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Miner Cliffs' second-quarter profit falls as prices drop
July 25, 2012 / 9:29 PM / 5 years ago

Miner Cliffs' second-quarter profit falls as prices drop

July 25 (Reuters) - Iron ore and coal producer Cliffs Natural Resources Inc’s quarterly profit fell as a result of lower prices and higher costs.

Net profit was $258 million, or $1.81 per share, compared with $409 million, or $2.92 per share, in the second quarter a year earlier.

Revenue fell 10 percent to $1.6 billion, the Cleveland-based company said on Wednesday.

Cliffs shares closed at $42.67 on Wednesday on the New York Stock Exchange. (Reporting by Divya Lad in Bangalore)

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