Cliffs 3rd Quarter Earnings Down For 2016

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GLR News Update

GLR News Update

Marquette, MI – (Great Lakes Radio News) – Cliffs Natural Resources is reporting a loss in their third-quarter results for this year.

The company recorded a net loss of $28 million this year compared to net income of $6 million recorded in the same quarter of last year.

Cliffs reported consolidated revenues of $553 million during the third quarter of 2016, a decrease of 7 percent compared to the prior year’s third-quarter revenues of $593 million.

Officials say the net loss included an $18 million loss on extinguishment and restructuring of company debt.