Cliffs tumbles into red amid lower prices
Jul 24, 2014 | 02:48 PM
| Nat Rudarakanchana
NEW YORK Cliffs Natural Resources Inc., the largest U.S. iron ore miner, posted a $1.9-million net loss in the second quarter amid falling iron ore and metallurgical coal prices.
The Cleveland-based companys second-quarter revenue of $1.1 billion was down 26 percent from nearly $1.49 billion in the same period last year, driven by "significantly decreased" market prices for iron ore and metallurgical coal along with a 24.3-percent drop in sales volumes from the companys U.S. iron ore segment, its largest unit by sales volume.
"We continue to take prudent and decisive actions to optimize the business in the face of continued commodity pricing pressures," chief executive officer Gary Halverson said in a statement. "During the quarter, our team cut costs across the board and significantly reduced our capital expenditures."....
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