Cliffs Natural profit slumps on lower iron ore prices

Wed Oct 24, 2012 5:11pm EDT

Oct 24 (Reuters) - Iron ore and coal miner Cliffs Natural Resources Inc's third-quarter profit slumped 85 percent as iron ore prices fell.

Third-quarter profit at the Cleveland-based company fell to $85.1 million, or $0.59 per share, from $601.2 million, or $4.15 per share, a year earlier.

Revenue fell 26 percent to $1.5 billion.

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