US-based coal producer Cliffs Natural Resources has announced its second quarter results for the period ended June 30 this year.
In the second quarter, Cliffs Natural Resources’s revenues decreased by 33 percent to $498 million, while the company’s adjusted EBITDA was $65 million. In the first half of this year, its revenues totaled $944.1 million, decreasing by 30.7 percent year on year and its EBITDA was $153.9 million. For the first six months of the current year, Cliffs recorded a net loss of $696.5 million, compared with a net loss of $56.2 million in the same period of the previous year.
According to Cliffs' statement, for 2015 the company is lowering its full year sales and production volume expectation by 1.5 million mt to 19 million mt of iron ore pellets, reflecting currently low capacity utilization rates among Cliffs’ US steel customers, mainly attributed to heavy imported steel penetration. Cliffs expects these conditions to improve in the second half of this year but is basing the sales forecast on current nominations.