ADVERTISEMENT

ADVERTISEMENT

Cliffs Natural Resources reports record earnings for third quarter

One day after announcing plans to cut production at United Taconite and Northshore Mining Co., Cliffs Natural Resources revealed record third-quarter earnings.

One day after announcing plans to cut production at United Taconite and Northshore Mining Co., Cliffs Natural Resources revealed record third-quarter earnings.

During the third quarter of this year, the company earned $174.9 million, compared with $56.9 million during the same period in 2007.

The company's profits for the first nine months of this year were $461.9 million -- a vast improvement from the $176.3 million of net income it reported during the same period last year.

"In addition to generating record sales and earnings during the quarter, the Cliffs management team continued to aggressively execute on our strategic plan, which includes consolidating minority positions, expansion via strategic acquisition, exploiting organic growth opportunities and striving for operational excellence in each of our business segments," Joseph Carrabba, Cliffs' chairman, president and CEO, said in a statement issued Wednesday.

Related Topics: MINING
What To Read Next
Bankruptcy information gathered from cases filed in U.S. Bankruptcy Court in Duluth.
Recently sold properties from St. Louis County.
Bankruptcy information gathered from cases filed in U.S. Bankruptcy Court in Duluth.
Recently sold properties from St. Louis County.