Cleveland, Ohio-based mining company Cliffs Natural Resources announced Thursday that consolidated revenues were up 59 percent to a record $2.1 billion from $1.3 billion in Q3 2010, as a result of higher selling prices and sales of iron ore. Q3 net income was nearly double from Q3 of 2010 at $590 million.
Iron ore pellet sales volume increased by 1 million tons to 7.9 million in Q3, although North American coal sales volumes fell 34 percent to 646,000 tons, from the prior year's comparable quarter. The decrease was driven by the absence of sales volume from Cliffs' Oak Grove Mine in Alabama--the mine was seriously damaged by severe weather in April and Cliffs is currently in the process of restoring aboveground operations. Cliffs' longwall operations at its Pinnacle Mine were also suspended during the quarter after high carbon monoxide levels were detected--operations resumed in early October.