Thomson Reuters






TORONTO, Jan 27 (Reuters) - Iron ore and coal miner Cliffs
Natural Resources Inc has become the third major U.S.
company in the last six months to seek creditor protection for
its Canadian arm, in an attempt to isolate losses and protect
its shareholders.


The miner said Bloom Lake General Partner Ltd and some of
its affiliates, including Cliffs Quebec Iron Mining, commenced
restructuring proceedings in Montreal, Quebec, on Tuesday.


The move mirrors the route taken by U.S. Steel, which
sought creditor protection for its money-losing Canadian
operations in September and U.S. discount retailer Target Corp
that recently took similar steps.


The long-anticipated move by Cliffs helps insulate the
publicly listed U.S. parent company from the vast majority of
the $650 million to $700 million in closure costs tied to its
mothballed assets in Canada.