Cliffs Natural Resources Reports Financial Loss
Marquette, MI – (Great Lakes Radio News) - Cliffs Natural Resources is reporting a loss in first-quarter results for the year.
For the first quarter of 2014, Cliffs recorded a net loss of $83 million, compared with a net income of $97 million in the first quarter of last year.
Year-over-year consolidated revenues of $940 million also decreased $201 million from the previous year.
The lower revenues were primarily driven by significantly decreased market pricing for iron ore and metallurgical coal, as well as a 2% decrease in global iron ore sales volumes, much of which was weather related.
President and CEO Gary Halverson said the first-quarter’s winter weather in North America was some of the worst conditions experienced in 30 years.
Despite the early impact on production, Cliffs is maintaining full-year 2014 sales and production volumes.