Commodities & Metals
Cliffs Natural Resources May Finally Have Turned Around
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Cliffs Natural Resources Inc. (NYSE: CLF) reported first-quarter 2016 results before markets opened Thursday. The iron ore and coal miner posted earnings per share (EPS) of $0.62 on revenues of $306 million. In the same period a year ago, the company reported a loss per share of $4.26 on revenues of $446 million. The consensus estimates called for a net loss of $0.10 per share on revenues of $271.8 million.
The company reported net profit of $117 million, compared with a year-earlier loss of $762 million. During the quarter, it recorded a $179 million gain on debt restructuring and extinguishment.
Total U.S. iron ore production volume fell from 5.38 million metric tons (tonnes) in the first quarter of last year to 3.05 million tonnes, and sales margins per tonne fell from $27.15 to $6.91.
The company’s total iron ore production in Asia/Pacific was down less than 10%, from 2.88 million tonnes to 2.81 million tonnes, and sales margins rose nearly 30-fold, from $0.26 in the year-ago quarter to $6.31.
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