Miner Cliffs quarterly earnings rise, helped by drop in costs

Thu Feb 13, 2014 6:15pm EST

Feb 13 (Reuters) - Cliffs Natural Resources Inc, which is facing off against an activist investor who wants to break up the company, reported higher fourth-quarter profits on Thursday helped in part by drop in the cost of goods sold.

The U.S.-based iron ore and metallurgical coal producer said net income rose to $31 million, or 20 cents a share, in the three months to end-December from a loss of $1.6 billion, or $11.36 a share, a year earlier when it took a $1 billion writedown on an acquisition.