CLEVELAND - Cliffs Natural Resources today reported third-quarter results for the period ended Sept. 30. According to a company written statement, year-over-year consolidated revenues of $1.5 billion increased slightly driven by a 17 percent increase in global seaborne iron ore pricing. This was partially offset by lower market pricing for metallurgical coal products and a 2 percent decrease in global iron ore sales volumes.
James Kirsch, Cliffs' chairman of the board, said, "We are pleased with the third quarter's operating performance and financial results. During the quarter, we cut costs across the board, improved year-over-year sales margin, and lowered our full-year capital expenditures outlook. We have made good progress and have even greater investment and operational opportunities in our future. Ultimately, we will be driven by strategies that create the best options to deliver value to shareholders."
Operating income for the third quarter of 2013 increased 194 percent to $224 million. The increase was primarily driven by the higher consolidated sales margin and significantly lower exploration expenses. The company has taken measures to reduce exploration spending on drilling and other professional services for certain projects, as well as to scale back on chromite-related spending. - From a company written statement