Cliffs Natural Resources (CLF) is a leading mining and natural resources company in the U.S., and is also the largest producer of iron ore pellets in North America. It competes with other international mining and natural resources companies like Vale, BHP Billiton (BHP) and Rio Tinto (RTP).

Cliffs' North American Iron Ore division accounts for more than two-thirds of the company's total revenue, and around 60% of Cliffs' stock value, by our estimates. Long-term contracts with customers like ArcelorMittal (MT), Algoma and Severstal ensure substantial sales of the firm's mineral produce.

• BHP Billiton (BHP), the world's number one miner, had earnings before interest and taxes of $14.82 billion. Of that amount, iron ore accounted for $5.8 billion, up 177%
• Number three miner, Rio Tinto (RTPPF), had earnings of $26.6 billion. Iron ore unit accounted for 60%, or $16.6 billion, up 133% for the year.

"London-based Rio Tinto (RIO) is one of the largest and most diversified mining companies in the world; ith the potential to reward shareholders with increased dividends and share buybacks, Rio is a buy for investors seeking exposure to booming commodity markets," says Paul Tracy.

The editor of High Yield International explains, "Rio's operations are located in Australia, North and South America, South Africa, Europe and Indonesia. Its strategy is to concentrate on the development of large, high quality mineral deposits and become a low-cost producer for each commodity.

Australian mining firm Rio Tinto (RIO) revealed plans to triple its capital expenditure to around $11 billion. The company also plans to up its iron ore production by more than 50% during the next five years.

The boost in production stems from new drilling and a reevaluation of deposits in Western Australia where the company found an extra two billion tons of iron ore reserves. The expansion of the iron ore division should help RIO take advantage of the "growing demand for raw materials to make steel" in China.

Analyst Upgrades

• JMP Securities upgraded Hewlett-Packard (HPQ) to outperform from market perform based on valuation and checks that indicate strength in enterprise PCs, high growth geographies and light laptops. The firm has a $50 target on the stock.
• RBC Capital upgraded Rio Tinto (RTP) to outperform from sector perform, citing the company's improving growth plans and attractive risk profile.
• Goldman upgraded FormFactor (FORM) to neutral from sell, but lowered its price target to $6 from $10. The firm cites valuation for the upgrade.
• MCG Capital (MCGC) was upgraded to outperform from market perform at FBR Capital.
• CRH (CRH) was upgraded to neutral from underweight at JPMorgan.
• Melco Crown (MPEL) was upgraded to overweight from equal weight at Morgan Stanley.

Analyst Upgrades

• Collins Stewart upgraded BP (BP) to buy from hold after the company canceled its dividend payments and agreed to put $20 billion in a claims escrow fund.
• Credit Suisse upgraded First Solar (FSLR) to outperform from neutral and raised its target to $150 from $110.20. The firm raised estimates given expectations for strong demand and lower costs and believes pricing upside for Q2/Q3 is not reflected in valuation.
• Argus upgraded EMC (EMC) to buy from hold, citing valuation and notes that the company's VMware (VMW) stake is undervalued.
• Rio Tinto (RTP) was upgraded to buy from hold at Societe Generale.
• Sunoco (SUN) was upgraded to overweight from equal weight at Barclays.
• UBS (UBS) was upgraded to outperform from underperform at Macquarie.

Analyst Upgrades

• JMP Securities upgraded Boston Properties (BXP) to outperform from market perform and has an $89 price target on the stock. The firm upgraded shares based on near-term catalysts that include, the potential start of 1msf of development in Midtown, investments, and selection as 1 World Trade Center project manager.
• Baird upgraded Bucyrus (BUCY) to outperform from neutral, citing valuation and an a more favorable view of the Terex Mining acquisition. The firm has an $83 price target on the stock.
• Jefferies upgraded Warner Chilcott (WCRX) to buy from hold and has a $30 price target on the stock. The firm upgraded shares based on valuation and conservative guidance.
• AmeriCredit (ACF) was upgraded to market perform from underperform at Keefe Bruyette.
• Royal Dutch Shell (RDS.A) was upgraded to overweight from neutral at JPMorgan.
• Rio Tinto (RTP) was upgraded to outperform from market perform at Bernstein.

A new method of setting the price on iron ore for export is upsetting Chinese and European steel makers and auto manufacturers, but that same pricing scheme is most likely going to benefit U.S. steelmakers such as AK Steel (AKS), Nucor (NUE) and U.S. Steel (X).

In the past, iron ore pricing was largely set on an annual basis, with the first negotiated ore contracts of the season setting the price for the duration of that season. However, this year, the three largest iron ore miners, BHP Billiton (BHP), Rio Tinto (RTP) and Vale SA (VALE), have decided that they will seek quarterly renegotiation of ore contract pricing. This will allow those companies to take better advantage of increases in iron ore demand and spikes in spot prices.

A Shanghai court early Monday decided that four Rio Tinto (RTP) employees were guilty of accepting bribes and stealing state secrets.

According to reports, Australian national Stern Hu received 10 years in prison, Wang Yong received 14 years, Ge Minqiang was sentenced to eight years, and Liu Caikui was sentenced to seven years. There were also some fines for Hu associated with the charges. All four of the accused plead guilty to bribery, but argued the size of the bribes offered.