Cliffs Natural Resources reports $30 million net income for Q2

Thursday, 28 July 2016 00:03:11 (GMT+3)   |   San Diego
       

Cliffs Natural Resources Inc. reported second-quarter results for the period ended June 30, 2016. Second-quarter 2016 consolidated revenues of $496 million were relatively flat compared to the prior year's second-quarter revenues of $498 million. Cost of goods sold decreased by 8 percent to $405 million compared to $441 million reported in the second quarter of 2015.

For the second quarter of 2016, the company recorded net income from continuing operations of $30 million compared to a net loss from continuing operations of $38 million recorded in the prior-year quarter.
    
Lourenco Goncalves, Cliffs' Chairman, President and Chief Executive Officer, said, "During the second quarter we finalized a range of deals that are essential to Cliffs' future prosperity and growth. Among them, the most significant was the renewal of our multi-year supply agreement with ArcelorMittal. This deal is a win-win for both Cliffs and ArcelorMittal, and demonstrates the strength of the Cliffs franchise.”



Similar articles

Cleveland-Cliffs sees net profit in Q3

24 Oct | Steel News

Cliffs Natural Resources sees increased net profit in H1

16 Aug | Steel News

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

09 Feb | Steel News

Cliffs Natural Resources sees net loss in Q3

27 Oct | Steel News

Cliffs Natural Resources sees net profit in Q1

29 Apr | Steel News

Cliffs Natural Resources’ net loss narrows down in 2015

27 Jan | Steel News

Cliffs Natural Resources sees increased net loss in H1

29 Jul | Steel News

Cliffs Natural Resources posts decline in 2014 sales revenues

03 Feb | Steel News

Cliffs’ earnings plummet as iron ore sales slow

26 Apr | Steel News

Cliffs Natural Resources reports Q4 and full year loss

14 Feb | Steel News