ADVFN - Advanced Financial Network.
HOME» NYSE » C » CLF Stock Price » CLF Stock News

Cleveland Cliffs Share News

 Cliffs Natural Resources, Inc. Stock Price
CLF Stock Price
 Cliffs Natural Resources, Inc. Stock Chart
CLF Stock Chart
 Cliffs Natural Resources, Inc. Stock News
CLF Stock News
 Cliffs Natural Resources, Inc. Company Information
CLF Company Information
 Cliffs Natural Resources, Inc. Stock Trades
CLF Stock Trades

Cliffs Natural 1Q Profit Soars Fivefold On Settlement Effects

DOW JONES NEWSWIRES Cliffs Natural Resources Inc.'s (CLF) first-quarter earnings more than quintupled on benefits from a settlement with ArcelorMittal (MT, MT.AE), as well as higher pricing in each of Cliffs' business segments. Shares in the coal and iron-ore producer were up 2.3% at $98.78 after hours. Through the close, the stock has risen 38% in the last year. Earlier this month, Cliffs and ArcelorMittal (MT, MT.AE) settled disputes over pricing and iron pellets. Thursday, the company said the settlement resulted in Cliffs recognizing about $140 million in additional revenue in the latest period. It also had a $54 million favorable impact on cost of goods sold. The company's earnings have been soaring in recent quarters as both sales volumes and prices climb. It has predicted iron-ore prices will remain high in the near term, thanks to strong demand from China and dim prospects for new output capacity. At the North American iron ore operations--which account for the largest share of revenue--sales volumes fell 19%, as revenue per ton from product sales and services rose 36% excluding settlement effects. The company posted a profit of $423.4 million, or $3.11 a share, up sharply from $77.4 million, or 57 cents a share, a year earlier. Revenue climbed 63% to $1.18 billion. Analysts surveyed by Thomson Reuters predicted earnings of $2.22 a share on revenue of $1.4 billion. The company now sees North American iron-ore sales volume totaling 29 million tons this year, up 1 million from its February view because of increased demand. Early this year, Cliffs agreed to buy Consolidated Thompson Iron Mines Ltd. (CLM.T) for about C$4.9 billion ($5.15 billion). The company has said it expects the deal, which will expand its share of the global iron-ore market, to close early in the second quarter. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Cleveland Cliffs (CLF)
DateTimeHeadline
05/22/201515:02:02These Mining Giants Are Throwing in the Towel; Are Iron Ore Prices...
05/21/201516:07:02Jettisoning Coal Won't Solve Cliffs Natural Resources Inc's Biggest...
05/06/201506:41:46Cliffs Natural Resources Rating Reiterated by Wolfe Research...
05/05/201515:51:43Why Cliffs Natural Resources Inc's Shares Popped 11% Today
04/30/201510:30:05Cliffs Natural Resources Price Target Raised to $2.50 (CLF)
04/30/201509:24:04TheStreet Reiterates "Sell" Rating for Cliffs Natural Resources...
04/29/201517:37:30Why Cliffs Natural Resources Inc (CLF) Stock Got Hammered Today
04/29/201515:22:33RBC Capital Analysts Give Cliffs Natural Resources a $7.00 Price...
04/28/201516:20:00Cliffs Natural Resources Inc. Reports First-Quarter 2015 Results
04/28/201510:45:00Cliffs Natural Resources Inc. Announces an Increase in the Sales...
04/23/201503:15:44Cliffs Natural Resources Price Target Cut to $6.00 (CLF)
04/21/201517:49:00Communications Sales & Leasing Set to Join the S&P MidCap 400
04/14/201513:58:11Why Cliffs Natural Resources Inc's Shares Jumped 12% Today
04/14/201510:08:35Fortescue Overhauls Worker Rosters to Cut Costs -- Update
04/10/201505:30:13Iron-Ore's Collapse Claims Major Australian Casualty
04/10/201505:09:36Iron-Ore's Collapse Claims Major Australian Casualty
04/09/201509:58:16Cliffs Natural downgraded at BMO as iron ore oversupply "not...
04/02/201516:05:00TransDigm Announces the Hiring of Terrance Paradie as Executive...
04/02/201509:02:45Cliffs Debt Refinancing Is Done
04/02/201508:10:07Cliffs Natural Resources Names P. Kelly Tompkins CFO

Cleveland Cliffs and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad