Cliffs Natural Resources Inc. today reported first-quarter results for the period ended March 31, 2017. The company reported consolidated revenues of $462 million, an increase of 51 percent compared to the prior year's first-quarter revenues of $306 million, as a result of increased sales volumes and seaborne iron ore prices. Cost of goods sold increased by 33 percent to $366 million compared to $275 million reported in the first quarter of 2016, as a result of increased sales volumes in both business segments.
The company recorded a net loss of $30 million in the first quarter. This compares to net income of $117 million recorded in the prior-year quarter.
US iron ore pellet sales volume in the first quarter of 2017 was 3.1 million long tons, a 63 percent increase when compared to the first quarter of 2016.