Cliffs net falls on weak iron ore prices

Oct 25, 2012 | 10:35 AM |

Tags  Cliffs Natural Resources, iron ore, pellets, iron, prices, third-quarter 2012, Steel First

SHANGHAI - Cliffs Natural Resources Inc., one of the world’s 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 company’s 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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