Cliffs Natural Resources' (NYSE:CLF) Q2 loss is attributed to lower prices for iron ore and metallurgical coal as well as a decline in sales volumes, but earnings were better than analysts had expected.
Sales volumes at CLF's U.S. iron ore operations fell 24% Y/Y; Q2 iron ore pellet sales volume totaled 4.3M tons vs. 5.7M tons in the year-ago quarter, and revenues per ton were $106.80 vs. $110.32 in the year-ago quarter.
CLF says it lowered capital spending by $210M, or 77%, to $61M and improves cash cost/ton rates across all business segments.
Achieved record quarterly sales volume of 2M tons at the Bloom Lake mine, and lowers full-year cash cost/ton outlook for Bloom Lake.
CEO Gary Halverson says CLF continues to cut costs and reduce capital expenditure amid a "challenging business climate."
CLF -0.2% AH.