Cliffs revenue down 35 percentOwners of Northshore Mining calls losses "respectable" considering the economic climate.
Cliffs Natural Resources, parent company to Northshore Mining in Silver Bay and United Taconite, reported a 35 percent decrease in revenue from 2008 to 2009, according to a company news release.
Cliffs said the decrease to $2.34 billion came from lower demand and pricing for steelmaking raw materials because of the global recession.
Net income attributed to shareholders was $205 million in 2009, down from $515 million in 2008, the release said.
“Despite the extremely challenging environment through most of 2009, Cliffs achieved strong financial and strategic performance, delivering respectable earnings and ending the year in a position of strength,” said Joseph Carrabba, Cliffs’ chairman, president and CEO.
Cliffs will have a breakfast reception at 7:30 a.m. March 19 at the Coates Plaza Hotel in Virginia to discuss the 2009 numbers and the outlook for this year. Don Gallagher, Cliffs’ North America president, will be the speaker. Call (218) 279-6120 to reserve a spot.