Cliffs Turnaround Strategy Narrows Losses

Cliffs Natural Resources narrowed its net loss to $58 million in fourth quarter compared to $1.4 billion in Q4 2014. Full year net loss was $748 million compared to $8.3 billion in the prior year.

“Despite the severely negative impacts of global iron ore and domestic steel prices, in 2015 we achieved substantial cost reductions in all areas of the business,” said Lourenco Goncalves, Cliff’s Chairman, President and CEO. “On top of an outstanding year of operating performance, we checked a number of boxes in line with our U.S. pellet-centric strategy, most recently with the full divestiture of our North American Coal business.”