Cliffs Natural Resources Second Quarter Income Falls 37 Percent

CNBC reported Cliffs Natural Resources Inc. (NYSE:CLF) said Wednesday that its second-quarter net income fell 37 percent as iron ore prices softened and costs rose.

The Cleveland company reported net income of $258 million, or $1.81 per share, in the April-through-June quarter. That compared with net income of $409.1 million, or $2.94 per share, in the year-ago quarter.

Revenue dropped to $1.63 billion from $1.81 billion.