CLEVELAND, OH-- Cliffs Natural Resources has released fourth-quarter and full-year results for the period ended December 31, 2015.
Fourth-quarter consolidated revenues were $476 million, down 54 percent from the prior year’s fourth-quarter revenues of $1.0 billion. Cliffs recorded a net loss of $58 million compared to a net loss of $1.4 billion in the fourth quarter of 2014. The cost of goods sold decreased by 44 percent to $433 million, compared to $774 million in the fourth quarter of 2014.
Full-year 2015 revenues were $2.0 billion, a 40-percent decrease from 2014’s $3.4 billion in revenues. The company recorded a net loss of $748 million, compared to a net loss of $8.3 billion recorded the previous year.
U.S. iron ore pellet sales volume in the fourth quarter of 2015 was 4.5 million tons, a 42-percent decrease when compared with 7.8 million tons sold in the fourth quarter of 2014. Officials say the decrease was caused mostly by the termination of a customer contract, lower demand from U.S. mills, and higher sales in the comparable quarter in the previous year from the delayed start-up of the 2014 shipping season.
