Cleveland-based Cliffs Natural Resources, which owns or manages three Minnesota taconite operations, reported a strong second quarter Wednesday with revenue up 52 percent over 2010 to a record $1.8 billion.
Operating income for the second quarter was $617 million, an increase of 69 percent from the comparable quarter in 2010. The company also reported net income reached $408 million in the second quarter, up 57 percent to $2.92 per share.
While U.S. taconite production was flat for the company compared to 2010 -- 5.8 million tons compared to 5.9 million -- the company's production costs were down and its sale prices for taconite way up. In its required quarterly report, the company said it earned an average of $137.80 per ton for U.S. taconite ore, up 47 percent from $93.55 in 2010.
And the company was making taconite for less money. Cost per ton for U.S. iron ore was $57.39, down 4 percent from $59.61 in the year-ago quarter. The decrease was driven primarily by lower maintenance costs during the 2011 second quarter, the company reported.
Cliffs owns North Shore and United Taconite and operates and has interest in Hibbing Taconite as well. It also operates mines in Canada, Michigan and Australia.
