Cliffs’ revenue falls on lower iron ore prices

Feb 13, 2013 | 03:19 PM |

Tags  Cliffs Natural Resources, Thompson Iron Mines, Wabush Mine, Bloom Lake, Joseph Carrabba

CHICAGO — Iron ore pellet and coal producer Cliffs Natural Resources Inc. posted a net loss of $899.4 million last year, in contrast to net income of nearly $1.62 billion in 2011, on revenue that fell 10.5 percent to $5.87 billion.

Cliffs said that excluding non-cash impairment charges—including about $1 billion in goodwill related to its 2011 acquisition of Consolidated Thompson Iron Mines Ltd. and a $365-million charge related to its 30-percent interest in an iron ore mine in Amapa, Brazil—adjusted net income was $493 million.....

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