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Update: Cliffs Natural Resources - Declining Story Continues

Cliffs Natural Resources (NYSE:CLF) announced better-than-expected revenue in the final quarter of fiscal 2014. A drop of 14.5% to $1.3B beats analyst's expectations by $90 million. However, the company posted massive loss of $1.3B or $8.25 per share compared to the past year. The company blamed lower iron ore prices along with significant asset impairment charges for the big loss. In addition, Cliffs posted a big loss of $7.5B or $47.29 per share for the fiscal 2014. On the positive side, the company has lowered its debt from $3B to $2.7B in the final quarter on the back of sale of non-core assets. It has also lowered its capital spending by 57% to give a boost to cash…