nonfinancial assets that were measured on a fair value basis at December 31, 2013. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value. We had no financial assets and liabilities measured at fair value on a non-recurring basis at March 31, 2014.
 
 
(In Millions)
 
 
December 31, 2013
Description
 
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Total Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Goodwill impairment -
Ferroalloys reporting unit
 
$
—

 
$
—

 
$
—

 
$
—

 
$
80.9

Other long-lived assets -
Property, plant and equipment
 
—

 
—

 
46.3

 
46.3

 
155.4

Other long-lived assets -
Intangibles and long-term
deposits
 
—

 
—

 
1.6

 
1.6

 
14.5

Investment in ventures
    impairment - Amapá
 
—

 
—

 
—

 
—

 
67.6

 
 
$
—

 
$
—

 
$
47.9

 
$
47.9

 
$
318.4


Financial Assets
In light of the March 28, 2013 collapse of the Santana port shiploader and subsequent evaluation of the effect that this event had on the carrying value of our investment in Amapá as of June 30, 2013, we recorded an impairment charge of $67.6 million in the second quarter of 2013. The sale of Amapá was completed in the fourth quarter of 2013.
Non-Financial Assets
During the fourth quarter of 2013, a goodwill impairment charge of $80.9 million was recorded for our Cliffs Chromite Ontario and Cliffs Chromite Far North reporting units within our Ferroalloys operating segment. The impairment charge was primarily a result of the decision to indefinitely suspend the Chromite Project and to not allocate additional capital for the project given the uncertain timeline and risks associated with the development of necessary infrastructure to bring the project online. Based on our review of the fair value hierarchy, the inputs used in these fair value measurements were considered Level 3 inputs.
We also recorded impairment charges to property, plant and equipment during 2013 related to our Wabush operation within our Eastern Canadian Iron Ore operating segment, our Cliffs Chromite Ontario and Cliffs Chromite Far North reporting units within our Other reportable segments and certain mineral lands at our Asia Pacific Iron Ore operating segment to reduce the related assets to their estimated fair value as we determined that the cash flows associated with these operations were not sufficient to support the recoverability of the carrying value of these assets. Fair value was determined based on management's estimate of liquidation value, which is considered a Level 3 input, and resulted in a charge of $155.4 million.
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES
NOTE 8 - DEBT AND CREDIT FACILITIES
The following represents a summary of our long-term debt as of March 31, 2014 and December 31, 2013:
($ in Millions)
 
March 31, 2014
 
Debt Instrument
 
Type
 
Annual Effective Interest Rate
 
Final Maturity
 
Total Face Amount
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
Fixed
 
4.89%
 
2021
 
$
700.0

 
$
699.5

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
Fixed
 
4.83%
 
2020
 
500.0

 
499.3

(2)
$800 Million 6.25% 2040 Senior Notes
 
Fixed
 
6.34%
 
2040
 
800.0

 
790.5

(3)
$400 Million 5.90% 2020 Senior Notes
 
Fixed
 
5.98%
 
2020
 
400.0

 
398.5

(4)
$500 Million 3.95% 2018 Senior Notes
 
Fixed
 
4.14%
 
2018
 
500.0

 
496.7

(5)
$1.75 Billion Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
Revolving Loan
 
Variable
 
1.68%
 
2017
 
1,750.0

 
175.0

(6)
Equipment Loans
 
Fixed
 
Various
 
2020
 
164.8

 
156.5

 
Short-Term Borrowing Arrangements
 
 
 
 
 
2014
 
75.7

 
75.7


Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
—

 
Total debt
 
 
 
 
 
 
 
$
4,890.5

 
$
3,291.7

 
Less: Short-term and current portion of
           long-term debt
 
 
 
 
 
 
 
 
 
96.9

 
Long-term debt
 
 
 
 
 
 
 
 
 
$
3,194.8

 
($ in Millions)
 
December 31, 2013
 
Debt Instrument
 
Type
 
Annual Effective Interest Rate
 
Final Maturity
 
Total Face Amount
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
Fixed
 
4.88%
 
2021
 
700.0

 
699.4

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
Fixed
 
4.83%
 
2020
 
500.0

 
499.2

(2)
$800 Million 6.25% 2040 Senior Notes
 
Fixed
 
6.34%
 
2040
 
800.0

 
790.4

(3)
$400 Million 5.90% 2020 Senior Notes
 
Fixed
 
5.98%
 
2020
 
400.0

 
398.4

(4)
$500 Million 3.95% 2018 Senior Notes
 
Fixed
 
4.14%
 
2018
 
500.0

 
496.5

(5)
$1.75 Billion Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
Revolving Loan
 
Variable
 
1.64%
 
2017
 
1,750.0

 
—

(6)
Equipment Loans
 
Fixed
 
Various
 
2020
 
164.8

 
161.7

 
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
(2.1
)
 
Total debt
 
 
 
 
 
 
 
$
4,814.8

 
$
3,043.5

 
Less current portion
 
 
 
 
 
 
 
 
 
20.9

 
Long-term debt
 
 
 
 
 
 
 
 
 
$
3,022.6

 
(1)
As of March 31, 2014 and December 31, 2013, the $700 million 4.875 percent senior notes were recorded at a par value of $700 million less unamortized discounts of $0.5 million and $0.6 million, respectively, based on an imputed interest rate of 4.89 percent.
(2)
As of March 31, 2014 and December 31, 2013, the $500 million 4.80 percent senior notes were recorded at a par value of $500 million less unamortized discounts of $0.7 million and $0.8 million, respectively, based on an imputed interest rate of 4.83 percent.
(3)
As of March 31, 2014 and December 31, 2013, the $800 million 6.25 percent senior notes were recorded at a par value of $800 million less unamortized discounts of $9.5 million and $9.6 million, respectively, based on an imputed interest rate of 6.34 percent.
(4)
As of March 31, 2014 and December 31, 2013, the $400 million 5.90 percent senior notes were recorded at a par value of $400 million less unamortized discounts of $1.5 million and $1.6 million, respectively, based on an imputed interest rate of 5.98 percent.
(5)
As of March 31, 2014 and December 31, 2013, the $500 million 3.95 percent senior notes were recorded at a par value of $500 million less unamortized discounts of $3.3 million and $3.5 million, respectively, based on an imputed interest rate of 4.14 percent.
(6)
As of March 31, 2014, $175.0 million of revolving loans were drawn under the credit facility. As of December 31, 2013, no revolving loans were drawn under the credit facility. As of March 31, 2014 and December 31, 2013, the principal amount of letter of credit obligations totaled $5.2 million and $8.4 million, respectively, thereby reducing available borrowing capacity to $1.6 billion and $1.7 billion for each period, respectively.
Credit Facility
At March 31, 2014, the amendments made on February 8, 2013 to the Amended and Restated Multicurrency Credit Agreement among Cliffs Natural Resources Inc. and various lenders dated August 11, 2011 (as further amended by Amendment No. 1 as of October 16, 2012), or revolving credit agreement, were no longer applicable and the covenants reverted back to those in place prior to the February 8, 2013 amendment. At March 31, 2014, the covenants require compliance with certain financial ratios based on:
•
Debt to earnings ratio (Total Funded Debt to EBITDA, as those terms are defined in the revolving credit agreement), as of the last day of each fiscal quarter cannot exceed 3.5 to 1.0.
•
Minimum interest coverage ratio (Consolidated EBITDA to Interest Expense, as those terms are defined in the revolving credit agreement), for the preceding four quarters must not be less than 2.5 to 1.0 on the last day of any fiscal quarter.
As of March 31, 2014, we were in compliance with these financial covenants. Additionally, as of December 31, 2013, we were in compliance with all applicable financial covenants related to the revolving credit agreement.
Short-Term Facilities
Asia Pacific Iron Ore maintains a bank contingent instrument and cash advance facility. The facility, which is renewable annually at the bank’s discretion, provides A$30.0 million ($27.8 million) at March 31, 2014 in credit for contingent instruments, such as performance bonds, and the ability to request a cash advance facility to be provided at the discretion of the bank. At December 31, 2013, the facility provided A$30.0 million ($26.8 million) in credit for contingent instruments. As of March 31, 2014, the outstanding bank guarantees under the facility totaled A$23.0 million ($21.3 million), thereby reducing borrowing capacity to A$7.0 million ($6.5 million). As of December 31, 2013, the outstanding bank guarantees under the facility totaled A$23.0 million ($20.5 million), thereby reducing borrowing capacity to A$7.0 million ($6.3 million). We have provided a guarantee of the facility, along with certain of our Australian subsidiaries. The terms of the short-term facility contain certain customary covenants; however, there are no financial covenants.
As of March 31, 2014, we had outstanding borrowings of $50.0 million on an uncommitted credit facility agreement which was used for general corporate purposes.  Per the uncommitted credit agreement, each loan drawn cannot be outstanding less than 30 days or more than 90 days.  Interest payable under the uncommitted credit facility is at a variable rate based on LIBOR plus an agreed upon margin.
As of March 31, 2014, we had outstanding borrowings of $25.7 million on a pre-export trade finance loan through an outstanding letter of credit. Per the agreement, the loan drawn has a fixed date of maturity that is short-term in nature. Interest payable under the pre-export trade finance loan is at a fixed rate of less than one percent.
Letters of Credit
We issued standby letters of credit with certain financial institutions in order to support general business obligations including, but not limited to, workers compensation and environmental obligations. As of March 31, 2014 and December 31, 2013, these letter of credit obligations totaled $47.3 million and $48.0 million, respectively. All of these standby letters of credit are in addition to the letters of credit provided for under the revolving credit agreement.
Debt Maturities
The following represents a summary of our maturities of debt instruments, excluding borrowings on the revolving credit agreement, based on the principal amounts outstanding at March 31, 2014:
 
(In Millions)
 
Maturities of Debt
2014 (April 1 - December 31)
$
91.5

2015
21.8

2016
22.7

2017
23.6

2018
524.6

2019 and thereafter
2,448.0

Total maturities of debt
$
3,132.2

LEASE OBLIGATIONS
LEASE OBLIGATIONS
NOTE 9 - LEASE OBLIGATIONS
We lease certain mining, production and other equipment under operating and capital leases. The leases are for varying lengths, generally at market interest rates and contain purchase and/or renewal options at the end of the terms. Our operating lease expense was $7.3 million and $6.8 million, respectively, for the three months ended March 31, 2014 and 2013.
Future minimum payments under capital leases and non-cancellable operating leases at March 31, 2014 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2014 (April 1 - December 31)
$
49.9

 
$
12.1

2015
88.4

 
14.0

2016
37.5

 
9.6

2017
30.1

 
7.5

2018
22.0

 
6.8

2019 and thereafter
37.2

 
14.7

Total minimum lease payments
$
265.1

 
$
64.7

Amounts representing interest
46.8

 
 
Present value of net minimum lease payments
$
218.3

(1) 
 
                                         
(1) 
The total is comprised of $84.0 million and $134.3 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at March 31, 2014.
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
NOTE 10 - ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS
We had environmental and mine closure liabilities of $306.3 million and $321.0 million at March 31, 2014 and December 31, 2013, respectively. The following is a summary of the obligations as of March 31, 2014 and December 31, 2013:
 
(In Millions)
 
March 31,
2014
 
December 31, 2013
Environmental
$
11.0

 
$
8.4

Mine closure
 
 
 
LTVSMC
22.2

 
22.0

Operating mines:
 
 
 
U.S. Iron Ore
136.4

 
152.2

Eastern Canadian Iron Ore
74.6

 
78.2

Asia Pacific Iron Ore
26.9

 
25.5

North American Coal
35.2

 
34.7

Total mine closure
295.3

 
312.6

Total environmental and mine closure obligations
306.3

 
321.0

Less current portion
5.6

 
11.3

Long term environmental and mine closure obligations
$
300.7

 
$
309.7


Mine Closure
The accrued closure obligation for our active mining operations provides for contractual and legal obligations associated with the eventual closure of the mining operations. The accretion of the liability and amortization of the related asset is recognized over the estimated mine lives for each location.
The following represents a rollforward of our asset retirement obligation liability related to our active mining locations for the three months ended March 31, 2014 and for the year ended December 31, 2013:
 
(In Millions)
 
March 31,
2014
 
December 31, 2013 (1)
Asset retirement obligation at beginning of period
$
290.6

 
$
231.1

Accretion expense
3.6

 
18.1

Exchange rate changes
1.0

 
(3.4
)
Revision in estimated cash flows
(22.1
)
 
44.8

Payments
—

 
—

Asset retirement obligation at end of period
$
273.1

 
$
290.6

                                         
(1) 
Represents a 12-month rollforward of our asset retirement obligation at December 31, 2013.
The revisions in estimated cash flows recorded during the three months ended March 31, 2014 primarily were a result of the announced Empire Mine extension. As a result of the extension, a portion of the required storm water management systems are now expected to be implemented prior to closure of the mine.
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
PENSIONS AND OTHER POSTRETIREMENT BENEFITS
NOTE 11 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS
The following are the components of defined benefit pension and OPEB expense for the three months ended March 31, 2014 and 2013:
Defined Benefit Pension Expense
 
(In Millions)
 
Three Months Ended
March 31,
 
2014
 
2013
Service cost
$
8.0

 
$
9.9

Interest cost
12.5

 
11.5

Expected return on plan assets
(18.0
)
 
(13.1
)
Amortization:
 
 
 
Prior service costs
0.7

 
0.7

Net actuarial loss
3.6

 
6.8

    Curtailments/settlements
0.3

 
—

Net periodic benefit cost
$
7.1

 
$
15.8


Other Postretirement Benefits Expense
 
(In Millions)
 
Three Months Ended
March 31,
 
2014
 
2013
Service cost
$
2.0

 
$
3.1

Interest cost
4.0

 
4.3

Expected return on plan assets
(4.3
)
 
(5.0
)
Amortization:
 
 
 
Prior service costs
(0.9
)
 
(0.9
)
Net actuarial loss
1.2

 
2.8

Net periodic benefit cost
$
2.0

 
$
4.3


We made pension contributions of $4.1 million and $3.7 million for the three months ended March 31, 2014 and 2013, respectively. OPEB contributions are typically made on an annual basis in the first quarter of each year, but due to plan funding requirements being met, no OPEB contributions were required or made for the three months ended March 31, 2014. OPEB contributions were $14.1 million for the three months ended March 31, 2013.
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS
NOTE 12 - STOCK COMPENSATION PLANS
Employees’ Plans
On February 10, 2014, the Compensation and Organization Committee (“Committee”) of the board of directors approved a grant to certain officers under our shareholder-approved 2012 Equity Plan for the 2014 to 2016 performance period. Shares granted under the award consisted of 0.4 million performance shares and 0.2 million restricted share units.
The 2012 Equity Plan was approved by our board of directors on March 13, 2012 and our shareholders approved it on May 8, 2012, effective as of March 13, 2012. The 2012 Equity Plan replaced the ICE Plan. The maximum number of shares that may be issued under the 2012 Equity Plan is 6.0 million common shares. No additional grants were issued from the ICE Plan after the date of approval of the 2012 Equity Plan; however, all awards previously granted under the ICE Plan continue in full force and effect in accordance with the terms of the award.
On February 10, 2014, upon recommendation by the Committee, Cliffs’ Board approved and adopted, subject to the approval of Cliffs' shareholders at the 2014 annual meeting of shareholders, the Cliffs Amended and Restated 2012 Incentive Equity Plan, or Revised Incentive Plan. The principal reason for amending and restating the 2012 Equity Plan is to increase the number of common shares available for issuance by 5.0 million common shares. Upon shareholder approval, additional grants to employees will be made for the 2014 to 2016 performance period.
For the outstanding ICE Plan and 2012 Equity Plan awards, each performance share, if earned, entitles the holder to receive common shares or cash within a range between a threshold and maximum number of our common shares, with the actual number of common shares earned dependent upon whether the Company achieves certain objectives and performance goals as established by the Committee. The performance share or unit grants vest over a period of three years and are intended to be paid out in common shares or cash in certain circumstances. Performance for the 2012 to 2014, 2013 to 2015 and 2014 to 2016 performance periods are measured only on the basis of relative TSR for the period and measured against the constituents of the S&P Metals and Mining ETF Index on the last day of trading of the performance period. The final payouts for the 2012 to 2014 performance period, the 2013 to 2015 performance period and the 2014 to 2016 performance period will vary from zero to 200 percent of the original grant. The restricted share units are subject to continued employment and will vest at the end of the respective performance period, and are payable in common shares or cash in certain circumstances at a time determined by the Committee at its discretion.
Upon the occurrence of a change in control, all performance shares, restricted share units, restricted stock, performance units and retention units granted to a participant prior to October 2013 will vest and become nonforfeitable and will be paid out in cash for awards currently outstanding. For any equity grants awarded after September 2013, if we experience a change in control, then the vesting of all such grants only will accelerate following the employee's termination associated with the change in control and if the common shares are not substituted.
Determination of Fair Value
The fair value of each grant is estimated on the date of grant using a Monte Carlo simulation to forecast relative TSR performance. A correlation matrix of historic and projected stock prices was developed for both the Company and our predetermined peer group of mining and metals companies. The fair value assumes that performance goals will be achieved.
The expected term of the grant represents the time from the grant date to the end of the service period for each of the three plan-year agreements. We estimate the volatility of our common shares and that of the peer group of mining and metals companies using daily price intervals for all companies. The risk-free interest rate is the rate at the grant date on zero-coupon government bonds, with a term commensurate with the remaining life of the performance plans.
The following assumptions were utilized to estimate the fair value for the first quarter of 2014 performance share grants:
Grant Date
 
