US-based coal producer Cliffs Natural Resources has announced its financial results for the fourth quarter and the full year of 2015.
In the fourth quarter of last year, Cliffs Natural Resources’ revenues decreased by 54 percent to $476 million, while the company’s adjusted EBITDA was $76 million, including idling expenses of $30 million related to previously-announced production curtailments. In the given period, the company recorded a net loss of $58 million compared to a net loss of $1.4 billion recorded in the same quarter of the previous year. Meanwhile, in 2015 Cliffs Natural Resources’ revenues totaled $2 billion, decreasing by 40 percent year on year, and its EBITDA was $292.9 million. For the full year, Cliffs recorded a net loss of $748 million, narrowing down from a net loss of $8.3 billion in the previous year.
According to Cliffs' statement, for 2016 Cliffs expects a full-year sales volume of approximately 17.5 million mt from its US iron ore business. In order to reduce pellet inventory levels and generate cash flow from working capital, the company currently plans to produce approximately 16 million mt of iron ore pellets.