Cliffs Natural Resources Inc. Reports Fourth-Quarter and Full-Year 2016 Results

Cliffs Natural Resources Inc. (NYSE: CLF) today reported fourth-quarter and full-year results for the period ended December 31, 2016.

Fourth-quarter 2016 consolidated revenues of $754 million increased 58 percent from the prior year’s fourth-quarter revenues of $476 million. As a result of increased volumes sold, cost of goods sold increased by 32 percent to $573 million compared to $433 million reported in the fourth quarter of 2015.

As quoted in the press release:

Lourenco Goncalves, Chairman, President and Chief Executive Officer, said: “2016 was the year in which we finalized the execution of the operational, commercial and financial actions necessary to ensure Cliffs will have a great future. Among the actions accomplished last year are several new sales agreements entered with clients, including the renewal of our long-term supply contract with our largest customer, and a number of capital markets transactions that were successfully executed to reduce debt and extend our maturity runway.”

Click here for the full text release

Get the Latest Iron Investing Stock Information

Get the latest information about companies associated with Iron Investing delivered directly to your inbox.

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.


Leave a Reply