Harsh winter pushes Cliffs into the red

Apr 25, 2014 | 05:50 PM | Jo Isenberg-O’Loughlin

Tags  iron ore, metallurgical coal, steel, Cliffs Natural Resources, Gary Halverson, earnings report, iron ore prices, severe winter Great Lakes

NEW YORK — Sagging iron ore and metallurgical coal prices and harsh winter weather combined to push Cliffs Natural Resources Inc. into the red in the first quarter.

"The first-quarter’s winter weather in North America was some of the worst conditions we have experienced in 30 years," president and chief executive officer Gary Halverson said in a statement with the company’s earnings report. "Despite this, we are maintaining our full-year 2014 sales and production volume guidance, as well as our cash-cost outlook in all of our North American business segments."

Cliffs attributed the lower revenue to "significantly decreased" market pricing for iron ore and metallurgical coal, as well as a 2-percent decline in global iron ore sales volumes, "much of which was weather-related."....





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