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
11/14/201613:15:00Cliffs Natural Resources Inc. to Webcast Presentation from the...
11/04/201608:31:46Statement of Changes in Beneficial Ownership (4)
11/03/201608:36:40Statement of Changes in Beneficial Ownership (4)
11/02/201610:12:19Statement of Changes in Beneficial Ownership (4)
11/01/201609:04:41Statement of Changes in Beneficial Ownership (4)
10/31/201609:31:01Statement of Changes in Beneficial Ownership (4)
10/28/201611:55:40Statement of Changes in Beneficial Ownership (4)
10/27/201617:23:57Statement of Changes in Beneficial Ownership (4)
10/27/201617:21:48Initial Statement of Beneficial Ownership (3)
10/27/201613:42:48Quarterly Report (10-q)
10/27/201608:29:50Current Report Filing (8-k)
10/27/201608:27:23Current Report Filing (8-k)
10/27/201608:05:00Cliffs Natural Resources Inc. Appoints Eric Rychel to Board of...
10/27/201608:00:00Cliffs Natural Resources Inc. Reports Third-Quarter 2016 Results
10/03/201616:56:59Statement of Changes in Beneficial Ownership (4)
10/03/201616:56:59Statement of Changes in Beneficial Ownership (4)
10/03/201616:56:48Statement of Changes in Beneficial Ownership (4)
10/03/201608:00:00Cliffs Natural Resources Inc. to Announce Third-Quarter 2016...
09/29/201613:43:00Cliffs' New Labor Contract with the United Steelworkers Ratified...
08/26/201612:40:00Cliffs Reaches Tentative Agreement with United Steelworkers on...

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 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US