CLEVELAND, OH-- Cleveland Cliffs, Incorporated released first quarter results Thursday and also said it’s still looking for a partner in order to reopen the Empire mine.
CCI reported a loss of $22 million for the period ended March 31. Consolidated revenues were $157 million, compared to last year's first-quarter consolidated revenues of $180 million. The cost of goods sold was $126 million compared to $119 million reported in the first quarter of 2018.
Mining and Pelletizing pellet sales volume in the first quarter of 2019 was 1.6 million long tons, relatively flat when compared to the prior year's first quarter.
During a conference call Thursday morning Cliffs CEO Lourenco Goncalves said the company needs to find a partner before the Empire Mine can reopen. He said unless a long-term, guaranteed contract at the minimum price can be secured, the mine will remain shuttered.
