CLEVELAND, OH-- Cliffs Natural Resources says this year’s third-quarter revenues are down from last year, but not by much.
Cliffs released on Thursday its third-quarter results ending September 30, 2016. Officials say revenues for that period were $553 million, a 7 percent decrease from last year’s $593 million.
The company recorded a net loss of $28 million, compared to net income of $6 million in the third quarter of 2015.
U.S. iron ore pellet sales this past quarter totaled 5.3 million long tons, a 6 percent decrease from the same time last year.
Cliffs Chairman Lourenco Concalves says, “"We look forward to finishing out the year strong in Q4, in what we anticipate to be a quarter with substantial cash-flow generation."
