cliffs natural resources

Cliffs Natural Resources reverts to former name

Aug 15, 2017

CLEVELAND, OH--   Cliffs Natural Resources Inc. has announced that it has re-named the Company to its historical name Cleveland-Cliffs Inc. 

Under the name Cleveland-Cliffs, the Company has been for many decades an important part of the North American iron and steel industry. The name change is part of the celebration of the 170th anniversary of the Company, and is effective immediately. The Company’s NYSE stock ticker symbol “CLF” will remain the same.

CLEVELAND, OH--   Cliffs Natural Resources has released its second-quarter 2017 results. 

The company reported consolidated revenues of $569 million for the period ended June 30th. That’s an increase of 15 percent compared to last year’s second-quarter revenues of $496 million.

The cost of goods sold increased by 5 percent over the same period last year to $424 million.

CLEVELAND, OH--   Cliffs Natural Resources has released its 4th quarter and full-year results for the period ended December 31, 2016. 

Fourth-quarter consolidated revenues of $754 million increased 58 percent from the prior year's fourth-quarter revenues of $476 million.  The company recorded a net income of $81 million, compared to a net loss of $58 million in the 4th quarter of 2015. 

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. 

CLEVELAND, OH--   Cliffs Natural Resources says its employees represented by the United Steelworkers Union at the Empire and Tilden mines have ratified a new labor contract.

The contract includes workers at the Hibbing Taconite and United Taconite mines in Minnesota. 

The three-year deal is effective retroactive to October 1, 2015 and lasts through September 30, 2018.  It covers about 2,000 USW-represented employees at Cliffs operations.  

CLEVELAND, OH--   Cliffs Natural Resources has signed a 20-year agreement with WEC Energy Group to provide a long-term, reliable, and affordable source of power for the Tilden Mine. 

If approved, the new agreement would result in 170 megawatts of new generation across two U.P. sites.  Officials say the plan allows for the retirement of the Presque Isle Power Plant by 2020 and is expected to save money for Upper Peninsula customers.

PALMER, MI--   Operations have officially ended at the Empire Mine in Palmer.  

Cliffs Natural Resources says as of Thursday the mine was put into an indefinite idle state.  The company says it will not be completely shut down so the Empire will stay compliant with certain maintenance and environmental codes. 

MARQUETTE, MI--   The Empire Mine will close at the end of 2016.

That’s the word from Cliffs Natural Resources CEO Lourenco Goncalves, who spoke at a State of the Company meeting Wednesday at Marquette’s Holiday Inn.  WLUC-TV says the closure will affect 400 employees, some of whom may go to other mines in Minnesota. 

Goncalves said Cliffs will start to wind down operations at the Empire and workers will get warning notices in the next couple of months.

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.

CLEVELAND, OH--   Cliffs Natural Resources is idling another of its iron ore mines to catch up with pellet demand, but the U.P. won’t be affected.  

In a Tuesday press release the company cited the large amount of foreign steel dumped in the U.S. market and pellet oversupply for its decision to temporarily shut down the Northshore Mining operation in Minnesota by December 1.  About 540 employees, except for maintenance crews, will be laid off until the first quarter of 2016. 

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