Cliffs Natural posts loss as revenue drops, cuts payout
Feb 12 (Reuters) - Cliffs Natural Resources Inc reported lower revenue and a quarterly loss on Tuesday, and slashed its dividend by 76 percent.
The miner, which produces iron ore and metallurgical coal, said its earnings were hurt in part by a $1 billion writedown announced in January.
The company reported a loss of $1.62 billion, or $11.36 a share, compared with a profit of $185.4 million, or $1.30, a year earlier. Revenue fell to $1.42 billion from $1.53 billion.
- Thousands of Gaza civilians flee after Israeli warning |
- Russia warns Ukraine after shell crosses border |
- Three dead, two wounded in Pasadena, California shootings
- As some high-risk assets take a hit, investors fear worse is to come
- Heavy fighting breaks out near Libya's Tripoli airport, seven dead