Cliffs net falls on weak iron ore prices
Oct 25, 2012 | 10:35 AM
SHANGHAI - Cliffs Natural Resources Inc., one of the worlds largest iron ore pellet producers, saw its net income fall 67.1 percent quarter over quarter to $85 million due to lower iron ore prices.
The Cleveland-based companys domestic pellet sales totaled 6.6 million tonnes in the third quarter ended Sept. 30, up 20.8 percent from the second quarter.
Meanwhile, revenue generated from its U.S. operations averaged $110.51 per tonne, down 7.5 percent from the previous quarter. Cash cost per tonne rose 8.3 percent to $67.81 per tonne, the company said. ....
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