According to a news release issued Wednesday, Cliffs Natural Resources Inc. reported first-quarter results for the period ended March 31, 2013.
According to the news release:
Consolidated revenues of $1.1 billion decreased $72 million, or 6%, from the previous year. The lower revenues were driven by a 10% decrease in global iron ore sales volumes, which contributed to a 2% decrease in cost of goods sold to $903 million.
Consolidated sales margin decreased 18% in the first quarter to $238 million, from $292 million in the same quarter last year. Global seaborne iron ore pricing for a 62% Fe fines product (C.F.R. China), a significant factor in the Company's profitability, remained relatively flat, averaging $148 per ton, an increase of 3% over the first quarter of 2012.
Joseph Carrabba, Cliffs' chairman, president and chief executive officer, said, "We are headed in the right direction in 2013. During the first quarter, we took deliberate measures to reduce our balance sheet leverage and improve our cash position. Also, our operating teams are taking a pragmatic approach to reduce operating costs across the board. We expect these initiatives will position the Company to successfully manage through volatile pricing environments."