Cliffs profits down from a year ago, up from last quarterThird-quarter earnings down 67 percent from last year's mark.
Cliffs Natural Resources, owners of United Taconite and Northshore Mining, reported a third-quarter net income Thursday of $58 million, an improvement over the second quarter but still a 67 percent decrease from third quarter last year.
Cliffs’ profits were $45.5 million during the second quarter; they were nearly $175 million in third quarter last year.
The Cleveland-based company had revenues of $666 million, off about 44 percent from its $1.2 billion in revenue in 2008.
The weaker third-quarter performance came the same week U.S. Steel, with two mines on the Iron Range, reported a third quarter loss of $303 million, although U.S. Steel’s sales were up 32 percent to $2.8 billion.
Cliffs’ Minnesota operations are United Taconite in Forbes and Eveleth and Northshore Mining in Silver Bay and Babbitt.