US-based coal producer Cliffs Natural Resources has announced that in the fourth quarter of 2014 its sales revenue decreased by 15 percent to $1.3 billion compared to the corresponding quarter of the previous year. The lower revenues were primarily driven by lower revenues from the Asia Pacific Iron Ore and Eastern Canadian Iron Ore segments. In the full year 2014, the company’s sales revenues amounted to $4.6 billion, down 18.7 percent year on year.
For the fourth quarter of 2014, Cliffs recorded a net loss of $1.3 billion, compared with a net profit of $30.5 million in the fourth quarter of 2013. In 2014, Cliffs saw a net loss of $7.2 billion, compared to a net profit of $364.8 million in 2013.
According to Cliffs' statement, the iron ore pellet sales volume from US operations in the fourth quarter amounted to 7.8 million tons, compared with 6.2 million tons in the fourth quarter of 2013. The growth was primarily driven by increased customer demand in the Great Lakes area. The increase was also attributable to continued catch-up from the delayed start of the shipping season in the spring of 2014.