Cliffs' margins up; outlook dimmed by costs
Oct 27, 2005 | 02:23 PM
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Cleveland-Cliffs Inc. cited higher North American sales margins in posting record revenue and earnings for the first nine months of this year. However, third-quarter earnings trailed last year's pace by 2.2 percent despite a big jump in sales.
The Cleveland-based iron ore producer posted net income of $210.5 million in the nine-month period, up 75 percent from $120.3 million a year earlier, on sales of $1.27 billion, a 44.7-percent increase from $878.5 million. Third-quarter net income totaled $85.6 million vs. $87.5 million a year ago on sales of $514.1 million, up....
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