Grant Date Market Price
 
Average Expected Term (Years)
 
Expected Volatility
 
Risk-Free Interest Rate
 
Dividend Yield
 
Fair Value
 
Fair Value (Percent of Grant Date Market Price)
February 10, 2014
 
$
20.58

 
2.89
 
54.0%
 
0.54%
 
2.92%
 
$
22.21

 
107.92%

The fair value of the restricted share units is determined based on the closing price of the Company’s common shares on the grant date. The restricted share units granted under either the ICE Plan or 2012 Equity Plan vest over a period of three years.
INCOME TAXES
Income Taxes
NOTE 13 - INCOME TAXES
Our 2014 estimated annual effective tax rate before discrete items is approximately 21.9 percent. This estimated annual effective tax rate differs from the U.S. statutory rate of 35 percent primarily due to deductions for percentage depletion in excess of cost depletion related to U.S. operations, interest income not subject to tax and foreign taxes and benefits derived from operations outside the United States, which are taxed at rates lower than the U.S. statutory rate of 35 percent. There were discrete items booked in the first quarter of 2014 of approximately $1.7 million benefit. These adjustments relate primarily to remeasurement of deferred tax assets and liabilities.
The tax benefit of the income not subject to tax is expected to be $47.8 million for the year ending December 31, 2014, resulting in an 11.8 percent impact to the effective tax rate. Of this, $27.8 million, or 6.8 percent, relates to non-taxable interest income in the U.S. not subject to the statutory rate of 35 percent, and $20.0 million or, 5.0 percent, relates to non-taxable interest income in Canada not subject to the Canadian statutory rate of 26.9 percent.
CAPITAL STOCK
CAPITAL STOCK
NOTE 14 - CAPITAL STOCK
Depositary Shares
On February 21, 2013, we issued 29.25 million depositary shares, equivalent to 731,250 preferred shares, comprised of the 27.0 million depositary share offering and the exercise of an underwriters' over-allotment option to purchase an additional 2.25 million depositary shares, for total net proceeds of approximately $709.4 million, after underwriter fees and discounts. Each depositary share represents a 1/40th interest in a share of our 7.00 percent Series A Mandatory Convertible Preferred Stock, Class A, without par value, or Preferred Share, at a price of $25 per depositary share. Each Preferred Share has an initial liquidation preference of $1,000 per share (equivalent to a $25 liquidation preference per depositary share). When and if declared by our board of directors, we will pay cumulative dividends on each Preferred Share at an annual rate of 7.00 percent on the liquidation preference. We will pay declared dividends in cash on February 1, May 1, August 1 and November 1 of each year, commencing on May 1, 2013 and to, and including February 1, 2016. Holders of the depositary shares are entitled to a proportional fractional interest in the rights and preferences of the Preferred Shares, including conversion, dividend, liquidation and voting rights, subject to the provisions of the deposit agreement.
The Preferred Shares may be converted, at the option of the holder, at the minimum conversion rate of 28.1480 of our common shares (equivalent to 0.7037 of our common shares per depositary share) at any time prior to February 1, 2016 or other than during a fundamental change conversion period, subject to anti-dilution adjustments. If not converted prior to that time, each Preferred Share will convert automatically on February 1, 2016 into between 28.1480 and 34.4840 common shares, par value $0.125 per share, subject to anti-dilution adjustments. The number of common shares issuable on conversion will be determined based on the average VWAP per share of our common shares during the 20 trading day period beginning on, and including, the 23rd scheduled trading day prior to February 1, 2016, subject to customary anti-dilution adjustments. Upon conversion, a minimum of 20.6 million common shares and a maximum of 25.2 million common shares will be issued.
If certain fundamental changes involving the Company occur, holders of the Preferred Shares may convert their shares into a number of common shares at the conversion rate that will be adjusted under certain circumstances, and such holders also will be entitled to a fundamental change dividend make-whole amount. The Preferred Shares are not redeemable.
Dividends
On March 20, 2013, our board of directors declared a cash dividend of $13.6111 per Preferred Share, which is equivalent to approximately $0.34 per depositary share. The cash dividend was paid on May 1, 2013 to our preferred shareholders of record as of the close of business on April 15, 2013. On May 7, 2013, September 9, 2013 and November 11, 2013, our board of directors declared the quarterly cash dividend of $17.50 per Preferred Share, which is equivalent to approximately $0.44 per depositary share. The cash dividend was paid on August 1, 2013, November 1, 2013 and February 3, 2014 to our preferred shareholders of record as of the close of business on July 15, 2013, October 15, 2013 and January 15, 2014. On February 11, 2014, our board of directors declared the quarterly cash dividend of $17.50 per Preferred Share, which is equivalent to approximately $0.44 per depositary share. The cash dividend of $12.8 million will be paid on May 1, 2014 to our preferred shareholders of record as of the close of business on April 15, 2014.
On February 11, 2013, our board of directors approved a reduction to our quarterly cash dividend rate by 76 percent to $0.15 per share. Our board of directors took this step in order to improve the future cash flows available for investment in the Phase II expansion at Bloom Lake, as well as to preserve our investment-grade credit ratings. The decreased dividend of $0.15 per share was paid on March 1, 2013, June 3, 2013, September 3, 2013 and December 2, 2013 to our common shareholders of record as of the close of business on February 22, 2013, May 17, 2013, August 15, 2013 and November 22, 2013, respectively. Additionally, the cash dividend of $0.15 per share was paid on March 3, 2014 to our common shareholders of record as of close of business on February 21, 2014.
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
NOTE 15 - SHAREHOLDERS' EQUITY
The following table reflects the changes in shareholders' equity attributable to both Cliffs and the noncontrolling interests primarily related to Bloom Lake, Tilden and Empire of which Cliffs owns 82.8 percent, 85 percent and 79 percent, respectively, for the three months ended March 31, 2014 and March 31, 2013:
 
(In Millions)
 
Cliffs
Shareholders’
Equity
 
Noncontrolling
Interest
 
Total Equity
December 31, 2013
$
6,069.5

 
$
814.8

 
$
6,884.3

Comprehensive income
 
 
 
 
 
Net loss
(70.3
)
 
(0.4
)
 
(70.7
)
Other comprehensive income
57.8

 
0.5

 
58.3

Total comprehensive income
(12.5
)
 
0.1

 
(12.4
)
Stock and other incentive plans
(1.4
)
 
—

 
(1.4
)
Common and preferred share dividends
(36.1
)
 
—

 
(36.1
)
Undistributed losses to noncontrolling
interest
—

 
1.2

 
1.2

March 31, 2014
$
6,019.5

 
$
816.1

 
$
6,835.6

 
(In Millions)
 
Cliffs
Shareholders’
Equity
 
Noncontrolling
Interest
 
Total Equity
December 31, 2012
$
4,632.7

 
$
1,128.2

 
$
5,760.9

Comprehensive income
 
 
 
 
 
Net income
107.0

 
13.8

 
120.8

Other comprehensive income
4.2

 
1.2

 
5.4

Total comprehensive income
111.2

 
15.0

 
126.2

Issuance of common shares
263.7

 
—

 
263.7

Issuance of preferred shares
731.3

 
—

 
731.3

Stock and other incentive plans
(1.5
)
 
—

 
(1.5
)
Common and preferred share dividends
(32.8
)
 
—

 
(32.8
)
Undistributed losses to noncontrolling
interest
—

 
9.8

 
9.8

Capital contribution by noncontrolling interest
    to subsidiary
—

 
1.4

 
1.4

March 31, 2013
$
5,704.6

 
$
1,154.4

 
$
6,859.0

The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for March 31, 2014 and March 31, 2013:
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2013
$
(204.9
)
 
$
6.2

 
$
106.7

 
$
(20.9
)
 
$
(112.9
)
Other comprehensive income (loss) before reclassifications
(0.4
)
 
3.8

 
40.5

 
(2.3
)
 
41.6

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
3.3

 
0.1

 
—

 
12.8

 
16.2

Balance March 31, 2014
$
(202.0
)
 
$
10.1

 
$
147.2

 
$
(10.4
)
 
$
(55.1
)
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain on Securities, net of tax
 
Unrealized Net Gain on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2012
$
(382.7
)
 
$
2.1

 
$
316.3

 
$
8.7

 
$
(55.6
)
Other comprehensive income (loss) before reclassifications
(1.1
)
 
2.5

 
3.3

 
(5.0
)
 
(0.3
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
6.4

 
0.1

 
—

 
(2.0
)
 
4.5

Balance March 31, 2013
$
(377.4
)
 
$
4.7

 
$
319.6

 
$
1.7

 
$
(51.4
)

The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the three months ended March 31, 2014:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
 
 
Three Months Ended
March 31,
 
 
 
 
2014
 
2013
 
 
Amortization of Pension and Postretirement Benefit Liability:
 
 
 
 
 
 
Prior-service costs
 
$
(0.2
)
 
$
(0.2
)
 
(1)
Net actuarial loss
 
4.8

 
9.6

 
(1)
Settlements/curtailments
 
0.3

 
—

 
(1)
 
 
4.9

 
9.4

 
Total before taxes
 
 
(1.6
)
 
(3.0
)
 
Income tax benefit
 
 
$
3.3

 
$
6.4

 
Net of taxes
 
 
 
 
 
 
 
Unrealized gain (loss) on marketable securities:
 
 
 
 
 
 
Sale of marketable securities
 
$
0.1

 
$
—

 
Other non-operating income
Impairment
 
—

 
0.1

 
Other non-operating income
 
 
0.1

 
0.1

 
Total before taxes
 
 
—

 
—

 
Income tax benefit
 
 
$
0.1

 
$
0.1

 
Net of taxes
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative financial instruments:
 
 
 
 
 
 
Australian dollar foreign exchange contracts
 
$
13.0

 
$
(2.6
)
 
Product revenues
Canadian dollar foreign exchange contracts
 
5.5

 
(0.3
)
 
Cost of goods sold and operating expenses
 
 
18.5

 
(2.9
)
 
Total before taxes
 
 
(5.7
)
 
0.9

 
Income tax benefit
 
 
$
12.8

 
$
(2.0
)
 
Net of taxes
 
 
 
 
 
 
 
Total Reclassifications for the Period
 
$
16.2

 
$
4.5

 
 
                                         
(1)
These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 11 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
RELATED PARTIES
RELATED PARTIES
NOTE 16 - RELATED PARTIES
Three of our five U.S. iron ore mines and one of our two Eastern Canadian iron ore mines are owned with various joint venture partners that are integrated steel producers or their subsidiaries. We are the manager of each of the mines we co-own and rely on our joint venture partners to make their required capital contributions and to pay for their share of the iron ore pellets and concentrate that we produce. The joint venture partners are also our customers. The following is a summary of the mine ownership of these iron ore mines at March 31, 2014:
Mine
 
Cliffs Natural Resources
 
ArcelorMittal
 
U.S. Steel Corporation
 
WISCO
Empire
 
79.0
%
 
21.0
%
 
—

 
—

Tilden
 
85.0
%
 
—

 
15.0
%
 
—

Hibbing
 
23.0
%
 
62.3
%
 
14.7
%
 
—

Bloom Lake
 
82.8
%
 
—

 
—

 
17.2
%

During the first quarter of 2014, we announced that we entered into a revised commercial agreement with ArcelorMittal to supply iron ore pellets for an additional two years through the end of January 2017, with a mutual option to extend for a third year. In addition, Cliffs and ArcelorMittal also extended the joint partnership for the Empire Mine preventing the impending closure in 2014.
ArcelorMittal has a unilateral right to put its interest in the Empire mine to us, but has not exercised this right to date.
Product revenues from related parties were as follows:
 
(In Millions)
 
Three Months Ended
March 31,
 
2014
 
2013
Product revenues from related parties
$
216.9

 
$
288.6

Total product revenues
860.9

 
1,082.6

Related party product revenue as a percent of total product revenue
25.2
%
 
26.7
%

Amounts due from related parties recorded in Accounts receivable, net and Other current assets, including a customer supply agreement and provisional pricing arrangements, were $20.9 million and $132.0 million at March 31, 2014 and December 31, 2013, respectively. Amounts due to related parties recorded in Other current liabilities, including provisional pricing arrangements, were $9.6 million at March 31, 2014 and amounts including provisional pricing arrangements and liabilities to related parties were $25.1 million at December 31, 2013.
EARNINGS PER SHARE
EARNINGS PER SHARE
NOTE 17 - EARNINGS PER SHARE
The following table summarizes the computation of basic and diluted earnings (loss) per share:
 
(In Millions, Except Per Share Amounts)
 
Three Months Ended
March 31,
 
2014
 
2013
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
(70.3
)
 
$
107.0

PREFERRED STOCK DIVIDENDS
(12.8
)
 
(9.9
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
$
(83.1
)
 
$
97.1

Weighted Average Number of Shares:
 
 
 
Basic
153.0

 
147.8

Depositary Shares
—

 
—

Employee Stock Plans
—

 
0.3

Diluted
153.0

 
148.1

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
$
(0.54
)
 
$
0.66

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
$
(0.54
)
 
$
0.66


The diluted earnings per share calculation excludes 25.2 million and 12.9 million depositary shares that were anti-dilutive for the three months ended March 31, 2014 and 2013, respectively. Additionally, the diluted earnings per share calculation excludes 0.6 million shares related to equity plan awards that were anti-dilutive for the three months ended March 31, 2014.
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
NOTE 18 - COMMITMENTS AND CONTINGENCIES
Contingencies
Litigation
We are currently a party to various claims and legal proceedings incidental to our operations. If management believes that a loss arising from these matters is probable and can reasonably be estimated, we record the amount of the loss, or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Based on currently available information, management believes that the ultimate outcome of these matters, individually and in the aggregate, will not have a material effect on our financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties, and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, additional funding requirements or an injunction. If an unfavorable ruling were to occur, there exists the possibility of a material impact on the financial position and results of operations of the period in which the ruling occurs, or future periods. However, we believe that any pending litigation will not result in a material liability in relation to our unaudited condensed consolidated financial statements.
CASH FLOW INFORMATION
Cash Flow Information
NOTE 19 - CASH FLOW INFORMATION
A reconciliation of capital additions to cash paid for capital expenditures for the three months ended March 31, 2014 and 2013 is as follows:
 
(In Millions)
 
Three Months Ended
March 31,
 
2014
 
2013
Capital additions
$
79.2

 
$
195.7

Cash paid for capital expenditures
103.3

 
230.4

Difference
$
(24.1
)
 
$
(34.7
)
Non-cash accruals
$
(34.0
)
 
$
(34.7
)
Capital leases
9.9

 
—

Total
$
(24.1
)
 
$
(34.7
)

Non-Cash Financing Activities - Declared Dividends
On February 11, 2014, our board of directors declared the quarterly cash dividend on our Preferred Shares of $17.50 per share, which is equivalent to approximately $0.44 per depositary share, each representing 1/40th of a share of Series A preferred stock. The cash dividend of $12.8 million will be payable on May 1, 2014 to our preferred shareholders of record as of the close of business on April 15, 2014.
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
NOTE 20 - SUBSEQUENT EVENTS
We have evaluated subsequent events through the date of financial statement issuance.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
Basis Of Consolidation 
Basis of Consolidation
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned and majority-owned subsidiaries, including the following operations:
Name
 
Location
 
Ownership Interest
 
Operation
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
Wabush
 
Newfoundland and Labrador/ Quebec, Canada
 
100.0%
 
Iron Ore
Bloom Lake
 
Quebec, Canada
 
82.8%
 
Iron Ore
Tilden
 
Michigan
 
85.0%
 
Iron Ore
Empire
 
Michigan
 
79.0%
 
Iron Ore
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
Pinnacle
 
West Virginia
 
100.0%
 
Coal
Oak Grove
 
Alabama
 
100.0%
 
Coal
CLCC
 
West Virginia
 
100.0%
 
Coal

Intercompany transactions and balances are eliminated upon consolidation.
Also included in our consolidated results are Cliffs Chromite Ontario Inc. and Cliffs Chromite Far North Inc. Cliffs Chromite Ontario Inc. holds a 100 percent interest in each of the Black Label and Black Thor chromite deposits and, together with Cliffs Chromite Far North Inc., a 70 percent interest in the Big Daddy chromite deposit, all located in northern Ontario, Canada.
Equity Method Investments 
Equity Method Investments
Investments in unconsolidated ventures that we have the ability to exercise significant influence over, but not control, are accounted for under the equity method. The following table presents the detail of our investments in unconsolidated ventures and where those investments are classified in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2014 and December 31, 2013. Parentheses indicate a net liability.
 
