Cliffs Natural Resources Inc. Reports Fourth-Quarter and Full-Year 2016 Results

CLEVELAND, Feb. 9, 2017

Fourth-quarter 2016 consolidated revenues of $754 million increased 58 percent from the prior year's fourth-quarter revenues of $476 million. As a result of increased volumes sold, cost of goods sold increased by 32 percent to $573 million compared to $433 million reported in the fourth quarter of 2015.

For the fourth quarter of 2016, the Company recorded net income of $81 million compared to a net loss of $58 million recorded in the prior-year quarter. The Company recorded net income attributable to Cliffs' common shareholders of $79 million, compared to a net loss attributable to Cliffs' common shareholders of $60 million recorded in the fourth quarter of 2015.

For the fourth-quarter of 2016, adjusted EBITDA¹ was $174 million, compared to $76 million in the fourth quarter of 2015.

			Adjusted EBITDA1 by Segment (in millions)
			U.S. Iron Ore ARIVA.DE Börsen-Geflüster Kurse Cleveland-Cliffs 17,88 $ -1,92%				Asia Pacific Iron Ore				Corporate/ Other				Total
Q4 2016 Adjusted EBITDA1 (in millions)			$	151.0			$	59.7			$	(36.9)			$	173.8
YTD 2016 Adjusted EBITDA1 (in millions)			$	359.6			$	132.9			$	(119.0)			$	373.5

Full-Year Consolidated Results
Full-year 2016 consolidated revenues of $2.1 billion increased 5 percent from the prior year's revenues of $2.0 billion. Cost of goods sold decreased by 3 percent to $1.7 billion compared to $1.8 billion reported in 2015.

For the full-year 2016, the Company recorded net income of $199 million compared to a net loss of $748 million recorded in the prior year. The Company recorded full-year net income attributable to Cliffs' common shareholders of $174 million, compared to a net loss attributable to Cliffs' common shareholders of $788 million, recorded in 2015.

For the full-year 2016, adjusted EBITDA¹ was $374 million, compared to $293 million in 2015.

Lourenco Goncalves, Chairman, President and Chief Executive Officer, said: "2016 was the year in which we finalized the execution of the operational, commercial and financial actions necessary to ensure Cliffs will have a great future. Among the actions accomplished last year are several new sales agreements entered with clients, including the renewal of our long-term supply contract with our largest customer, and a number of capital markets transactions that were successfully executed to reduce debt and extend our maturity runway." Mr. Goncalves added: "Despite the undeniable fact that the underlying business environment was far from ideal during almost all of 2016, the environmentally compliant and safety oriented performance of the Cliffs teams in the United States and in Australia resulted in a very profitable year with strong cash flow generation." Mr. Goncalves concluded: "We are excited about Cliffs and about our future. A much more favorable business environment in the U.S. and a newly adopted rational behavior in the international iron ore market support the work we have done internally in our company. With a much lower debt profile and extended maturities, and several new and more favorable commercial agreements that we put in place in 2016, we expect Cliffs to deliver strong and sustainable results in 2017."

Reporting Matters
Given that the Company anticipates running its mines at full capacity going forward, Cliffs will provide more simplified disclosures with respect to reporting operating cost performance at its two business units. Accordingly, the Company will no longer separate cash cost of goods sold and operating expense rate into "cash production cost per ton" and "non-production cash cost per ton." Idle cost was a significant component of non-production cash cost in 2015 and 2016.

U.S. Iron Ore
		Three Months Ended December 31,								Year Ended December 31,
		2016				2015				2016				2015
Volumes - In Thousands of Long Tons
Total sales volume		6,881				4,501				18,224				17,292
Total production volume		4,923				4,340				15,982				19,317
Sales Margin - In Millions
Revenues from product sales and services		$	579.0			$	372.9			$	1,554.5			$	1,525.4
Cost of goods sold and operating expenses		453.0				323.5				1,278.8				1,298.3
Sales margin		$	126.0			$	49.4			$	275.7			$	227.1
Sales Margin - Per Long Ton
Revenues from product sales and services*		$	73.86			$	74.23			$	75.71			$	79.12
Cash cost of goods sold and operating expense rate2		52.80				57.19				55.97				60.27
Depreciation, depletion and amortization		2.75				6.07				4.61				5.72
Cost of goods sold and operating expenses* Werbung Mehr Nachrichten zur Cleveland-Cliffs Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 26.04.24 - PR Newswire Datang Intnl Pwr Gen - CHANGE OF JOINT COMPANY SECRETARY ANNOUNCEMENT 26.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - TClarke Plc 26.04.24 - PR Newswire Moonpig Group Plc - Directorate Change Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59