Steel Products Prices North America
April 30, 2016
Cliffs Natural Resources Makes a Comeback
Written by Sandy Williams
Cliffs Natural Resources first quarter earnings were stronger than expected by many analysts. The company posted net income of $117 million compared to a net loss of $762 million a year ago.
Lourenco Goncalves, Cliffs’ Chairman, President and Chief Executive Officer, said, “Cliffs’ first-quarter results clearly demonstrate how far we have come on our turnaround. As we continue to outperform our aggressive operational targets both in the United States and in Australia, we also continue to significantly reduce our debt.” Goncalves added, “The steel market in the United States has started to show consistent signs of a real recovery, with a direct positive impact on our steel clients’ order books and, consequently, a totally expected improvement in our clients’ appetite for the pellets we supply them.”