 
 
 
 
 
 
 
(In Millions)
Investment
 
Classification
 
Accounting
Method
 
Interest
Percentage
 
March 31,
2014
 
December 31, 2013
Hibbing
 
Other non-current assets1
 
Equity Method
 
23
 
$
1.7

 
$
(3.9
)
Other
 
Other non-current assets
 
Equity Method
 
Various
 
34.3

 
34.7

 
 
 
 
 
 
 
 
$
36.0

 
$
30.8

                                         
1 At December 31, 2013, the classification for Hibbing was Other liabilities.
Foreign Currency Transactions and Translations Policy [Policy Text Block] 
Foreign Currency
Our financial statements are prepared with the U.S. dollar as the reporting currency. The functional currency of the Company’s Australian subsidiaries is the Australian dollar. The functional currency of all other international subsidiaries is the U.S. dollar. The financial statements of international subsidiaries are translated into U.S. dollars using the exchange rate at each balance sheet date for assets and liabilities and a weighted average exchange rate for each period for revenues, expenses, gains and losses. Where the local currency is the functional currency, translation adjustments are recorded as Accumulated other comprehensive loss. Income taxes generally are not provided for foreign currency translation adjustments. To the extent that monetary assets and liabilities, inclusive of intercompany notes, are recorded in a currency other than the functional currency, these amounts are remeasured each reporting period, with the resulting gain or loss being recorded in the Statements of Unaudited Condensed Consolidated Operations. Transaction gains and losses resulting from remeasurement of short-term intercompany loans are included in Miscellaneous - net in our Statements of Unaudited Condensed Consolidated Operations. For the three months ended March 31, 2014, net losses of $6.5 million related to the impact of transaction gains and losses resulting from remeasurement, of which losses of $8.8 million and losses of $3.1 million, respectively, resulted from remeasurement of short-term intercompany loans and cash and cash equivalents. For the three months ended March 31, 2013, net gains of $3.7 million related to the impact of transaction gains and losses resulting from remeasurement, of which losses of $0.5 million and losses of $0.3 million, respectively, resulted from remeasurement of short-term intercompany loans and cash and cash equivalents.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
Schedule Of Subsidiaries 
The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly-owned and majority-owned subsidiaries, including the following operations:
Name
 
Location
 
Ownership Interest
 
Operation
Northshore
 
Minnesota
 
100.0%
 
Iron Ore
United Taconite
 
Minnesota
 
100.0%
 
Iron Ore
Wabush
 
Newfoundland and Labrador/ Quebec, Canada
 
100.0%
 
Iron Ore
Bloom Lake
 
Quebec, Canada
 
82.8%
 
Iron Ore
Tilden
 
Michigan
 
85.0%
 
Iron Ore
Empire
 
Michigan
 
79.0%
 
Iron Ore
Koolyanobbing
 
Western Australia
 
100.0%
 
Iron Ore
Pinnacle
 
West Virginia
 
100.0%
 
Coal
Oak Grove
 
Alabama
 
100.0%
 
Coal
CLCC
 
West Virginia
 
100.0%
 
Coal
Schedule of Equity Method Investments 
The following table presents the detail of our investments in unconsolidated ventures and where those investments are classified in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2014 and December 31, 2013. Parentheses indicate a net liability.
 
 
 
 
 
 
 
 
(In Millions)
Investment
 
Classification
 
Accounting
Method
 
Interest
Percentage
 
March 31,
2014
 
December 31, 2013
Hibbing
 
Other non-current assets1
 
Equity Method
 
23
 
$
1.7

 
$
(3.9
)
Other
 
Other non-current assets
 
Equity Method
 
Various
 
34.3

 
34.7

 
 
 
 
 
 
 
 
$
36.0

 
$
30.8

                                         
1 At December 31, 2013, the classification for Hibbing was Other liabilities.
SEGMENT REPORTING (Tables)
Schedule Of Segment Reporting Information, By Segment 
The following table presents a summary of our reportable segments for the three months ended March 31, 2014 and 2013, including a reconciliation of segment sales margin to Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures:
 
(In Millions)
 
Three Months Ended
March 31,
 
2014
 
2013
Revenues from product sales and services:
 
 
 
 
 
 
 
U.S. Iron Ore
$
361.3

 
38
%
 
$
410.1

 
36
%
Eastern Canadian Iron Ore
158.3

 
17
%
 
245.3

 
22
%
Asia Pacific Iron Ore
254.2

 
27
%
 
270.8

 
24
%
North American Coal
166.2

 
18
%
 
214.3

 
18
%
Total revenues from product sales and services
$
940.0

 
100
%
 
$
1,140.5

 
100
%
 
 
 
 
 
 
 
 
Sales margin:
 
 
 
 
 
 
 
U.S. Iron Ore
$
95.0

 
 
 
$
157.3

 
 
Eastern Canadian Iron Ore
(49.7
)
 
 
 
19.4

 
 
Asia Pacific Iron Ore
66.3

 
 
 
61.3

 
 
North American Coal
(48.4
)
 
 
 
1.8

 
 
Other
—

 
 
 
(1.9
)
 
 
Sales margin
63.2

 
 
 
237.9

 
 
Other operating expense
(113.9
)
 
 
 
(69.6
)
 
 
Other expense
(41.5
)
 
 
 
(48.0
)
 
 
Income (loss) from continuing operations before income taxes and equity loss from ventures
$
(92.2
)
 
 
 
$
120.3

 
 
 
 
 
 
 
 
 
 
Depreciation, depletion and amortization:
 
 
 
 
 
 
 
U.S. Iron Ore
$
28.7

 
 
 
$
26.6

 
 
Eastern Canadian Iron Ore
41.2

 
 
 
41.1

 
 
Asia Pacific Iron Ore
39.1

 
 
 
36.4

 
 
North American Coal
29.9

 
 
 
32.5

 
 
Other
2.2

 
 
 
4.0

 
 
Total depreciation, depletion and amortization
$
141.1

 
 
 
$
140.6

 
 
 
 
 
 
 
 
 
 
Capital additions1:
 
 
 
 
 
 
 
U.S. Iron Ore
$
14.9

 
 
 
$
11.7

 
 
Eastern Canadian Iron Ore
51.0

 
 
 
167.0

 
 
Asia Pacific Iron Ore
3.2

 
 
 
4.3

 
 
North American Coal
9.2

 
 
 
11.1

 
 
Other
0.9

 
 
 
1.6

 
 
Total capital additions
$
79.2

 
 
 
$
195.7

 
 
                                         
1    Includes capital lease additions and non-cash accruals. Refer to NOTE 19 - CASH FLOW INFORMATION.
Summary of Assets by Segment 
A summary of assets by segment is as follows:
 
(In Millions)
 
March 31,
2014
 
December 31, 2013
Assets:
 
 
 
U.S. Iron Ore
$
1,742.9

 
$
1,671.6

Eastern Canadian Iron Ore
7,854.2

 
7,915.5

Asia Pacific Iron Ore
1,074.9

 
1,078.4

North American Coal
1,784.4

 
1,841.8

Other
467.5

 
455.6

Total segment assets
12,923.9

 
12,962.9

Corporate
278.9

 
159.0

Total assets
$
13,202.8

 
$
13,121.9

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value 
The following table presents the fair value of our derivative instruments and the classification of each in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2014 and December 31, 2013:
 
(In Millions)
 
Derivative Assets
 
Derivative Liabilities
 
March 31, 2014
 
December 31, 2013
 
March 31, 2014
 
December 31, 2013
Derivative Instrument
Balance Sheet Location
 
Fair
Value
 
Balance
Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
 
Balance Sheet
Location
 
Fair
Value
Derivatives designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Rate Swaps
Other current assets
 
$
0.6

 
 
 
$
—

 
Other current liabilities
 
$
0.4

 
Other current liabilities
 
$
2.1

Foreign Exchange Contracts
Other current assets
 
4.1

 
Other current assets
 
0.3

 
Other current liabilities
 
15.1

 
Other current liabilities
 
25.8

Total derivatives designated as hedging instruments under ASC 815
 
 
$
4.7

 
 
 
$
0.3

 
 
 
$
15.5

 
 
 
$
27.9

Derivatives not designated as hedging instruments under ASC 815:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign Exchange Contracts
 
 
$
—

 
 
 
$
—

 
Other current liabilities
 
$
1.9

 
Other current liabilities
 
$
1.1

Customer Supply Agreement
Other current assets
 
42.0

 
Other current assets
 
55.8

 
 
 
—

 
 
 
—

Provisional Pricing Arrangements
Other current assets
 
1.3

 
Other current assets
 
3.1

 
Other current liabilities
 
7.4

 
Other current liabilities
 
10.3

Total derivatives not designated as hedging instruments under ASC 815
 
 
$
43.3

 
 
 
$
58.9

 
 
 
$
9.3

 
 
 
$
11.4

Total derivatives
 
 
$
48.0

 
 
 
$
59.2

 
 
 
$
24.8

 
 
 
$
39.3

Schedule Of Derivative Gains (Losses) Recognized In Accumulated Other Comprehensive Income 
The following summarizes the effect of our derivatives designated as cash flow hedging instruments, net of tax in Accumulated other comprehensive loss in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2014 and 2013:
 
(In Millions)
Derivatives in Cash Flow Hedging Relationships
Amount of Gain (Loss)
Recognized in OCI on Derivative
 
Location of Gain (Loss)
Reclassified
from Accumulated OCI into Earnings
 
Amount of Gain (Loss)
Reclassified
from Accumulated
OCI into Earnings
(Effective Portion)
 
(Effective Portion)
 
(Effective Portion)
 
Three Months Ended
March 31,
 
 
 
Three Months Ended
March 31,
 
2014
 
2013
 
 
 
2014
 
2013
Australian Dollar Foreign
Exchange Contracts
(hedge designation)
$
5.5

 
$
3.2

 
Product revenues
 
$
(9.1
)
 
$
1.8

Canadian Dollar Foreign Exchange Contracts
    (hedge designation)
(7.8
)
 
(8.2
)
 
Cost of goods sold and operating expenses
 
(3.4
)
 
0.2

Canadian Dollar Foreign Exchange Contracts
(prior to de-designation)
—

 
—

 
Cost of goods sold and operating expenses
 
(0.3
)
 
—

 
$
(2.3
)
 
$
(5.0
)
 
 
 
$
(12.8
)
 
$
2.0

Schedule Of Derivatives Not Designated As Hedging Instruments Statements Of Financial Performance Location Table 
The following summarizes the effect of our derivatives that are not designated as hedging instruments in the Statements of Unaudited Condensed Consolidated Operations for the three months ended March 31, 2014 and 2013:
(In Millions)
Derivatives Not Designated as Hedging Instruments
Location of Gain (Loss) Recognized in
Income on Derivative
Amount of Gain/(Loss) Recognized in Income on Derivative
 
 
Three Months Ended
March 31,
 
 
2014
 
2013
Foreign Exchange Contracts
Cost of goods sold and operating expenses
$
(0.9
)
 
$
—

Customer Supply Agreement
Product revenues
27.7

 
24.1

Provisional Pricing Arrangements
Product revenues
(6.1
)
 
(2.9
)
 
 
$
20.7

 
$
21.2

INVENTORIES (Tables)
Schedule Of Inventories
The following table presents the detail of our Inventories in the Statements of Unaudited Condensed Consolidated Financial Position as of March 31, 2014 and December 31, 2013:
 
(In Millions)
 
March 31, 2014
 
December 31, 2013
Segment
Finished Goods
 
Work-in Process
 
Total Inventory
 
Finished Goods
 
Work-in
Process
 
Total
Inventory
U.S. Iron Ore
$
270.6

 
$
25.7

 
$
296.3

 
$
92.1

 
$
13.0

 
$
105.1

Eastern Canadian Iron Ore
78.3

 
50.4

 
128.7

 
65.3

 
48.1

 
113.4

Asia Pacific Iron Ore
46.4

 
61.3

 
107.7

 
39.7

 
50.6

 
90.3

North American Coal
63.5

 
13.6

 
77.1

 
59.4

 
23.2

 
82.6

Total
$
458.8

 
$
151.0

 
$
609.8

 
$
256.5

 
$
134.9

 
$
391.4

PROPERTY, PLANT AND EQUIPMENT (Tables)
Value Of Each Of The Major Classes Of Consolidated Depreciable Assets
The following table indicates the value of each of the major classes of our consolidated depreciable assets as of March 31, 2014 and December 31, 2013:
 
(In Millions)
 
March 31,
2014
 
December 31, 2013
Land rights and mineral rights
$
7,841.1

 
$
7,819.6

Office and information technology
126.1

 
125.7

Buildings
269.8

 
255.2

Mining equipment
1,624.1

 
1,600.3

Processing equipment
2,199.2

 
2,148.6

Railroad equipment
315.6

 
219.0

Electric power facilities
116.2

 
114.3

Port facilities
103.2

 
99.4

Interest capitalized during construction
23.9

 
23.8

Land improvements
54.6

 
69.3

Other
94.7

 
104.4

Construction in-progress
896.1

 
991.3

 
13,664.6

 
13,570.9

Accumulated depreciation and depletion
(2,578.6
)
 
(2,417.5
)
 
$
11,086.0

 
$
11,153.4

GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Tables)
Schedule Of Goodwill 
The following table summarizes changes in the carrying amount of goodwill allocated by operating segment for the three months ended March 31, 2014 and the year ended December 31, 2013:
 
(In Millions)
 
March 31, 2014
 
December 31, 2013
 
U.S. Iron Ore
 
Eastern Canadian Iron Ore
 
Asia Pacific
Iron Ore
 
North American Coal
 
Other
 
Total
 
U.S. Iron Ore
 
Eastern
Canadian Iron Ore
 
Asia Pacific Iron Ore
 
North American Coal
 
Other
 
Total
Beginning Balance
$
2.0

 
$
—

 
$
72.5

 
$
—

 
$
—

 
$
74.5

 
$
2.0

 
$
—

 
$
84.5

 
$
—

 
$
80.9

 
$
167.4

Arising in business combinations
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Impairment
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(80.9
)
 
(80.9
)
Impact of foreign currency translation
—

 
—

 
2.8

 
—

 
—

 
2.8

 
—

 
—

 
(12.0
)
 
—

 
—

 
(12.0
)
Ending Balance
$
2.0

 
$
—

 
$
75.3

 
$
—

 
$
—

 
$
77.3

 
$
2.0

 
$
—

 
$
72.5

 
$
—

 
$
—

 
$
74.5

Accumulated goodwill impairment loss
$
—

 
$
(1,000.0
)
 
$
—

 
$
(27.8
)
 
$
(80.9
)
 
$
(1,108.7
)
 
$
—

 
$
(1,000.0
)
 
$
—

 
$
(27.8
)
 
$
(80.9
)
 
$
(1,108.7
)
Schedule Of Finite-Lived Intangible Assets By Major Class 
Following is a summary of intangible assets and liabilities as of March 31, 2014 and December 31, 2013:
 
 
 
(In Millions)
 
 
 
March 31, 2014
 
December 31, 2013
 
Classification
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Definite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Permits
Intangible assets, net
 
$
129.3

 
$
(38.9
)
 
$
90.4

 
$
127.4

 
$
(35.9
)
 
$
91.5

Utility contracts
Intangible assets, net
 
54.7

 
(53.5
)
 
1.2

 
54.7

 
(53.1
)
 
1.6

Leases
Intangible assets, net
 
2.4

 
(0.2
)
 
2.2

 
2.4

 
(0.1
)
 
2.3

Total intangible assets
 
 
$
186.4

 
$
(92.6
)
 
$
93.8

 
$
184.5

 
$
(89.1
)
 
$
95.4

Below-market sales contracts
Other current liabilities
 
$
(23.0
)
 
$
—

 
$
(23.0
)
 
$
(23.0
)
 
$
—

 
$
(23.0
)
Below-market sales contracts
Other liabilities
 
(205.9
)
 
159.7

 
(46.2
)
 
(205.9
)
 
159.7

 
(46.2
)
Total below-market sales contracts
 
 
$
(228.9
)
 
$
159.7

 
$
(69.2
)
 
$
(228.9
)
 
$
159.7

 
$
(69.2
)
Estimated Amortization Expense Relating To Intangible Assets 
The estimated amortization expense relating to intangible assets for each of the five succeeding years is as follows:

(In Millions)

Amount
Year Ending December 31,

2014 (remaining nine months)
$
7.4

2015
7.6

2016
7.1

2017
6.4

2018
7.4

2019
7.4

Total
$
43.3

Schedule Of Earnings To Be Recognized On Below-Market Sales Contract 
The following amounts are estimated to be recognized in Product revenues for the remainder of this year and each of the three succeeding fiscal years:
 
(In Millions)
 
Amount
Year Ending December 31,
 
2014 (remaining nine months)
$
23.0

2015
23.0

2016
23.0

2017
0.2

Total
$
69.2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
Fair Value Of Assets And Liabilities 
The following represents the assets and liabilities of the Company measured at fair value at March 31, 2014 and December 31, 2013:
 
(In Millions)
 
March 31, 2014
Description
Quoted Prices in Active
Markets for Identical Assets/Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
134.0

 
$
—

 
$
—

 
$
134.0

Derivative assets
—

 
0.6

 
43.3

 
43.9

Available-for-sale marketable securities
33.2

 
—

 
—

 
33.2

Foreign exchange contracts
—

 
4.1

 
—

 
4.1

Total
$
167.2

 
$
4.7

 
$
43.3

 
$
215.2

Liabilities:

 

 

 

Derivative liabilities
$
—

 
$
0.4

 
$
7.4

 
$
7.8

Foreign exchange contracts
—

 
17.0

 
—

 
17.0

Total
$
—

 
$
17.4

 
$
7.4

 
$
24.8

 
(In Millions)
 
December 31, 2013
Description
Quoted Prices in Active
Markets for Identical
Assets/Liabilities (Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
85.0

 
$
—

 
$
—

 
$
85.0

Derivative assets
—

 
—

 
58.9

 
58.9

Available-for-sale marketable securities
21.4

 
—

 
—

 
21.4

Foreign exchange contracts
—

 
0.3

 
—

 
0.3

Total
$
106.4

 
$
0.3

 
$
58.9

 
$
165.6

Liabilities:

 

 

 

Derivative liabilities
$
—

 
$
2.1

 
$
10.3

 
$
12.4

Foreign exchange contracts
—

 
26.9

 
—

 
26.9

Total
$
—

 
$
29.0

 
$
10.3

 
$
39.3

Fair Value, Recurring and Nonrecurring, Valuation Techniques 
The following table illustrates information about quantitative inputs and assumptions for the derivative assets and derivative liabilities categorized in Level 3 of the fair value hierarchy:
Qualitative/Quantitative Information About Level 3 Fair Value Measurements
($ in millions)
 
Fair Value at March 31, 2014
 
Balance Sheet Location
 
Valuation Technique
 
Unobservable Input
 
Range or Point Estimate
(Weighted Average)
 
Provisional Pricing Arrangements
 
$
1.3

 
Derivative assets
 
Market Approach
 
Management's
Estimate of 62% Fe
 
$117
 
 
$
7.4

 
Derivative liabilities
 
 
 
 
 
 
Customer Supply Agreement
 
$
42.0

 
Derivative assets
 
Market Approach
 
Hot-Rolled Steel Estimate
 
$625 - $660 ($645)
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation 
The following tables represent a reconciliation of the changes in fair value of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 and 2013.
 
(In Millions)
 
Derivative Assets (Level 3)
 
Three Months Ended
March 31,
 
2014
 
2013
Beginning balance
$
58.9

 
$
62.4

Total gains
 
 
 
Included in earnings
29.0

 
28.0

Settlements
(44.6
)
 
(37.1
)
Transfers into Level 3
—

 
—

Transfers out of Level 3
—

 
—

Ending balance - March 31
$
43.3

 
$
53.3

Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
$
29.0

 
$
28.0

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation 
 
(In Millions)
 
Derivative Liabilities (Level 3)
 
Three Months Ended
March 31,
 
2014
 
2013
Beginning balance
$
(10.3
)
 
$
(11.3
)
Total gains
 
 
 
Included in earnings
(7.4
)
 
(6.8
)
Settlements
10.3

 
11.3

Transfers into Level 3
—

 
—

Transfers out of Level 3
—

 
—

Ending balance - March 31
$
(7.4
)
 
$
(6.8
)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$
(7.4
)
 
$
(6.8
)
Schedule Of Carrying Value And Fair Value Of Financial Instruments 
A summary of the carrying amount and fair value of other financial instruments at March 31, 2014 and December 31, 2013 were as follows:
 
 
 
(In Millions)
 
 
 
March 31, 2014
 
December 31, 2013
 
Classification
 
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt:
 
 
 
 
 
 
 
 
 
Senior notes—$700 million
Level 2
 
$
699.5

 
$
743.0

 
$
699.4

 
$
718.2

Senior notes—$1.3 billion
Level 2
 
1,289.8

 
1,504.8

 
1,289.6

 
1,404.9

Senior notes—$400 million
Level 2
 
398.5

 
442.0

 
398.4

 
432.1

Senior notes—$500 million
Level 2
 
496.7

 
528.0

 
496.5

 
523.8

Revolving loan
Level 2
 
175.0

 
175.0

 
—

 
—

Equipment loan facilities
Level 2
 
135.3

 
135.3

 
140.8

 
140.8

Fair value adjustment to interest rate hedge
Level 2
 
—

 
—

 
(2.1
)
 
(2.1
)
Total long-term debt
 
 
$
3,194.8

 
$
3,528.1

 
$
3,022.6

 
$
3,217.7

Fair Value Measurements, Nonrecurring 
The following table presents information about the impairment charges on both financial and nonfinancial assets that were measured on a fair value basis at December 31, 2013. The table also indicates the fair value hierarchy of the valuation techniques used to determine such fair value. We had no financial assets and liabilities measured at fair value on a non-recurring basis at March 31, 2014.
 
 
(In Millions)
 
 
December 31, 2013
Description
 
Quoted Prices in Active
Markets for Identical Assets/
Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
 
Total Losses
Assets:
 
 
 
 
 
 
 
 
 
 
Goodwill impairment -
Ferroalloys reporting unit
 
$
—

 
$
—

 
$
—

 
$
—

 
$
80.9

Other long-lived assets -
Property, plant and equipment
 
—

 
—

 
46.3

 
46.3

 
155.4

Other long-lived assets -
Intangibles and long-term
deposits
 
—

 
—

 
1.6

 
1.6

 
14.5

Investment in ventures
    impairment - Amapá
 
—

 
—

 
—

 
—

 
67.6

 
 
$
—

 
$
—

 
$
47.9

 
$
47.9

 
$
318.4

DEBT AND CREDIT FACILITIES (Tables)
Schedule Of Long-Term Debt 
The following represents a summary of our long-term debt as of March 31, 2014 and December 31, 2013:
($ in Millions)
 
March 31, 2014
 
Debt Instrument
 
Type
 
Annual Effective Interest Rate
 
Final Maturity
 
Total Face Amount
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
Fixed
 
4.89%
 
2021
 
$
700.0

 
$
699.5

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
Fixed
 
4.83%
 
2020
 
500.0

 
499.3

(2)
$800 Million 6.25% 2040 Senior Notes
 
Fixed
 
6.34%
 
2040
 
800.0

 
790.5

(3)
$400 Million 5.90% 2020 Senior Notes
 
Fixed
 
5.98%
 
2020
 
400.0

 
398.5

(4)
$500 Million 3.95% 2018 Senior Notes
 
Fixed
 
4.14%
 
2018
 
500.0

 
496.7

(5)
$1.75 Billion Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
Revolving Loan
 
Variable
 
1.68%
 
2017
 
1,750.0

 
175.0

(6)
Equipment Loans
 
Fixed
 
Various
 
2020
 
164.8

 
156.5

 
Short-Term Borrowing Arrangements
 
 
 
 
 
2014
 
75.7

 
75.7


Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
—

 
Total debt
 
 
 
 
 
 
 
$
4,890.5

 
$
3,291.7

 
Less: Short-term and current portion of
           long-term debt
 
 
 
 
 
 
 
 
 
96.9

 
Long-term debt
 
 
 
 
 
 
 
 
 
$
3,194.8

 
($ in Millions)
 
December 31, 2013
 
Debt Instrument
 
Type
 
Annual Effective Interest Rate
 
Final Maturity
 
Total Face Amount
 
Total Debt
 
$700 Million 4.875% 2021 Senior Notes
 
Fixed
 
4.88%
 
2021
 
700.0

 
699.4

(1)
$1.3 Billion Senior Notes:
 
 
 
 
 
 
 
 
 
 
 
$500 Million 4.80% 2020 Senior Notes
 
Fixed
 
4.83%
 
2020
 
500.0

 
499.2

(2)
$800 Million 6.25% 2040 Senior Notes
 
Fixed
 
6.34%
 
2040
 
800.0

 
790.4

(3)
$400 Million 5.90% 2020 Senior Notes
 
Fixed
 
5.98%
 
2020
 
400.0

 
398.4

(4)
$500 Million 3.95% 2018 Senior Notes
 
Fixed
 
4.14%
 
2018
 
500.0

 
496.5

(5)
$1.75 Billion Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
Revolving Loan
 
Variable
 
1.64%
 
2017
 
1,750.0

 
—

(6)
Equipment Loans
 
Fixed
 
Various
 
2020
 
164.8

 
161.7

 
Fair Value Adjustment to Interest Rate Hedge
 
 
 
 
 
 
 
 
 
(2.1
)
 
Total debt
 
 
 
 
 
 
 
$
4,814.8

 
$
3,043.5

 
Less current portion
 
 
 
 
 
 
 
 
 
20.9

 
Long-term debt
 
 
 
 
 
 
 
 
 
$
3,022.6

 
(1)
As of March 31, 2014 and December 31, 2013, the $700 million 4.875 percent senior notes were recorded at a par value of $700 million less unamortized discounts of $0.5 million and $0.6 million, respectively, based on an imputed interest rate of 4.89 percent.
(2)
As of March 31, 2014 and December 31, 2013, the $500 million 4.80 percent senior notes were recorded at a par value of $500 million less unamortized discounts of $0.7 million and $0.8 million, respectively, based on an imputed interest rate of 4.83 percent.
(3)
As of March 31, 2014 and December 31, 2013, the $800 million 6.25 percent senior notes were recorded at a par value of $800 million less unamortized discounts of $9.5 million and $9.6 million, respectively, based on an imputed interest rate of 6.34 percent.
(4)
As of March 31, 2014 and December 31, 2013, the $400 million 5.90 percent senior notes were recorded at a par value of $400 million less unamortized discounts of $1.5 million and $1.6 million, respectively, based on an imputed interest rate of 5.98 percent.
(5)
As of March 31, 2014 and December 31, 2013, the $500 million 3.95 percent senior notes were recorded at a par value of $500 million less unamortized discounts of $3.3 million and $3.5 million, respectively, based on an imputed interest rate of 4.14 percent.
(6)
As of March 31, 2014, $175.0 million of revolving loans were drawn under the credit facility. As of December 31, 2013, no revolving loans were drawn under the credit facility. As of March 31, 2014 and December 31, 2013, the principal amount of letter of credit obligations totaled $5.2 million and $8.4 million, respectively, thereby reducing available borrowing capacity to $1.6 billion and $1.7 billion for each period, respectively.
Schedule of Maturities of Long-term Debt [Table Text Block] 
Debt Maturities
The following represents a summary of our maturities of debt instruments, excluding borrowings on the revolving credit agreement, based on the principal amounts outstanding at March 31, 2014:
 
(In Millions)
 
Maturities of Debt
2014 (April 1 - December 31)
$
91.5

2015
21.8

2016
22.7

2017
23.6

2018
524.6

2019 and thereafter
2,448.0

Total maturities of debt
$
3,132.2

LEASE OBLIGATIONS (Tables)
Schedule Of Future Minimum Lease Payments For Capital Leases And Operating Leases
Future minimum payments under capital leases and non-cancellable operating leases at March 31, 2014 are as follows:
 
(In Millions)
 
Capital Leases
 
Operating Leases
2014 (April 1 - December 31)
$
49.9

 
$
12.1

2015
88.4

 
14.0

2016
37.5

 
9.6

2017
30.1

 
7.5

2018
22.0

 
6.8

2019 and thereafter
37.2

 
14.7

Total minimum lease payments
$
265.1

 
$
64.7

Amounts representing interest
46.8

 
 
Present value of net minimum lease payments
$
218.3

(1) 
 
                                         
(1) 
The total is comprised of $84.0 million and $134.3 million classified as Other current liabilities and Other liabilities, respectively, in the Statements of Unaudited Condensed Consolidated Financial Position at March 31, 2014.
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Tables)
Summary Of Mine Closure Obligations 
The following is a summary of the obligations as of March 31, 2014 and December 31, 2013:
 
(In Millions)
 
March 31,
2014
 
December 31, 2013
Environmental
$
11.0

 
$
8.4

Mine closure
 
 
 
LTVSMC
22.2

 
22.0

Operating mines:
 
 
 
U.S. Iron Ore
136.4

 
152.2

Eastern Canadian Iron Ore
74.6

 
78.2

Asia Pacific Iron Ore
26.9

 
25.5

North American Coal
35.2

 
34.7

Total mine closure
295.3

 
312.6

Total environmental and mine closure obligations
306.3

 
321.0

Less current portion
5.6

 
11.3

Long term environmental and mine closure obligations
$
300.7

 
$
309.7

Asset Retirement Obligation Disclosure 
The following represents a rollforward of our asset retirement obligation liability related to our active mining locations for the three months ended March 31, 2014 and for the year ended December 31, 2013:
 
(In Millions)
 
March 31,
2014
 
December 31, 2013 (1)
Asset retirement obligation at beginning of period
$
290.6

 
$
231.1

Accretion expense
3.6

 
18.1

Exchange rate changes
1.0

 
(3.4
)
Revision in estimated cash flows
(22.1
)
 
44.8

Payments
—

 
—

Asset retirement obligation at end of period
$
273.1

 
$
290.6

                                         
(1) 
Represents a 12-month rollforward of our asset retirement obligation at December 31, 2013.
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)
Schedule of Net Benefit Costs [Table Text Block]
The following are the components of defined benefit pension and OPEB expense for the three months ended March 31, 2014 and 2013:
Defined Benefit Pension Expense
 
(In Millions)
 
Three Months Ended
March 31,
 
2014
 
2013
Service cost
$
8.0

 
$
9.9

Interest cost
12.5

 
11.5

Expected return on plan assets
(18.0
)
 
(13.1
)
Amortization:
 
 
 
Prior service costs
0.7

 
0.7

Net actuarial loss
3.6

 
6.8

    Curtailments/settlements
0.3

 
—

Net periodic benefit cost
$
7.1

 
$
15.8


Other Postretirement Benefits Expense
 
(In Millions)
 
Three Months Ended
March 31,
 
2014
 
2013
Service cost
$
2.0

 
$
3.1

Interest cost
4.0

 
4.3

Expected return on plan assets
(4.3
)
 
(5.0
)
Amortization:
 
 
 
Prior service costs
(0.9
)
 
(0.9
)
Net actuarial loss
1.2

 
2.8

Net periodic benefit cost
$
2.0

 
$
4.3

STOCK COMPENSATION PLANS (Tables)
Schedule Of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions
The following assumptions were utilized to estimate the fair value for the first quarter of 2014 performance share grants:
Grant Date
 
Grant Date Market Price
 
Average Expected Term (Years)
 
Expected Volatility
 
Risk-Free Interest Rate
 
Dividend Yield
 
Fair Value
 
Fair Value (Percent of Grant Date Market Price)
February 10, 2014
 
$
20.58

 
2.89
 
54.0%
 
0.54%
 
2.92%
 
$
22.21

 
107.92%
SHAREHOLDERS' EQUITY Shareholders' Equity (Tables)
Schedule of Stockholders Equity [Table Text Block] 
The following table reflects the changes in shareholders' equity attributable to both Cliffs and the noncontrolling interests primarily related to Bloom Lake, Tilden and Empire of which Cliffs owns 82.8 percent, 85 percent and 79 percent, respectively, for the three months ended March 31, 2014 and March 31, 2013:
 
