Cliffs Natural Resources Inc. produces iron ore pellets and supplies metallurgical coal to the steelmaking industry primarily in
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Cliffs Natural Resources Inc. (NYSE:CLF) reported their 4th quarter and full year results today for what ended Dec. 31, 2009. Full-year revenues of $2.34 billion decreased 35% from the previous year. The decrease was attributed to lower year-over-year demand and pricing for steelmaking raw materials due to the global economic crisis and recessionary environment in some of the Company’s markets. Net income attributable to Cliff’s shareholders for the year was $205.1 million, or $1.63 per diluted share, compared with $515.8 million, or $4.76 per diluted share, in 2008. The Company ended the year with $503 million in cash and equivalents.
Cliffs’ Chairman, President and CEO, Joseph A. Carrabba said, “Despite an extremely challenging environment through most of 2009, Cliffs achieved strong financial and strategic performances, delivering respectable earnings and ending the year in a position of strength. This was the result of exceptional execution by our management team, whose experience and professionalism allowed them to recognize 2009’s challenges and opportunities and act to position the Company to benefit from each.”
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including 2009 growth, revenue for the second quarter and year of 2009 and gross margin for the second quarter and year of 2009. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of intense competition, the continuation or worsening of current economic conditions and the condition of the domestic and global credit and capital markets.
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