Second Quarter Results for Cliffs Natural Resources
Cliffs Natural Resources
MARQUETTE, MI – (Great Lakes Radio News) – Cliffs Natural Resources is reporting second-quarter results for the year.
Revenues decreased 10% for the second quarter to $1.6 billion, from $1.8 billion in the same quarter last year. The decrease was primarily driven by lower prices for the products the Company sells.
Lower revenues and increased cost of goods sold was driven by higher labor, mining, and maintenance expenses and resulted in a 39% decrease in consolidated sales margin to $449 million compared with the second quarter of 2011.
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