(In Millions)
 
Cliffs
Shareholders’
Equity
 
Noncontrolling
Interest
 
Total Equity
December 31, 2013
$
6,069.5

 
$
814.8

 
$
6,884.3

Comprehensive income
 
 
 
 
 
Net loss
(70.3
)
 
(0.4
)
 
(70.7
)
Other comprehensive income
57.8

 
0.5

 
58.3

Total comprehensive income
(12.5
)
 
0.1

 
(12.4
)
Stock and other incentive plans
(1.4
)
 
—

 
(1.4
)
Common and preferred share dividends
(36.1
)
 
—

 
(36.1
)
Undistributed losses to noncontrolling
interest
—

 
1.2

 
1.2

March 31, 2014
$
6,019.5

 
$
816.1

 
$
6,835.6

 
(In Millions)
 
Cliffs
Shareholders’
Equity
 
Noncontrolling
Interest
 
Total Equity
December 31, 2012
$
4,632.7

 
$
1,128.2

 
$
5,760.9

Comprehensive income
 
 
 
 
 
Net income
107.0

 
13.8

 
120.8

Other comprehensive income
4.2

 
1.2

 
5.4

Total comprehensive income
111.2

 
15.0

 
126.2

Issuance of common shares
263.7

 
—

 
263.7

Issuance of preferred shares
731.3

 
—

 
731.3

Stock and other incentive plans
(1.5
)
 
—

 
(1.5
)
Common and preferred share dividends
(32.8
)
 
—

 
(32.8
)
Undistributed losses to noncontrolling
interest
—

 
9.8

 
9.8

Capital contribution by noncontrolling interest
    to subsidiary
—

 
1.4

 
1.4

March 31, 2013
$
5,704.6

 
$
1,154.4

 
$
6,859.0

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] 
The following table reflects the changes in Accumulated other comprehensive income (loss) related to Cliffs shareholders’ equity for March 31, 2014 and March 31, 2013:
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain (Loss) on Securities, net of tax
 
Unrealized Net Gain (Loss) on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2013
$
(204.9
)
 
$
6.2

 
$
106.7

 
$
(20.9
)
 
$
(112.9
)
Other comprehensive income (loss) before reclassifications
(0.4
)
 
3.8

 
40.5

 
(2.3
)
 
41.6

Net loss (gain) reclassified from accumulated other comprehensive income (loss)
3.3

 
0.1

 
—

 
12.8

 
16.2

Balance March 31, 2014
$
(202.0
)
 
$
10.1

 
$
147.2

 
$
(10.4
)
 
$
(55.1
)
 
(In Millions)
 
Postretirement Benefit Liability, net of tax
 
Unrealized Net Gain on Securities, net of tax
 
Unrealized Net Gain on Foreign Currency Translation
 
Net Unrealized Gain (Loss) on Derivative Financial Instruments, net of tax
 
Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2012
$
(382.7
)
 
$
2.1

 
$
316.3

 
$
8.7

 
$
(55.6
)
Other comprehensive income (loss) before reclassifications
(1.1
)
 
2.5

 
3.3

 
(5.0
)
 
(0.3
)
Net loss (gain) reclassified from accumulated other comprehensive income (loss)
6.4

 
0.1

 
—

 
(2.0
)
 
4.5

Balance March 31, 2013
$
(377.4
)
 
$
4.7

 
$
319.6

 
$
1.7

 
$
(51.4
)
Details of Accumulated Other Comprehensive Income (Loss) Components [Table Text Block] 
The following table reflects the details about Accumulated other comprehensive income (loss) components related to Cliffs shareholders’ equity for the three months ended March 31, 2014:
 
 
(In Millions)
 
 
Details about Accumulated Other Comprehensive Income (Loss) Components
 
Amount of (Gain)/Loss Reclassified into Income
 
Affected Line Item in the Statement of Unaudited Condensed Consolidated Operations
 
 
Three Months Ended
March 31,
 
 
 
 
2014
 
2013
 
 
Amortization of Pension and Postretirement Benefit Liability:
 
 
 
 
 
 
Prior-service costs
 
$
(0.2
)
 
$
(0.2
)
 
(1)
Net actuarial loss
 
4.8

 
9.6

 
(1)
Settlements/curtailments
 
0.3

 
—

 
(1)
 
 
4.9

 
9.4

 
Total before taxes
 
 
(1.6
)
 
(3.0
)
 
Income tax benefit
 
 
$
3.3

 
$
6.4

 
Net of taxes
 
 
 
 
 
 
 
Unrealized gain (loss) on marketable securities:
 
 
 
 
 
 
Sale of marketable securities
 
$
0.1

 
$
—

 
Other non-operating income
Impairment
 
—

 
0.1

 
Other non-operating income
 
 
0.1

 
0.1

 
Total before taxes
 
 
—

 
—

 
Income tax benefit
 
 
$
0.1

 
$
0.1

 
Net of taxes
 
 
 
 
 
 
 
Unrealized gain (loss) on derivative financial instruments:
 
 
 
 
 
 
Australian dollar foreign exchange contracts
 
$
13.0

 
$
(2.6
)
 
Product revenues
Canadian dollar foreign exchange contracts
 
5.5

 
(0.3
)
 
Cost of goods sold and operating expenses
 
 
18.5

 
(2.9
)
 
Total before taxes
 
 
(5.7
)
 
0.9

 
Income tax benefit
 
 
$
12.8

 
$
(2.0
)
 
Net of taxes
 
 
 
 
 
 
 
Total Reclassifications for the Period
 
$
16.2

 
$
4.5

 
 
                                         
(1)
These accumulated other comprehensive income components are included in the computation of net periodic benefit cost. See NOTE 11 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS for further information.
RELATED PARTIES (Tables)
Summary Of Other Ownership Interests 
The following is a summary of the mine ownership of these iron ore mines at March 31, 2014:
Mine
 
Cliffs Natural Resources
 
ArcelorMittal
 
U.S. Steel Corporation
 
WISCO
Empire
 
79.0
%
 
21.0
%
 
—

 
—

Tilden
 
85.0
%
 
—

 
15.0
%
 
—

Hibbing
 
23.0
%
 
62.3
%
 
14.7
%
 
—

Bloom Lake
 
82.8
%
 
—

 
—

 
17.2
%
Summary Of Related Party Transactions Table Disclosure 
Product revenues from related parties were as follows:
 
(In Millions)
 
Three Months Ended
March 31,
 
2014
 
2013
Product revenues from related parties
$
216.9

 
$
288.6

Total product revenues
860.9

 
1,082.6

Related party product revenue as a percent of total product revenue
25.2
%
 
26.7
%
EARNINGS PER SHARE (Tables)
Earnings Per Share Computation
The following table summarizes the computation of basic and diluted earnings (loss) per share:
 
(In Millions, Except Per Share Amounts)
 
Three Months Ended
March 31,
 
2014
 
2013
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
(70.3
)
 
$
107.0

PREFERRED STOCK DIVIDENDS
(12.8
)
 
(9.9
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
$
(83.1
)
 
$
97.1

Weighted Average Number of Shares:
 
 
 
Basic
153.0

 
147.8

Depositary Shares
—

 
—

Employee Stock Plans
—

 
0.3

Diluted
153.0

 
148.1

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
$
(0.54
)
 
$
0.66

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
$
(0.54
)
 
$
0.66

CASH FLOW INFORMATION (Tables)
Supplemental Cash Flow Disclosures
A reconciliation of capital additions to cash paid for capital expenditures for the three months ended March 31, 2014 and 2013 is as follows:
 
(In Millions)
 
Three Months Ended
March 31,
 
2014
 
2013
Capital additions
$
79.2

 
$
195.7

Cash paid for capital expenditures
103.3

 
230.4

Difference
$
(24.1
)
 
$
(34.7
)
Non-cash accruals
$
(34.0
)
 
$
(34.7
)
Capital leases
9.9

 
—

Total
$
(24.1
)
 
$
(34.7
)
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Related Party Transaction [Line Items]
 
 
Current Fiscal Year End Date
--12-31 
 
Black Label And Black Thor Chromite Deposits [Member]
 
 
Related Party Transaction [Line Items]
 
 
Ownership Interest
100.00% 
 
Big Daddy Chromite Deposit [Member]
 
 
Related Party Transaction [Line Items]
 
 
Ownership Interest
70.00% 
 
Transaction Gains and Losses Resulting from Remeasurement [Member]
 
 
Related Party Transaction [Line Items]
 
 
Foreign Currency Transaction Gain (Loss), before Tax
$ (6.5)
$ 3.7 
Short-term intercompany loan [Member]
 
 
Related Party Transaction [Line Items]
 
 
Foreign Currency Transaction Gain (Loss), before Tax
(8.8)
(0.5)
Cash and Cash Equivalents [Member]
 
 
Related Party Transaction [Line Items]
 
 
Foreign Currency Transaction Gain (Loss), before Tax
$ (3.1)
$ (0.3)
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Subsidiaries) (Details)
3 Months Ended
Mar. 31, 2014
Northshore [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Minnesota 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
United Taconite [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Minnesota 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Wabush [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Newfoundland and Labrador/ Quebec, Canada 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Bloom Lake [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Quebec, Canada 
Noncontrolling Interest, Ownership Percentage by Parent
82.80% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Tilden [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Michigan 
Noncontrolling Interest, Ownership Percentage by Parent
85.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Empire [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Michigan 
Noncontrolling Interest, Ownership Percentage by Parent
79.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Koolyanobbing [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Western Australia 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Iron Ore 
Pinnacle [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
West Virginia 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Coal 
Oak Grove [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
Alabama 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Coal 
CLCC [Member]
 
Related Party Transaction [Line Items]
 
Entity Address, State or Province
West Virginia 
Noncontrolling Interest, Ownership Percentage by Parent
100.00% 
Segment Reporting Information, Description of Products and Services
Coal 
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Investments In Unconsolidated Ventures) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
 
 
Investment
$ 36.0 
$ 30.8 
Other Noncurrent Liabilities [Member] |
Hibbing [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Investment
 
(3.9)1
Other Noncurrent Assets [Member] |
Hibbing [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Ownership interest, equity method investment
23.00% 1
 
Investment
1.7 1
 
Other Noncurrent Assets [Member] |
Other Equity Investees [Member]
 
 
Schedule of Equity Method Investments [Line Items]
 
 
Investment
$ 34.3 
$ 34.7 
SEGMENT REPORTING (Narrative) (Details)
3 Months Ended
Mar. 31, 2014
Facility
U.S. Iron Ore [Member]
 
Segment Reporting Information [Line Items]
 
Number of mines (in number of facilities)
5 
Eastern Canadian Iron Ore [Member]
 
Segment Reporting Information [Line Items]
 
Number of mines (in number of facilities)
2 
Asia Pacific Iron Ore [Member]
 
Segment Reporting Information [Line Items]
 
Number of mines (in number of facilities)
1 
North American Coal [Member] |
Metallurgical Coal Mines [Member]
 
Segment Reporting Information [Line Items]
 
Number of mines (in number of facilities)
4 
North American Coal [Member] |
Thermal Coal Mines [Member]
 
Segment Reporting Information [Line Items]
 
Number of mines (in number of facilities)
1 
SEGMENT REPORTING (Schedule Of Segment Reporting Information, By Segment) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Segment Reporting Information [Line Items]
 
 
Revenues from producet sales and services, percent
100.00% 
100.00% 
Revenues from product sales and services
$ 940.0 
$ 1,140.5 
Sales Margin
63.2 
237.9 
Other operating expense
(113.9)
(69.6)
Other expense
(41.5)
(48.0)
Income from Continuing Operations before income taxes and equity (loss) from ventures
(92.2)
120.3 
Depreciation, depletion and amortization
141.1 
140.6 
Capital Additions
79.2 1
195.7 1
U.S. Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Revenues from producet sales and services, percent
38.00% 
36.00% 
Revenues from product sales and services
361.3 
410.1 
Sales Margin
95.0 
157.3 
Depreciation, depletion and amortization
28.7 
26.6 
Capital Additions
14.9 1
11.7 1
Eastern Canadian Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Revenues from producet sales and services, percent
17.00% 
22.00% 
Revenues from product sales and services
158.3 
245.3 
Sales Margin
(49.7)
19.4 
Depreciation, depletion and amortization
41.2 
41.1 
Capital Additions
51.0 1
167.0 1
Asia Pacific Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Revenues from producet sales and services, percent
27.00% 
24.00% 
Revenues from product sales and services
254.2 
270.8 
Sales Margin
66.3 
61.3 
Depreciation, depletion and amortization
39.1 
36.4 
Capital Additions
3.2 1
4.3 1
North American Coal [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Revenues from producet sales and services, percent
18.00% 
18.00% 
Revenues from product sales and services
166.2 
214.3 
Sales Margin
(48.4)
1.8 
Depreciation, depletion and amortization
29.9 
32.5 
Capital Additions
9.2 1
11.1 1
All Other Segments [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Sales Margin
0 
(1.9)
Depreciation, depletion and amortization
2.2 
4.0 
Capital Additions
$ 0.9 1
$ 1.6 1
SEGMENT REPORTING Segment Reporting (Summary of Assets by Segment) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
Assets
$ 13,202.8 
$ 13,121.9 
U.S. Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
1,742.9 
1,671.6 
Eastern Canadian Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
7,854.2 
7,915.5 
Asia Pacific Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
1,074.9 
1,078.4 
North American Coal [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
1,784.4 
1,841.8 
All Other Segments [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
467.5 
455.6 
Total Segment Assets [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
12,923.9 
12,962.9 
Corporate [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Assets
$ 278.9 
$ 159.0 
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member]
Mar. 31, 2013
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member]
Mar. 31, 2014
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Product Revenues [Member]
Mar. 31, 2013
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Product Revenues [Member]
Mar. 31, 2014
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Designated as Hedging Instrument [Member]
Dec. 31, 2013
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Designated as Hedging Instrument [Member]
Mar. 31, 2014
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
Designated as Hedging Instrument [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Mar. 31, 2014
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member]
Cost of Sales [Member]
Mar. 31, 2013
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member]
Cost of Sales [Member]
Mar. 31, 2014
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member]
Designated as Hedging Instrument [Member]
Dec. 31, 2013
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member]
Designated as Hedging Instrument [Member]
Mar. 31, 2014
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member]
Designated as Hedging Instrument [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Mar. 31, 2014
Interest Rate Swap [Member]
Other Nonoperating Income Expense [Member]
Mar. 31, 2014
Interest Rate Swap [Member]
Designated as Hedging Instrument [Member]
Mar. 31, 2014
Canadian Dollar Foreign Exchange Contracts Hedge De Designated [Member] [Member]
Not Designated as Hedging Instrument [Member]
Dec. 31, 2013
Canadian Dollar Foreign Exchange Contracts Hedge De Designated [Member] [Member]
Not Designated as Hedging Instrument [Member]
Mar. 31, 2014
Canadian Dollar Foreign Exchange Contracts Hedge De Designated [Member] [Member]
Not Designated as Hedging Instrument [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Mar. 31, 2014
Foreign Exchange Contract [Member]
Cost of Sales [Member]
Mar. 31, 2013
Foreign Exchange Contract [Member]
Cost of Sales [Member]
Mar. 31, 2014
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Mar. 31, 2013
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Product Revenues [Member]
Mar. 31, 2014
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Derivative Financial Instruments, Assets [Member]
Dec. 31, 2013
Customer Supply Agreement [Member]
Not Designated as Hedging Instrument [Member]
Derivative Financial Instruments, Assets [Member]
Mar. 31, 2014
Provisional Pricing Arrangements [Member]
Product Revenues [Member]
Mar. 31, 2013
Provisional Pricing Arrangements [Member]
Product Revenues [Member]
Mar. 31, 2014
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U.S. Iron Ore, Eastern Canadian Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Mar. 31, 2013
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U.S. Iron Ore, Eastern Canadian Iron Ore And Asia Pacific Iron Ore [Member]
Product Revenues [Member]
Mar. 31, 2014
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U.S. Iron Ore, Eastern Canadian Iron Ore And Asia Pacific Iron Ore [Member]
Derivative Financial Instruments, Assets [Member]
Mar. 31, 2014
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U.S. Iron Ore, Eastern Canadian Iron Ore And Asia Pacific Iron Ore [Member]
Derivative Financial Instruments, Liabilities [Member]
Dec. 31, 2013
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U.S. Iron Ore and Eastern Canadian Iron Ore [Member]
Derivative Financial Instruments, Assets [Member]
Dec. 31, 2013
Provisional Pricing Arrangements [Member]
Not Designated as Hedging Instrument [Member]
U.S. Iron Ore and Eastern Canadian Iron Ore [Member]
Derivative Financial Instruments, Liabilities [Member]
Derivative [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative, Notional Amount
 
