It looks like the demand for coal and iron ore is going to keep
Cliffs Natural Resources' coffers full for some time to come.
The mining company, which owns and operates the Tilden and Empire mines in Marquette County, announced recently that its fourth-quarter net income more than doubled in 2010 as compared to the year prior.
The company said its fourth-quarter numbers, which total $384.4 million, was a new record. In 2009, the fourth quarter numbers registered $108.2 million. Revenue for the final 2010 quarter was $1.42 billion, compared to $820.5 million the year before.
"Our impressive year-over-year earnings momentum is directly attributable to the strategic efforts to increase our business' exposure to seaborne pricing over the past five years," says Joseph Carraba, Cliffs' president and CEO. "I expect this trend to continue as we execute on our previously announced acquisition of Consolidated Thompson Iron Mines Limited, which, upon closing, will further diversify Cliffs' customer base and lever the Company's sales to seaborne pricing."
For the fiscal year, Cliffs reported net income of $1.02 billion, up from $205.1 million in 2009. Revenue rose to $4.68 billion--a company record--from $2.34 billion the year before.
Writer: Sam EgglestonSource: Joseph Carraba, Cliffs Natural Resources
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