Cliffs Revenue Declines
MARQUETTE, MI – (Great Lakes Radio News) – Cliffs Natural Resources is reporting a decline in revenues for the second-quarter of the year.
Consolidated revenues of $1.5 billion decreased $91 million, or 6%, from the previous year. The lower revenues were driven by decrease in global iron ore pricing and an increase in cost of goods, primarily driven by higher sales volumes in North American Coal and U.S. Iron Ore.
Operating income for the second quarter of 2013 also decreased 28% to $262 million. Second-quarter 2013 results for the firm included an income tax expense of $9 million versus $42 million reported in the previous year.
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