 
 
 
 
 
$ 315.0 
$ 323.0 
 
 
 
$ 275.7 
$ 285.9 
 
 
$ 250.0 
$ 38.6 
$ 74.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
20.7 
21.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(0.9)
0 
 
 
 
 
(6.1)
(2.9)
 
 
 
 
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
(12.8)
2.0 
(0.3)
0 
(9.1)
1.8 
 
 
 
(3.4)
0.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount that will be reclassified to product revenues in the next 12 months upon settlement of the related contracts
 
 
 
 
 
 
 
 
(0.7)
 
 
 
 
(7.3)
 
 
 
 
(0.4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of gain/(loss) recognized in income on derivative
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
27.7 
24.1 
 
 
 
 
(6.1)
(2.9)
 
 
 
 
Derivative assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
42.0 
55.8 
 
 
 
 
1.3 
 
3.1 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 7.4 
 
$ 10.3 
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
$ 48.0 
$ 59.2 
Derivative liability, fair value
24.8 
39.3 
Designated as Hedging Instrument [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
4.7 
0.3 
Derivative liability, fair value
15.5 
27.9 
Not Designated as Hedging Instrument [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
43.3 
58.9 
Derivative liability, fair value
9.3 
11.4 
Fair Value, Inputs, Level 2 [Member] |
Designated as Hedging Instrument [Member] |
Interest Rate Swap [Member] |
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
0.6 
0 
Fair Value, Inputs, Level 2 [Member] |
Designated as Hedging Instrument [Member] |
Interest Rate Swap [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
0.4 
2.1 
Fair Value, Inputs, Level 2 [Member] |
Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member] |
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
4.1 
0.3 
Fair Value, Inputs, Level 2 [Member] |
Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
15.1 
25.8 
Fair Value, Inputs, Level 2 [Member] |
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member] |
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
0 
0 
Fair Value, Inputs, Level 2 [Member] |
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
1.9 
1.1 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Customer Supply Agreement [Member] |
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
42.0 
55.8 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Customer Supply Agreement [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
   
   
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Provisional Pricing Arrangements [Member] |
Derivative Financial Instruments, Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset, fair value
1.3 
3.1 
Market Approach Valuation Technique [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Provisional Pricing Arrangements [Member] |
Derivative Financial Instruments, Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability, fair value
$ 7.4 
$ 10.3 
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Statements Of Financial Performance Location Table) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Derivative [Line Items]
 
 
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
$ (2.3)
$ (5.0)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
(12.8)
2.0 
Australian Dollar Foreign Exchange Contract Hedge Designation [Member]
 
 
Derivative [Line Items]
 
 
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
5.5 
3.2 
Australian Dollar Foreign Exchange Contract Hedge Designation [Member] |
Product Revenues [Member]
 
 
Derivative [Line Items]
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
(9.1)
1.8 
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member]
 
 
Derivative [Line Items]
 
 
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
(7.8)
(8.2)
Canadian Dollar Foreign Exchange Contracts Hedge Designation [Member] |
Cost of Sales [Member]
 
 
Derivative [Line Items]
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
(3.4)
0.2 
Canadian Dollar Foreign Exchange Contracts Hedge Prior to De Designation [Member]
 
 
Derivative [Line Items]
 
 
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)
0 
0 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
$ (0.3)
$ 0 
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
$ 20.7 
$ 21.2 
Foreign Exchange Contract [Member] |
Cost of Sales [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
(0.9)
0 
Customer Supply Agreements [Member] |
Product Revenues [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
27.7 
24.1 
Provisional Pricing Arrangements [Member] |
Product Revenues [Member]
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net
$ (6.1)
$ (2.9)
INVENTORIES (Narrative) (Details) (Cost of Sales [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Eastern Canadian Iron Ore [Member]
 
 
Inventory [Line Items]
 
 
Inventory Write-down
$ 13.4 
 
North American Coal [Member]
 
 
Inventory [Line Items]
 
 
Inventory Write-down
$ 22.1 
$ 2.0 
INVENTORIES (Schedule Of Inventories) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Inventory, Net [Abstract]
 
 
Finished Goods
$ 458.8 
$ 256.5 
Work-in Process
151.0 
134.9 
Total Inventory
609.8 
391.4 
U.S. Iron Ore [Member]
 
 
Inventory, Net [Abstract]
 
 
Finished Goods
270.6 
92.1 
Work-in Process
25.7 
13.0 
Total Inventory
296.3 
105.1 
Eastern Canadian Iron Ore [Member]
 
 
Inventory, Net [Abstract]
 
 
Finished Goods
78.3 
65.3 
Work-in Process
50.4 
48.1 
Total Inventory
128.7 
113.4 
Asia Pacific Iron Ore [Member]
 
 
Inventory, Net [Abstract]
 
 
Finished Goods
46.4 
39.7 
Work-in Process
61.3 
50.6 
Total Inventory
107.7 
90.3 
North American Coal [Member]
 
 
Inventory, Net [Abstract]
 
 
Finished Goods
63.5 
59.4 
Work-in Process
13.6 
23.2 
Total Inventory
$ 77.1 
$ 82.6 
PROPERTY, PLANT AND EQUIPMENT (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Construction in Progress [Member]
Dec. 31, 2013
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
 
 
 
 
Depreciation And Depletion
$ 138.4 
$ 135.9 
 
 
Accumulated amount of capitalized interest included within construction in progress
 
 
30.8 
31.4 
Interest costs capitalized during the period
 
 
$ 0.6 
$ 17.4 
PROPERTY, PLANT AND EQUIPMENT (Value Of Each Of The Major Classes Of Consolidated Depreciable Assets) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 13,664.6 
$ 13,570.9 
Allowance for depreciation and depletion
(2,578.6)
(2,417.5)
Property, plant and equipment, net
11,086.0 
11,153.4 
Land Rights And Mineral Rights [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
7,841.1 
7,819.6 
Office And Information Technology [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
126.1 
125.7 
Buildings [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
269.8 
255.2 
Mining Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
1,624.1 
1,600.3 
Processing Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
2,199.2 
2,148.6 
Railroad Equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
315.6 
219.0 
Electric Power Facilities [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
116.2 
114.3 
Port Facilities [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
103.2 
99.4 
Interest Capitalized During Construction [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
23.9 
23.8 
Land Improvements [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
54.6 
69.3 
Other [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
94.7 
104.4 
Construction in Progress [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property, plant and equipment, gross
$ 896.1 
$ 991.3 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Goodwill [Line Items]
 
 
Product
$ 860.9 
$ 1,082.6 
Below-market sales contracts, remaining contract life
3 years 
 
Cost of Sales [Member]
 
 
Goodwill [Line Items]
 
 
Amortization expense relating to intangible assets
2.7 
4.7 
Product Revenues [Member] |
Sales Revenue, Goods, Net [Member]
 
 
Goodwill [Line Items]
 
 
Product
$ 0 
$ 1.9 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Goodwill) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Goodwill [Roll Forward]
 
 
Beginning Balance
$ 74.5 
$ 167.4 
Arising in business combinations
0 
0 
Impairment
0 
(80.9)
Impact of foreign currency translation
2.8 
(12.0)
Ending Balance
77.3 
74.5 
Accumulated goodwill impairment loss
(1,108.7)
(1,108.7)
U.S. Iron Ore [Member]
 
 
Goodwill [Roll Forward]
 
 
Beginning Balance
2.0 
2.0 
Arising in business combinations
0 
0 
Impairment
0 
0 
Impact of foreign currency translation
0 
0 
Ending Balance
2.0 
2.0 
Accumulated goodwill impairment loss
0 
0 
Eastern Canadian Iron Ore [Member]
 
 
Goodwill [Roll Forward]
 
 
Beginning Balance
0 
0 
Arising in business combinations
0 
0 
Impairment
0 
0 
Impact of foreign currency translation
0 
0 
Ending Balance
0 
0 
Accumulated goodwill impairment loss
(1,000.0)
(1,000.0)
Asia Pacific Iron Ore [Member]
 
 
Goodwill [Roll Forward]
 
 
Beginning Balance
72.5 
84.5 
Arising in business combinations
0 
0 
Impairment
0 
0 
Impact of foreign currency translation
2.8 
(12.0)
Ending Balance
75.3 
72.5 
Accumulated goodwill impairment loss
0 
0 
North American Coal [Member]
 
 
Goodwill [Roll Forward]
 
 
Beginning Balance
0 
0 
Arising in business combinations
0 
0 
Impairment
0 
0 
Impact of foreign currency translation
0 
0 
Ending Balance
0 
0 
Accumulated goodwill impairment loss
(27.8)
(27.8)
Other Segment [Member]
 
 
Goodwill [Roll Forward]
 
 
Beginning Balance
0 
80.9 
Arising in business combinations
0 
0 
Impairment
0 
(80.9)
Impact of foreign currency translation
0 
0 
Ending Balance
0 
0 
Accumulated goodwill impairment loss
$ (80.9)
$ (80.9)
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Finite-Lived Intangible Assets By Major Class) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
$ 186.4 
$ 184.5 
Definite lived intangible assets - Accumulated Amortization
(92.6)
(89.1)
Definite lived intangible assets - Net Carrying Amount
93.8 
95.4 
Permits [Member] |
Intangible Assets, Net [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
129.3 
127.4 
Definite lived intangible assets - Accumulated Amortization
(38.9)
(35.9)
Definite lived intangible assets - Net Carrying Amount
90.4 
91.5 
Utility Contracts [Member] |
Intangible Assets, Net [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
54.7 
54.7 
Definite lived intangible assets - Accumulated Amortization
(53.5)
(53.1)
Definite lived intangible assets - Net Carrying Amount
1.2 
1.6 
Leases [Member] |
Intangible Assets, Net [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
2.4 
2.4 
Definite lived intangible assets - Accumulated Amortization
(0.2)
(0.1)
Definite lived intangible assets - Net Carrying Amount
2.2 
2.3 
Below Market Sales Contracts [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
(228.9)
(228.9)
Definite lived intangible assets - Accumulated Amortization
159.7 
159.7 
Definite lived intangible assets - Net Carrying Amount
(69.2)
(69.2)
Below Market Sales Contracts [Member] |
Other Current Liabilities [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
(23.0)
(23.0)
Definite lived intangible assets - Accumulated Amortization
   
   
Definite lived intangible assets - Net Carrying Amount
(23.0)
(23.0)
Below Market Sales Contracts [Member] |
Other Liabilities [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Definite lived intangible assets - Gross Carrying Amount
(205.9)
(205.9)
Definite lived intangible assets - Accumulated Amortization
159.7 
159.7 
Definite lived intangible assets - Net Carrying Amount
$ (46.2)
$ (46.2)
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Estimated Amortization Expense Relating To Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Estimated amortization expense, intangible assets [Abstract]
 
2014 (remaining nine months)
$ 7.4 
2015
7.6 
2016
7.1 
2017
6.4 
2018
7.4 
2019
7.4 
Total
$ 43.3 
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES (Schedule Of Earnings To Be Recognized On Below Market Sales Contract) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Estimated recognition of product revenues, below-market sales contracts [Abstract]
 
2014 (remaining nine months)
$ 23.0 
2015
23.0 
2016
23.0 
2017
0.2 
Total
$ 69.2 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Fair Value, Assets And Liabilities Components [Line Items]
 
 
Management Estimate of 62% Fe
62.00% 
 
Goodwill, Impairment Loss
$ 0 
$ 80.9 
Amapa [Member]
 
 
Fair Value, Assets And Liabilities Components [Line Items]
 
 
Equity Method Investments, Fair Value Disclosure
 
0 
Equity Method Investment, Other than Temporary Impairment
 
67.6 
Wabush and Cliffs Chromite Ontario and Cliffs Chromite Far North [Member]
 
 
Fair Value, Assets And Liabilities Components [Line Items]
 
 
Impairment of Long-Lived Assets Held-for-use
 
155.4 
Cliffs Chromite Ontario and Cliffs Chromite Far North [Member]
 
 
Fair Value, Assets And Liabilities Components [Line Items]
 
 
Goodwill, Impairment Loss
 
$ 80.9 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value Of Assets And Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Assets:
 
 
Cash equivalents
$ 134.0 
$ 85.0 
Derivative assets
43.9 
58.9 
Marketable Securities
33.2 
21.4 
Foreign exchange contracts
4.1 
0.3 
Total
215.2 
165.6 
Liabilities:
 
 
Derivative liabilities
7.8 
12.4 
Foreign exchange contracts
17.0 
26.9 
Total
24.8 
39.3 
Fair Value, Inputs, Level 1 [Member]
 
 
Assets:
 
 
Cash equivalents
134.0 
85.0 
Derivative assets
   
   
Marketable Securities
33.2 
21.4 
Foreign exchange contracts
   
   
Total
167.2 
106.4 
Liabilities:
 
 
Derivative liabilities
   
   
Foreign exchange contracts
   
   
Total
   
   
Fair Value, Inputs, Level 2 [Member]
 
 
Assets:
 
 
Cash equivalents
   
   
Derivative assets
0.6 
   
Marketable Securities
   
   
Foreign exchange contracts
4.1 
0.3 
Total
4.7 
0.3 
Liabilities:
 
 
Derivative liabilities
0.4 
2.1 
Foreign exchange contracts
17.0 
26.9 
Total
17.4 
29.0 
Fair Value, Inputs, Level 3 [Member]
 
 
Assets:
 
 
Cash equivalents
   
   
Derivative assets
43.3 
58.9 
Marketable Securities
   
   
Foreign exchange contracts
   
   
Total
43.3 
58.9 
Liabilities:
 
 
Derivative liabilities
7.4 
10.3 
Foreign exchange contracts
   
   
Total
$ 7.4 
$ 10.3 
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule Of Quantitative Inputs And Assumptions For Level 3 Assets And Liabilities) (Details) (USD $)
3 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative asset, fair value
$ 48,000,000 
$ 59,200,000 
Derivative liability, fair value
24,800,000 
39,300,000 
Management Estimate of 62% Fe
62.00% 
 
Not Designated as Hedging Instrument [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative asset, fair value
43,300,000 
58,900,000 
Derivative liability, fair value
9,300,000 
11,400,000 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Managements Estimate Of 62% Fee [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Management Estimate of 62% Fe
62.00% 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Provisional Pricing Arrangements [Member] |
Managements Estimate Of 62% Fee [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
117 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member] |
Hot-Rolled Steel Estimate [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
645 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member] |
Hot-Rolled Steel Estimate [Member] |
Minimum [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
625 
 
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member] |
Hot-Rolled Steel Estimate [Member] |
Maximum [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fair value measurement with unobservable inputs derivative asset range
660 
 
Derivative Financial Instruments, Assets [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Provisional Pricing Arrangements [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative asset, fair value
1,300,000 
3,100,000 
Derivative Financial Instruments, Assets [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative asset, fair value
42,000,000 
55,800,000 
Derivative Financial Instruments, Liabilities [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Provisional Pricing Arrangements [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative liability, fair value
7,400,000 
10,300,000 
Derivative Financial Instruments, Liabilities [Member] |
Fair Value, Inputs, Level 3 [Member] |
Not Designated as Hedging Instrument [Member] |
Market Approach Valuation Technique [Member] |
Customer Supply Agreement [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivative liability, fair value
   
   
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value, Assets and Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
 
 
Beginning balance - January 1
$ 58.9 
$ 62.4 
Total gains
 
 
Included in earnings
29.0 
28.0 
Settlements
(44.6)
(37.1)
Transfers into Level 3
0 
0 
Transfers out of Level 3
0 
0 
Ending balance - March 31
43.3 
53.3 
Total gains for the period included in earnings attributable to the change in unrealized gains on assets still held at the reporting date
29.0 
28.0 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
 
 
Beginning balance - January 1
(10.3)
(11.3)
Total gains
 
 
Included in earnings
(7.4)
(6.8)
Settlements
10.3 
11.3 
Transfers into Level 3
0 
0 
Transfers out of Level 3
0 
0 
Ending balance - March 31
(7.4)
(6.8)
Total losses for the period included in earnings attributable to the change in unrealized losses on liabilities still held at the reporting date
$ (7.4)
$ (6.8)
FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Value And Fair Value Of Financial Instruments Disclosure) (Details) (USD $)
Mar. 31, 2014
Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
$ 4,890,500,000 
$ 4,814,800,000 
Long-term debt:
 
 
Long-term Debt
3,291,700,000 
3,043,500,000 
Total long-term debt, carrying value
3,194,800,000 
3,022,600,000 
Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
700,000,000 
700,000,000 
Long-term debt:
 
