Revenue more than tripled to a best ever $1,18-billion, compared with $390,3-million in the second quarter of 2009, after sales volumes and prices rose for both coal and iron-ore, driven by a stronger market for steel than in the same period of 2009.
“Each of our segments generated strong year-over-year profits, including a shift to profitability in North American coal,” CEO Joseph Carrabba said in a statement.
“The actions taken in recent years under our strategy to grow as a diversified mining company are contributing significant momentum to our earnings and cash generation potential.”
Cliffs is seeking to diversify further by investing in chromite projects in Ontario, Canada.
The company operates coal and iron-ore mines in the US and Australia, has iron-ore mines in Canada and also owns a 30% stake in the Amapa iron-ore project, in Brazil.