Cliffs Natural Resources (CLF) Posts Q3 Operating Loss of 11c/Share
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October 27, 2016 8:05 AM EDT
CLEVELAND, Oct. 27, 2016 /PRNewswire/ -- Cliffs Natural Resources Inc. (NYSE: CLF) announced today that it has appointed Eric M. Rychel to its Board of Directors, effective immediately. Mr. Rychel is Executive Vice President, Chief Financial Officer and Treasurer of Aleris Corporation, a privately held company that is a global leader in aluminum rolled products. He joined Aleris in 2012 and presently leads the global finance activities for the organization. Mr. Rychel will join the Audit Committee of Cliffs Natural Resources' Board. With the addition of Eric Rychel, the Cliffs' Board... More
October 27, 2016 8:00 AM EDT
CLEVELAND, Oct. 27, 2016 /PRNewswire/ -- Cliffs Natural Resources Inc. (NYSE: CLF) today reported third-quarter results for the period ended September 30, 2016. The Company reported consolidated revenues of $553 million during the third quarter of 2016, a decrease of 7 percent compared to the prior year's third-quarter revenues of $593 million. Cost of goods sold decreased by 13 percent to $468 million compared to $538 million reported in the third quarter of 2015.
The Company recorded a net loss of $28 million compared to net income of $6 million recorded in the prior-year quarter. The net loss during the third quarter of 2016 included an... More
