Cliffs Natural Resources sees net loss in Q3

US-based mining company Cliffs Natural Resources has announced its financial results for the third quarter of the current year.

 

In the third quarter of this year, Cliffs Natural Resources’ revenues decreased by 6.7 percent year on year to $553.3 million, while the company’s adjusted EBITDA was $62 million, compared to $60 million reported in the third quarter of 2015. In the given period, the company recorded a net loss of $27.8 million compared to a net profit of $118.5 million recorded in the same quarter of the previous year. The net loss in the given quarter included an $18 million loss on extinguishment/restructuring of debt. 

 

In the third quarter this year, the company’s iron sales volume at its US iron ore operations totaled 5.28 million mt, down 5.58 percent, while the sales volume at its Asia Pacific iron ore operations decreased by 4.3 percent to 2.79 million mt, both year on year.