Cliffs' net income surpasses record $1-billion mark in 2010
Feb 17, 2011 | 08:27 AM
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Increased volumes, higher selling prices and a resurgence in steelmaking raw materials helped Cliffs Natural Resources Inc. hit a new milestone as the company earned more than $1 billion in 2010.
"Our impressive earnings momentum is directly attributable to the strategic efforts to increase our business' exposure to seaborne pricing over the past five years," Joseph A. Carrabba, the Cleveland-based company's chairman, president and chief executive officer, said.
Net income totaled $1.02 billion in 2010, nearly five times the year-earlier $205.1 million, on revenue that nearly doubled to $4.68 billion from $2.34 billion.....
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