Cliffs sees sales dip, profits plunge in first quarter of ’13

Apr 25, 2013 | 05:42 PM | Stacy Irish

Tags  Cliffs Natural Resources, iron ore, iron ore pellets, RG Steel, Steel First, Stacy Irish

NEW YORK — Cliffs Natural Resources Inc. saw first-quarter profits plunge 71.5 percent year on year on revenues that fell 5.9 percent, a decline due largely to a 10-percent drop in global iron ore sales volumes.

The company reported first-quarter net income of $107 million, compared with $375.8 million for the first quarter of 2012, on sales of $1.14 billion vs. $1.21 billion in the year-ago quarter.....





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