CLEVELAND, OH-- Revenue for Cliffs Natural Resources has dropped nearly 40 percent from this time last year.
In a statement released Thursday Cliffs said it had earned $593 million in the third quarter—a decrease of 39 percent from last year’s third-quarter revenue of $980 million.
U.S. iron ore pellet sales volume in the third quarter of 2015 was 5.6 million tons, an 18-percent decrease when compared to the third quarter of 2014. Officials say the decrease was driven by lower U.S. steel mill demand.
Meanwhile, a contract extension between Cliffs and United Steelworkers unions at the Empire and Tilden mines is set to expire Saturday. Both sides had agreed to a rolling 168-hour extension if no agreement was reached by the end of October.
