Cliffs Natural Resources Announces First Quarter Results
Cliffs Natural Resources released their first-quarter earnings Thursday, exceeding expectations.
The company reported a net income of $117 million, compared to a net loss of $762 million recorded in the first quarter of last year.
Earlier this year, Cliffs announced that it will restart iron ore production at Northshore Mining in Silver Bay. The move will put more than 500 people back to work.
In March, Cliffs CEO Lourenco Goncalves says he hopes to have United Taconite operations in Eveleth and Forbes back up and running later this year.
“Cliffs’ first-quarter results clearly demonstrate how far we have come on our turnaround. As we continue to outperform our aggressive operational targets both in the United States and in Australia, we also continue to significantly reduce our debt.” Mr. Goncalves added: “The steel market in the United States has started to show consistent signs of a real recovery, with a direct positive impact on our steel clients’ order books and, consequently, a totally expected improvement in our clients’ appetite for the pellets we supply them.”