Cliffs Natural Resources sees increased net profit in H1

Wednesday, 16 August 2017 17:43:35 (GMT+3)   |   Istanbul
       

US-based coal producer Cliffs Natural Resources has announced its second quarter results for the period ended June 30 this year.

In the second quarter, Cliffs Natural Resources’ revenues increased by 15 percent to $569.3 million, while the company’s adjusted EBITDA was $137 million, up 35 percent, both compared to the same period of 2016. In the first half of this year, its revenues totaled $1.03 billion, increasing by 28.6 percent year on year and its EBITDA was $229.2 million. For the first six months of the current year, Cliffs recorded a net profit of $300 million, compared with a net profit of $146.3 million in the same period of the previous year. 

The company stated that, based on the assumption that iron ore and steel prices will average for the remainder of the current year their respective year-to-date averages, it would generate $650 million of adjusted EBITDA for the full year of 2017.


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