Cliffs Natural Resources has called off its proposed $3.3 billion takeover of coal producer Alpha Natural Resources based in Abingdon Virginia. Cliffs announced what it called a joint decision to abort the deal yesterday. Cliffs, which operates iron ore and coal mines in the U.S. and abroad, says it has agreed to pay Alpha $70 million. Alpha, in turn, agreed to dismiss a lawsuit filed over Cliffs’ decision to delay a shareholder vote on the deal. Cliffs says the companies decided to call off the deal due to the economy, uncertainty in the steel industry and other factors. Cliffs says terminating the deal was in the best interest of shareholders. Combined, Cliffs and Alpha would have had operations in Michigan, Minnesota, West Virginia, Kentucky, Alabama, Virginia, Pennsylvania and overseas.