Cliffs Natural Resources Reports Financial Loss

Filed under: U.P. News Updates |
News Update

News Update

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.

Share Sunny 101.9 WKQS Content with World!
  • Facebook
  • Twitter
  • Tumblr
  • Reddit
  • Google Bookmarks
  • Add to favorites
  • Print
  • PDF
  • StumbleUpon
  • Digg
  • Yahoo! Buzz
  • BarraPunto
  • LinkedIn
  • Live
  • RSS
  • Slashdot
  • Mixx
  • Fark
  • MySpace