Cliffs Third-Quarter Results
MARQUETTE, MI – (Great Lakes Radio News) – Cliffs Natural Resources Inc. has released their third-quarter results for the year.
Consolidated revenues decreased 26 percent for the third quarter to $1.5 billion which is down from $2.1 billion in the same quarter last year. Company officials say the decrease was primarily driven by a 36 percent decline in year-over-year pricing for seaborne iron ore.
According to a press release from Cliffs’, reduced revenues, along with increased labor, mining, and maintenance expenses resulted in a 76 percent decrease in consolidated sales margin to $198 million, compared with the third quarter of 2011.
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