Bankruptcy coming by month's end for Cliffs' Bloom Lake, J.P. Morgan says• 11:40 AM

Carl Surran, SA News Editor

• Cliffs Natural Resources (CLF -1.4%) likely will put Bloom Lake into bankruptcy by the end of January, and that’s not necessarily bad news, according to J.P. Morgan analysts.
• The firm estimates that CLF would incur Bloom Lake-related shutdown cash costs of less than $100M under a bankruptcy scenario instead of $650M-$700M in shutdown costs otherwise, "a critical factor that is clearly not a consensus view by the market and could positively impact the company’s stock and bond prices."