US-based mining company Cliffs Natural Resources has announced its financial results for the first quarter of the current year.
In the first quarter of this year, Cliffs Natural Resources’ revenues decreased by 32 percent year on year to $306 million, while the company’s adjusted EBITDA was $36 million, including idling expenses of $25 million related to previously-announced production curtailments at two mines. In the given period, the company recorded a net profit of $117 million compared to a net loss of $762 million recorded in the same quarter of the previous year.
According to Cliffs' statement, for the current year, Cliffs expects a full-year sales volume of approximately 17.5 million mt from its US iron ore business. The company also maintains its 2016 production forecast of 16 million mt of iron ore pellets. Meanwhile, Cliffs maintains its full-year 2016 Asia Pacific iron ore sales and production volume forecast of approximately 11.5 million mt.