Cliffs Natural posts loss as revenue drops, cuts payout

Tue Feb 12, 2013 4:18pm EST

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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.

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