 
Long-term Debt
699,500,000 1
699,400,000 1
Senior Notes - $1.3 Billion [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
1,300,000,000.0 
1,300,000,000.0 
Senior Notes - $400 Million [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
400,000,000 
400,000,000 
Long-term debt:
 
 
Long-term Debt
398,500,000 2
398,400,000 2
Senior Notes - $500 Million [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
500,000,000.0 
500,000,000.0 
Long-term debt:
 
 
Long-term Debt
496,700,000 3
496,500,000 3
Revolving Credit Facility [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
1,750,000,000 
1,750,000,000 
Long-term debt:
 
 
Revolving loan, carrying value
175,000,000 4
0 4
Equipment Loans [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Debt Instrument, Face Amount
164,800,000 
164,800,000 
Long-term debt:
 
 
Long-term Debt
156,500,000 
161,700,000 
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
0 
(2,100,000)
Portion at Fair Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Long-term debt:
 
 
Total long-term debt, fair value
3,528,100,000 
3,217,700,000 
Portion at Fair Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member]
 
 
Long-term debt:
 
 
Debt Instrument, Fair Value Disclosure
743,000,000 
718,200,000 
Portion at Fair Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Senior Notes - $1.3 Billion [Member]
 
 
Long-term debt:
 
 
Debt Instrument, Fair Value Disclosure
1,504,800,000 
1,404,900,000 
Portion at Fair Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Senior Notes - $400 Million [Member]
 
 
Long-term debt:
 
 
Debt Instrument, Fair Value Disclosure
442,000,000 
432,100,000 
Portion at Fair Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Senior Notes - $500 Million [Member]
 
 
Long-term debt:
 
 
Debt Instrument, Fair Value Disclosure
528,000,000 
523,800,000 
Portion at Fair Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Revolving Credit Facility [Member]
 
 
Long-term debt:
 
 
Revolving loan, fair value
175,000,000 
0 
Portion at Fair Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Equipment Loans [Member]
 
 
Long-term debt:
 
 
Debt Instrument, Fair Value Disclosure
135,300,000 
140,800,000 
Portion at Fair Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
0 
(2,100,000)
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Long-term debt:
 
 
Total long-term debt, carrying value
3,194,800,000 
3,022,600,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Senior Notes, Noncurrent
699,500,000 
699,400,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Senior Notes - $1.3 Billion [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Senior Notes, Noncurrent
1,289,800,000 
1,289,600,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Senior Notes - $400 Million [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Senior Notes, Noncurrent
398,500,000 
398,400,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Senior Notes - $500 Million [Member]
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Senior Notes, Noncurrent
496,700,000 
496,500,000.0 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Revolving Credit Facility [Member]
 
 
Long-term debt:
 
 
Revolving loan, carrying value
175,000,000 
0 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Equipment Loans [Member]
 
 
Long-term debt:
 
 
Long-term Debt
135,300,000 
140,800,000 
Reported Value Measurement [Member] |
Fair Value, Inputs, Level 2 [Member] |
Interest Rate Swap [Member]
 
 
Long-term debt:
 
 
Fair Value Adjustment to Interest Rate Hedge
$ 0 
$ (2,100,000)
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS (Impairment Charges on Financial and Nonfinancial Assets) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Goodwill, Impairment Loss
$ 0 
$ 80.9 
ASSETS:
 
 
Assets, Fair Value Disclosure, Nonrecurring
 
47.9 
Impairment Charges
 
318.4 
Fair Value, Inputs, Level 1 [Member]
 
 
ASSETS:
 
 
Assets, Fair Value Disclosure, Nonrecurring
 
0 
Fair Value, Inputs, Level 2 [Member]
 
 
ASSETS:
 
 
Assets, Fair Value Disclosure, Nonrecurring
 
0 
Fair Value, Inputs, Level 3 [Member]
 
 
ASSETS:
 
 
Assets, Fair Value Disclosure, Nonrecurring
 
47.9 
Amapa [Member]
 
 
ASSETS:
 
 
Equity Method Investments, Fair Value Disclosure
 
0 
Equity Method Investment, Other than Temporary Impairment
 
67.6 
Amapa [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
ASSETS:
 
 
Equity Method Investments, Fair Value Disclosure
 
0 
Amapa [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
ASSETS:
 
 
Equity Method Investments, Fair Value Disclosure
 
0 
Amapa [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
ASSETS:
 
 
Equity Method Investments, Fair Value Disclosure
 
0 
Cliffs Chromite Ontario and Cliffs Chromite Far North [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Goodwill, Fair Value Disclosure
 
0 
Goodwill, Impairment Loss
 
80.9 
Cliffs Chromite Ontario and Cliffs Chromite Far North [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Goodwill, Fair Value Disclosure
 
0 
Cliffs Chromite Ontario and Cliffs Chromite Far North [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Goodwill, Fair Value Disclosure
 
0 
Cliffs Chromite Ontario and Cliffs Chromite Far North [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Goodwill, Fair Value Disclosure
 
0 
Wabush and Cliffs Chromite Ontario and Cliffs Chromite Far North [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
46.3 
Impairment of Long-Lived Assets Held-for-use
 
155.4 
Wabush and Cliffs Chromite Ontario and Cliffs Chromite Far North [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
0 
Wabush and Cliffs Chromite Ontario and Cliffs Chromite Far North [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
0 
Wabush and Cliffs Chromite Ontario and Cliffs Chromite Far North [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Property, Plant, and Equipment, Fair Value Disclosure
 
46.3 
Wabush [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Finite-lived Intangible Assets, Fair Value Disclosure
 
1.6 
Other Asset Impairment Charges
 
14.5 
Wabush [Member] |
Fair Value, Inputs, Level 1 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Finite-lived Intangible Assets, Fair Value Disclosure
 
0 
Wabush [Member] |
Fair Value, Inputs, Level 2 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Finite-lived Intangible Assets, Fair Value Disclosure
 
0 
Wabush [Member] |
Fair Value, Inputs, Level 3 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Finite-lived Intangible Assets, Fair Value Disclosure
 
$ 1.6 
DEBT AND CREDIT FACILITIES (Narrative) (Details)
3 Months Ended 3 Months Ended
Mar. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Mar. 31, 2014
Revolving Credit Facility [Member]
USD ($)
Dec. 31, 2013
Revolving Credit Facility [Member]
USD ($)
Mar. 31, 2014
Line of Credit [Member]
USD ($)
Mar. 31, 2014
Line of Credit [Member]
AUD ($)
Dec. 31, 2013
Line of Credit [Member]
USD ($)
Dec. 31, 2013
Line of Credit [Member]
AUD ($)
Mar. 31, 2014
Letter of Credit [Member]
USD ($)
Mar. 31, 2014
Line of Credit [Member]
USD ($)
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
Revolving credit facility, borrowing capacity
 
 
 
 
$ 27,800,000 
$ 30,000,000 
$ 26,800,000 
$ 30,000,000 
 
 
Financial covenant, debt to earnings ratio
 
 
3.5 
 
 
 
 
 
 
 
Financial covenant, interest coverage ratio
 
 
2.50 
 
 
 
 
 
 
 
Credit facility, amount outstanding
 
 
175,000,000 1
0 1
21,300,000 
23,000,000 
20,500,000 
23,000,000 
 
 
Credit facility remaining capacity
 
 
1,600,000,000 
1,700,000,000 
6,500,000 
7,000,000 
6,300,000 
7,000,000 
 
 
Short-term Debt
 
 
 
 
 
 
 
 
25,700,000 
50,000,000 
Minimum Number of Days Loan Can be Drawn
30 
 
 
 
 
 
 
 
 
 
Maximum Number of Days Loan can be Drawn
90 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding
$ 47,300,000 
$ 48,000,000 
$ 5,200,000 
$ 8,400,000 
 
 
 
 
 
 
DEBT AND CREDIT FACILITIES (Schedule Of Long-Term Debt) (Details) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Debt Instrument [Line Items]
 
 
Total Face Amount
$ 4,890,500,000 
$ 4,814,800,000 
Letters of credit outstanding
47,300,000 
48,000,000 
Long-term Debt
3,291,700,000 
3,043,500,000 
Current portion of long-term debt
96,900,000 
20,900,000 
Long-term debt noncurrent portion
3,194,800,000 
3,022,600,000 
Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member]
 
 
Debt Instrument [Line Items]
 
 
Stated interest rate
4.875% 
 
Type
Fixed 
Fixed 
Final Maturity
2021 
2021 
Total Face Amount
700,000,000 
700,000,000 
Long-term Debt
699,500,000 1
699,400,000 1
Debt Instrument, Unamortized Discount
500,000 
600,000 
Imputed interest rate
4.89% 
4.88% 
$500 million 4.80% 2020 Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Stated interest rate
4.80% 
 
Type
Fixed 
Fixed 
Final Maturity
2020 
2020 
Total Face Amount
500,000,000 
500,000,000 
Long-term Debt
499,300,000 2
499,200,000 2
Debt Instrument, Unamortized Discount
700,000 
800,000 
Imputed interest rate
4.83% 
4.83% 
$800 Million 6.25% 2040 Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Stated interest rate
6.25% 
 
Type
Fixed 
Fixed 
Final Maturity
2040 
2040 
Total Face Amount
800,000,000 
800,000,000 
Long-term Debt
790,500,000 3
790,400,000 3
Debt Instrument, Unamortized Discount
9,500,000 
9,600,000 
Imputed interest rate
6.34% 
6.34% 
$400 Million 5.90% 2020 Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Stated interest rate
5.90% 
 
Type
Fixed 
Fixed 
Final Maturity
2020 
2020 
Total Face Amount
400,000,000 
400,000,000 
Long-term Debt
398,500,000 4
398,400,000 4
Debt Instrument, Unamortized Discount
1,500,000 
1,600,000 
Imputed interest rate
5.98% 
5.98% 
$500 Million 3.95% 2018 Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Stated interest rate
3.95% 
 
Type
Fixed 
Fixed 
Final Maturity
2018 
2018 
Total Face Amount
500,000,000.0 
500,000,000.0 
Long-term Debt
496,700,000 5
496,500,000 5
Debt Instrument, Unamortized Discount
3,300,000 
3,500,000 
Imputed interest rate
4.14% 
4.14% 
Revolving Credit Facility [Member]
 
 
Debt Instrument [Line Items]
 
 
Type
Variable 
Variable 
Final Maturity
2017 
2017 
Total Face Amount
1,750,000,000 
1,750,000,000 
Credit facility, amount outstanding
175,000,000 6
0 6
Letters of credit outstanding
5,200,000 
8,400,000 
Imputed interest rate
1.68% 
1.64% 
Credit facility remaining capacity
1,600,000,000 
1,700,000,000 
Equipment Loans [Member]
 
 
Debt Instrument [Line Items]
 
 
Type
Fixed 
Fixed 
Final Maturity
2020 
2020 
Total Face Amount
164,800,000 
164,800,000 
Long-term Debt
156,500,000 
161,700,000 
Short-term Debt [Member]
 
 
Debt Instrument [Line Items]
 
 
Final Maturity
2014 
 
Total Face Amount
75,700,000 
 
Interest Rate Swap [Member]
 
 
Debt Instrument [Line Items]
 
 
Fair Value Adjustment to Interest Rate Hedge
$ 0 
$ (2,100,000)
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES (Schedule of Debt Maturities) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Debt Disclosure [Abstract]
 
Debt Maturities Remainder 2014
$ 91.5 
Debt Maturities 2015
21.8 
Debt Maturities 2016
22.7 
Debt Maturities 2017
23.6 
Debt Maturities 2018
524.6 
Debt Maturities 2019 and After
2,448.0 
Long-term Debt, Maturities, Total
$ 3,132.2 
LEASE OBLIGATIONS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Leases [Abstract]
 
 
Operating lease expense
$ 7.3 
$ 6.8 
LEASE OBLIGATIONS (Future Minimum Lease Payments) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Capital Leases
 
2014 (April 1 - December 31)
$ 49.9 
2015
88.4 
2016
37.5 
2017
30.1 
2018
22.0 
2019 and thereafter
37.2 
Total minimum lease payments
265.1 
Amounts representing interest
46.8 
Present value of net minimum lease payments
218.3 1
Operating Leases
 
2014 (April 1 - December 31)
12.1 
2015
14.0 
2016
9.6 
2017
7.5 
2018
6.8 
2019 and thereafter
14.7 
Total minimum lease payments
64.7 
Other Current Liabilities [Member]
 
Capital Leases
 
Present value of net minimum lease payments
84.0 
Other Liabilities [Member]
 
Capital Leases
 
Present value of net minimum lease payments
$ 134.3 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Environmental Remediation Obligations [Abstract]
 
 
Total environmental and mine closure obligations
$ 306.3 
$ 321.0 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Summary Of Mine Closure Obligations) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Loss Contingencies [Line Items]
 
 
Environmental
$ 11.0 
$ 8.4 
Mine Reclamation and Closing Liability, current and noncurrent
295.3 
312.6 
Total environmental and mine closure obligations
306.3 
321.0 
Less current portion
5.6 
11.3 
Long term environmental and mine closure obligations
300.7 
309.7 
U.S. Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
136.4 
152.2 
Eastern Canadian Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
74.6 
78.2 
Asia Pacific Iron Ore [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
26.9 
25.5 
North American Coal [Member] |
Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
35.2 
34.7 
LTV Steel Mining Company [Member] |
Previously Owned Or Operating Facilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Mine Reclamation and Closing Liability, current and noncurrent
$ 22.2 
$ 22.0 
ENVIRONMENTAL AND MINE CLOSURE OBLIGATIONS (Asset Retirement Obligation Disclosure) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Asset Retirement Obligation [Roll Forward]
 
 
Asset retirement obligation at beginning of period
$ 290.6 
$ 231.1 
Accretion expense
3.6 
18.1 
Exchange rate changes
1.0 
(3.4)
Revision in estimated cash flows
(22.1)
44.8 
Payments
   
   
Asset retirement obligation at end of period
$ 273.1 
$ 290.6 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Pension Plans, Defined Benefit [Member]
 
 
Definted Benefit Plan Disclosure [Line Items]
 
 
Pension Contributions
$ 4.1 
$ 3.7 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
Definted Benefit Plan Disclosure [Line Items]
 
 
Other Postretirement Benefit Expense
$ 0 
$ 14.1 
PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Estimated Net Periodic Benefit Cost) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Pension Plan, Defined Benefit [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Defined Benefit Plan, Service Cost
$ 8.0 
$ 9.9 
Defined Benefit Plan, Interest Cost
12.5 
11.5 
Defined Benefit Plan, Expected Return on Plan Assets
(18.0)
(13.1)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
0.7 
0.7 
Defined Benefit Plan, Amortization of Gains (Losses)
3.6 
6.8 
Defined Benefit Plan, Curtailments
0.3 
0 
Defined Benefit Plan, Net Periodic Benefit Cost
7.1 
15.8 
Other Postretirement Benefit Plans, Defined Benefit [Member]
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
Defined Benefit Plan, Service Cost
2.0 
3.1 
Defined Benefit Plan, Interest Cost
4.0 
4.3 
Defined Benefit Plan, Expected Return on Plan Assets
(4.3)
(5.0)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
(0.9)
(0.9)
Defined Benefit Plan, Amortization of Gains (Losses)
1.2 
2.8 
Defined Benefit Plan, Net Periodic Benefit Cost
$ 2.0 
$ 4.3 
STOCK COMPENSATION PLANS (Narrative) (Details)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Share-based Compensation Arrangement by Share-based Payment Award, Number of Plan Year Agreements
3 
ICE Plan and 2012 Equity Plan [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Performance/vesting period
3 years 
2012 Equity Plan [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Number of performance shares granted
0.4 
Number of restricted shares granted
0.2 
Number of Additional Shares Available for Issuance Proposed to be Added to the Plan
5.0 
2012 Equity Plan [Member] |
Maximum [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Maximum number of shares that may be issued (in shares)
6.0 
Two Thousand And Twelve To Two Thousand And Fourteen And The Two Thousand And Thirteen To Two Thousand Fifteen and Two Thousand Fourteen to Two Thousand Sixteen Performance Periods [Member] |
ICE Plan and 2012 Equity Plan [Member] |
Minimum [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Payout rate, as a percentage of the original grant
0.00% 
Two Thousand And Twelve To Two Thousand And Fourteen And The Two Thousand And Thirteen To Two Thousand Fifteen and Two Thousand Fourteen to Two Thousand Sixteen Performance Periods [Member] |
ICE Plan and 2012 Equity Plan [Member] |
Maximum [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Payout rate, as a percentage of the original grant
200.00% 
STOCK COMPENSATION PLANS (Assumptions Utilized To Estimate Fair Value For Performance Share Grants) (Details) (Performance Shares [Member], USD $)
3 Months Ended
Mar. 31, 2014
Performance Shares [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Grant Date Market Price
$ 20.58 
Average Expected Term (Years)
2 years 10 months 21 days 
Expected Volatility
54.00% 
Risk-Free Interest Rate
0.54% 
Dividend Yield
2.92% 
Fair Value
$ 22.21 
Fair Value (Percent of Grant Date Market Price)
107.92% 
INCOME TAXES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Statutory Tax Rate [Line Items]
 
