CLEVELAND, OH-- Results for Cleveland-Cliff’s first quarter of the year were down a bit from last year, but officials say that was expected.
The company has adopted a new revenue recognition standard, which counts revenue upon delivery to U.S. customers.
CCI reported consolidated revenues of $239 million, compared to the prior year's first-quarter revenues of $462 million. The cost of goods sold was $243 million, compared to $365 million reported in the first quarter of 2017.
The company recorded a net loss of $84 million in the first quarter. That included a $71 million loss related to Asia Pacific Iron Ore, where Cliffs has ceased all mining activity.
U.S. iron ore pellet sales volume in the first quarter of 2018 was 1.6 million long tons. That’s a decrease from the first-quarter 2017 volume of 3.1 million.
