SteelOrbis

Cliffs Natural Resources posts net income for Q4 and 2016 after year-on-year net losses

Thursday, 09 February 2017 22:57:00 (GMT+3)   -   San Diego
SteelOrbis News

Cliffs Natural Resources Inc. reported fourth-quarter 2016 consolidated revenues of $754 million, an increase of 58 percent from the prior year's fourth-quarter revenues of $476 million, and a net income of $81 million compared to a net loss of $58 million recorded in the prior-year quarter.
 
Full-year 2016 consolidated revenues of $2.1 billion increased 5 percent from the prior year's revenues of $2.0 billion, and the company recorded net income of $199 million compared to a net loss of $748 million recorded in the prior year.
 
US iron ore pellet sales volume in the fourth quarter of 2016 was 6.9 million long tons, a 53 percent increase when compared with 4.5 million long tons sold in the fourth quarter of 2015. The increase was a result of improved steel market conditions driving increased pellet demand and new customer arrangements in 2016.
 
As for a 2017 outlook, Cliffs expects full-year sales and production volumes of approximately 19 million long tons from its US iron ore business. This compares to 18.2 million long tons of sales and 16.0 million long tons of production in 2016. Cliffs’ full-year 2017 US iron ore cash cost of goods sold and operating expense expectation is $55-$60 per long ton, which compares to $56 per long ton for the full-year 2016.

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