Document Fiscal Year Focus
2014 
Effective Income Tax Rate, Continuing Operations
21.90% 
Discrete Tax Items
$ 1.7 
Tax Benefit of Income Not Subject to Tax
47.8 
Impact to the Effective Tax Rate from Tax Benefit of Income not Subject to Tax
11.80% 
United States [Member]
 
Statutory Tax Rate [Line Items]
 
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate
35.00% 
Non-taxable interest income not subject to the statutory rate
27.8 
Percentage of non-taxable interest income of total income not subject to tax
6.80% 
Canada
 
Statutory Tax Rate [Line Items]
 
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate
26.90% 
Non-taxable interest income not subject to the statutory rate
$ 20.0 
Percentage of non-taxable interest income of total income not subject to tax
5.00% 
CAPITAL STOCK (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 2 Months Ended 3 Months Ended 3 Months Ended 2 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Dec. 31, 2013
Feb. 21, 2013
Preferred Class A [Member]
Mar. 31, 2014
Preferred Class A [Member]
Mar. 31, 2013
Preferred Class A [Member]
May 1, 2014
Preferred Class A [Member]
Feb. 3, 2014
Preferred Class A [Member]
Nov. 1, 2013
Preferred Class A [Member]
Aug. 1, 2013
Preferred Class A [Member]
May 1, 2013
Preferred Class A [Member]
Feb. 11, 2013
Common Stock [Member]
Mar. 3, 2014
Common Stock [Member]
Dec. 2, 2013
Common Stock [Member]
Sep. 3, 2013
Common Stock [Member]
Jun. 3, 2013
Common Stock [Member]
Mar. 1, 2013
Common Stock [Member]
Mar. 31, 2014
Common Stock [Member]
Minimum [Member]
Mar. 31, 2014
Common Stock [Member]
Maximum [Member]
Mar. 31, 2014
Common Stock from when Mandatory Convertible Preferred Stock Converts on February 1, 2016 [Member]
Feb. 21, 2013
Depositary Share [Member]
May 1, 2014
Depositary Share [Member]
Mar. 31, 2014
Depositary Share [Member]
Feb. 3, 2014
Depositary Share [Member]
Nov. 1, 2013
Depositary Share [Member]
Aug. 1, 2013
Depositary Share [Member]
May 1, 2013
Depositary Share [Member]
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depositary Share Offering included in Depositary Share Issuance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
27,000,000 
 
 
 
 
 
 
Number of Shares included in Depositary Share Issuance due to Exercise of
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,250,000 
 
 
 
 
 
 
Depositary Share Interest in a Share of 7% Series A Mandatory Convertible Preferred Stock, Class A
0.025 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series A Mandatory Convertible Preferred Stock, Class A, Percentage
 
 
 
 
7.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Convertible Preferred Stock, Shares Issued upon Conversion
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
28.1480 
34.4840 
 
 
 
 
 
 
 
 
Convertible Preferred Stock, Shares Issued Upon Conversion per Depositary Share
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.7037 
 
 
 
 
 
 
 
 
 
Preferred Stock, Liquidation Preference Per Share
 
 
 
 
$ 1,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 25 
 
 
 
 
Common Stock, Par or Stated Value Per Share
$ 0.125 
 
$ 0.125 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0.125 
 
 
 
 
 
 
 
Trading Day Window Determining Number of Common Shares Issuable on Conversion
20 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Common Shares Mandatory Convertible Stock Converts to on February 1, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20,600,000 
25,200,000 
 
 
 
 
 
 
 
 
Net proceeds from issuance of Series A, Mandatory Convertible Preferred Stock, Class A
$ 0 
$ 709.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends payable, per share
 
 
 
 
 
 
$ 17.50 
$ 17.50 
$ 17.50 
$ 17.50 
$ 13.6111 
 
$ 0.15 
$ 0.150 
$ 0.150 
$ 0.15 
$ 0.15 
 
 
 
 
$ 0.44 
 
$ 0.440 
$ 0.440 
$ 0.44 
$ 0.34 
Dividends, Preferred Stock
$ 12.8 
$ 9.9 
 
 
$ 12.8 
$ 9.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage increase (decrease) in dividends payable
 
 
 
 
 
 
 
 
 
 
 
76.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Issuance of common shares, public offering (in shares)
 
 
 
731,250 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
29,250,000 
 
 
 
 
 
 
Closing price per share (in usd per share)
 
 
 
 
$ 25 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SHAREHOLDERS' EQUITY Schedule of Shareholders' Equity (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Dec. 31, 2013
Dec. 31, 2012
Stockholders' Equity Attributable to Parent
$ 6,019.5 
 
$ 6,069.5 
 
Stockholders' Equity Attributable to Noncontrolling Interest
816.1 
 
814.8 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
6,835.6 
6,859.0 
6,884.3 
5,760.9 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
(70.3)
107.0 
 
 
INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST
(0.4)
13.8 
 
 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
(70.7)
120.8 
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
(12.5)
111.2 
 
 
Other Comprehensive Income (Loss), Net of Tax
58.3 
5.4 
 
 
OTHER COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NONCONTROLLING INTEREST
(0.5)
(1.2)
 
 
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
(12.4)
126.2 
 
 
Stock and Other Incentive Plans
(1.4)
(1.5)
 
 
Common and preferred share dividends
(36.1)
(32.8)
 
 
Undistributed Gains To Noncontrolling Interest
1.2 
9.8 
 
 
Capital Contribution By Noncontrolling Interest
 
1.4 
 
 
Cliffs Shareholders Equity [Member]
 
 
 
 
Stockholders' Equity Attributable to Parent
6,019.5 
5,704.6 
6,069.5 
4,632.7 
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
(70.3)
107.0 
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
57.8 
4.2 
 
 
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
(12.5)
111.2 
 
 
Stock and Other Incentive Plans
(1.4)
(1.5)
 
 
Common and preferred share dividends
(36.1)
(32.8)
 
 
Undistributed Gains To Noncontrolling Interest
0 
0 
 
 
Capital Contribution By Noncontrolling Interest
 
0 
 
 
Noncontrolling Interest [Member]
 
 
 
 
Stockholders' Equity Attributable to Noncontrolling Interest
816.1 
1,154.4 
814.8 
1,128.2 
INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST
(0.4)
13.8 
 
 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest
0.5 
1.2 
 
 
OTHER COMPREHENSIVE INCOME ATTRIBUTABLE TO THE NONCONTROLLING INTEREST
0.1 
15.0 
 
 
Stock and Other Incentive Plans
0 
0 
 
 
Common and preferred share dividends
0 
0 
 
 
Undistributed Gains To Noncontrolling Interest
1.2 
9.8 
 
 
Capital Contribution By Noncontrolling Interest
 
1.4 
 
 
Common Stock [Member]
 
 
 
 
Stock Issued During Period, Value, New Issues
 
263.7 
 
 
Common Stock [Member] |
Cliffs Shareholders Equity [Member]
 
 
 
 
Stock Issued During Period, Value, New Issues
 
263.7 
 
 
Common Stock [Member] |
Noncontrolling Interest [Member]
 
 
 
 
Stock Issued During Period, Value, New Issues
 
0 
 
 
Preferred Class A [Member]
 
 
 
 
Stock Issued During Period, Value, New Issues
 
731.3 
 
 
Preferred Class A [Member] |
Cliffs Shareholders Equity [Member]
 
 
 
 
Stock Issued During Period, Value, New Issues
 
731.3 
 
 
Preferred Class A [Member] |
Noncontrolling Interest [Member]
 
 
 
 
Stock Issued During Period, Value, New Issues
 
$ 0 
 
 
SHAREHOLDERS' EQUITY Accumulate Other Comprehensive Income (Loss) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Member]
Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Member]
Mar. 31, 2014
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2013
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2014
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Mar. 31, 2013
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Mar. 31, 2014
Accumulated Translation Adjustment [Member]
Mar. 31, 2013
Accumulated Translation Adjustment [Member]
Mar. 31, 2014
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Mar. 31, 2013
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Mar. 31, 2014
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2013
Accumulated Defined Benefit Plans Adjustment [Member]
Mar. 31, 2014
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Mar. 31, 2013
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Mar. 31, 2014
Accumulated Translation Adjustment [Member]
Mar. 31, 2013
Accumulated Translation Adjustment [Member]
Mar. 31, 2014
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Mar. 31, 2013
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax
$ (202.0)
$ (204.9)
$ (377.4)
$ (382.7)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated other comprehensive loss
(55.1)
(112.9)
(51.4)
(55.6)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
10.1 
6.2 
4.7 
2.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax
147.2 
106.7 
319.6 
316.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax
(10.4)
(20.9)
1.7 
8.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), before Reclassifications, before Tax
 
 
 
 
41.6 
(0.3)
(0.4)
(1.1)
3.8 
2.5 
40.5 
3.3 
(2.3)
(5.0)
 
 
 
 
 
 
 
 
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
 
 
 
 
$ 16.2 
$ 4.5 
 
 
 
 
 
 
 
 
$ 3.3 
$ 6.4 
$ 0.1 
$ 0.1 
$ 0 
$ 0 
$ 12.8 
$ (2.0)
SHAREHOLDERS' EQUITY Details of Accumulated Other Comprehensive Income (Loss) Components (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items]
 
 
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net
$ (12.8)
$ 2.0 
Total Amount Reclassified from Accumulated Other Comprehensive Income (Loss) During the Period
16.2 
4.5 
Accumulated Defined Benefit Plans Adjustment [Member]
 
 
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items]
 
 
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)
(0.2)1
(0.2)1
Defined Benefit Plan, Amortization of Gains (Losses)
4.8 1
9.6 1
Defined Benefit Plan, Curtailments
0.3 1
0 1
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax
4.9 
9.4 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax
(1.6)
(3.0)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)
3.3 
6.4 
Realized Gain (Loss) on Marketable Securities [Member]
 
 
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items]
 
 
Marketable Securities, Realized Gain (Loss)
0.1 
0 
Accumulated Other-than-Temporary Impairment [Member]
 
 
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items]
 
 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
0 
0.1 
Realized Gain (Loss) on Marketable Securities and Other than Temporary Impairment [Member]
 
 
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items]
 
 
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities and Impairment on Securities Arising During Period, before tax
0.1 
0.1 
Other Comprehensive Income (Loss), Realized Holding Gain (Loss) on Securities and Impairment on Securities Arising During Period, Tax
0 
0 
Other Comprehensive Income (Loss), Realized Holding Gain (Loss) on Securities and Impairment on Securities Arising During Period, net of tax
0.1 
0.1 
Realized Gain Loss On Derivatives [Member]
 
 
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items]
 
 
(Gain) Loss on Derivative Instruments, Net, Pretax
18.5 
(2.9)
Tax on Derivative Instruments Gain/Loss Reclassified from Accumulated OCI in to Earnings
(5.7)
0.9 
Amount of (gain)/loss recognized in income on derivative
12.8 
(2.0)
Realized Gain Loss On Derivatives [Member] |
Australian Hedge Contracts [Member]
 
 
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items]
 
 
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net
13.0 
(2.6)
Realized Gain Loss On Derivatives [Member] |
Canadian Hedge Contracts [Member]
 
 
Details of Accumulated Other Comprehensive Income (Loss) Components [Line Items]
 
 
Derivative Instruments, (Gain) Loss Reclassified from Accumulated OCI into Income, Effective Portion, Net
$ 5.5 
$ (0.3)
SHAREHOLDERS' EQUITY Narrative (Details)
Mar. 31, 2014
Empire [Member]
 
Noncontrolling Interest, Ownership Percentage by Parent
79.00% 
Tilden [Member]
 
Noncontrolling Interest, Ownership Percentage by Parent
85.00% 
Bloom Lake [Member]
 
Noncontrolling Interest, Ownership Percentage by Parent
82.80% 
RELATED PARTIES (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
Extension of ArcelorMittal Contract
2 years 
 
Due from Related Parties, Current
$ 20.9 
$ 132.0 
Due to Related Parties, Current
$ 9.6 
$ 25.1 
U.S. Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Number of mines (in number of facilities)
5 
 
Eastern Canadian Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Number of mines (in number of facilities)
2 
 
Joint Venture Partners [Member] |
U.S. Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Number of mines (in number of facilities)
3 
 
Joint Venture Partners [Member] |
Eastern Canadian Iron Ore [Member]
 
 
Segment Reporting Information [Line Items]
 
 
Number of mines (in number of facilities)
1 
 
RELATED PARTIES (Summary Of Other Ownership Interests) (Details)
Mar. 31, 2014
Hibbing [Member] |
Arcelor Mittal [Member]
 
Related Party Transaction [Line Items]
 
Ownership interest, equity method investment
62.30% 
Hibbing [Member] |
U. S. Steel Canada [Member]
 
Related Party Transaction [Line Items]
 
Ownership interest, equity method investment
14.70% 
Hibbing [Member] |
WISCO [Member]
 
Related Party Transaction [Line Items]
 
Ownership interest, equity method investment
0.00% 
Empire [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Parent
79.00% 
Empire [Member] |
Arcelor Mittal [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
21.00% 
Empire [Member] |
U. S. Steel Canada [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
0.00% 
Empire [Member] |
WISCO [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
0.00% 
Tilden [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Parent
85.00% 
Tilden [Member] |
Arcelor Mittal [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
0.00% 
Tilden [Member] |
U. S. Steel Canada [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
15.00% 
Tilden [Member] |
WISCO [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
0.00% 
Bloom Lake [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Parent
82.80% 
Bloom Lake [Member] |
Arcelor Mittal [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
0.00% 
Bloom Lake [Member] |
U. S. Steel Canada [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
0.00% 
Bloom Lake [Member] |
WISCO [Member]
 
Related Party Transaction [Line Items]
 
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners
17.20% 
Other Noncurrent Assets [Member] |
Hibbing [Member]
 
Related Party Transaction [Line Items]
 
Ownership interest, equity method investment
23.00% 1
EARNINGS PER SHARE EARNINGS PER SHARE (Narrative) (Details)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Earnings Per Share [Abstract]
 
 
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount
25.2 
12.9 
Antidilutive Incremental Common Shares Excluded and Attributable to Share-based Payment Arrangements
0.6 
 
EARNINGS PER SHARE (Earnings Per Share Computation) (Details) (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$ (70.3)
$ 107.0 
PREFERRED STOCK DIVIDENDS
(12.8)
(9.9)
NET INCOME ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
(83.1)
97.1 
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Basic:
$ (0.54)
$ 0.66 
Earnings (Loss) per Common Share Attributable to Cliffs Common Shareholders - Diluted:
$ (0.54)
$ 0.66 
Weighted Average Number of Shares:
 
 
Basic
153,040 
147,827 
Depositary Shares
0 
0 
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements
0 
254 
Diluted
153,040 
148,081 
Preferred Class A [Member]
 
 
PREFERRED STOCK DIVIDENDS
$ (12.8)
$ (9.9)
CASH FLOW INFORMATION (Narrative) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
May 1, 2014
Feb. 3, 2014
Nov. 1, 2013
Aug. 1, 2013
May 1, 2013
Dividends Payable [Line Items]
 
 
 
 
 
 
 
Depositary Share Interest in a Share of 7% Series A Mandatory Convertible Preferred Stock, Class A
0.025 
 
 
 
 
 
 
Preferred stock cash dividend
$ 12.8 
$ 9.9 
 
 
 
 
 
Preferred Class A [Member]
 
 
 
 
 
 
 
Dividends Payable [Line Items]
 
 
 
 
 
 
 
Dividends payable, per share
 
 
$ 17.50 
$ 17.50 
$ 17.50 
$ 17.50 
$ 13.6111 
Preferred stock cash dividend
$ 12.8 
$ 9.9 
 
 
 
 
 
Depositary Share [Member]
 
 
 
 
 
 
 
Dividends Payable [Line Items]
 
 
 
 
 
 
 
Dividends payable, per share
 
 
$ 0.44 
$ 0.440 
$ 0.440 
$ 0.44 
$ 0.34