The iron ore industry made a comeback over last year's revenues, according to the second-quarter 2010 report released by
Cliffs Natural Resources.
Cliffs announced its second-quarter revenues were up 203 percent to a record $1.18 billion, from $390.3 million in the same quarter last year. Joseph A. Carraba, Cliffs chairman, says the increase was driven by higher sales volume and pricing in each of the company's business segments, reflecting an improvement in demand for steel-making materials.
"We believe the impressive results delivered in the second quarter mark a milestone for our company," says Carraba. "Each of our segments generated strong year-over-year profits, including a shift to profitability in North American Coal. The actions taken in recent years under our strategy to grow as a diversified mining company are contributing significant momentum to our earnings and cash generation potential."
Operating income for Cliffs in the second quarter was $365.8 million, versus an operating loss of $17.3 million in the same quarter last year. Second quarter 2010 net income increased to $260.7 million, from $45.5 million in 2009.
Cliffs owns and operates the Tilden and Empire mines, which are located in National Mine and Palmer, respectively.
Writer: Sam EgglestonSource: Joseph Carraba, Cliffs Natural Resources
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