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Cliffs
Natural Resources, formerly Cleveland-Cliffs, is a Cleveland, Ohio business
firm that specializes in the mining and beneficiation of iron ore and the
mining of coal. The firm is an independent company whose shares are traded on
the New York Stock Exchange. The firm has stated that it had approximately
4,000 employees and a 28% share of the iron-ore pellet market. After acquiring
Consolidated Thompson Iron Mines in January 2011 for US$4.9 billion in
anegotiated deal (won't close until the 2nd quarter) Cliff's will control 10
iron ore facilities, 6 coal mines and a chrome project with the capacity to
produce upwards of 46 million tonnes of iron ore pellets (30) and concentrate
(16). Prior to the January 11 deal Cliffs owned 2-3% of the company, 19% of
Consolidated Thompson is being purchased from Wuhan Iron and Steel Group of
China. The deal gives Cliffs Natural Resources exposure outside of North
America (Consolidated Thompson has long term deals with China's third biggest
steel producer and two other Asiancommodity brokers. The company started
producing (and receiving revenue from) coal only since the third quarter of
2007.
For
the first nine months of 2010 coal made up 12.9% of total revenue ($421.1
million, down from 14.4% the year before) while iron ore contributed $2,615.7
million (80.3% compared to 80.5% in '09), the other 6.8% (up from 5.1% in '09)
came from freight and minority interests (such as its 45% stake in a coking and
thermal coal mine in Western Australia and the 30% interest in Brazil's Amapa
iron ore project). Although revenue has generally been stable quarter to
quarter (no extreme changes) gross income was wildly inconsistent, the result
of expenses being high even when total revenue wasn't. Between 2007 and 2010
quarterly sales margin was lowest in each of the two quarters beginning 2009 (combined
for $30.7 million despite revenue being over $700 million), combined they
generated gross profit 2.5-3 times smaller than during any other single
quarter. For the first nine months of 2010 total costs (goods sold &
operating expenses) amounted to $2,216.8 million representing a 60% increase
over 2009.
Type Public
Traded
as
NYSE:
CLF
S&P
500 Component
Industry Iron ore
Founded Cleveland, Ohio, United States
(1846)
As
Cleveland Iron Company
Founder(s) Samuel Mather and associates
Headquarters 200 Public Square, Cleveland, USA
Key
people • Joseph A. Carrabba (CEO, Chair,
President)
• Laurie Brlas (CFO)
• Donald J. Gallagher (President
N.A. Bus. Unit)
• William R. Calfee (Exec VP Comm
(NA), Chair (Marketing))
• P. Kelly Tompkins (Exec. VP Leg.,
Gov. Aff. & sust.)
Products iron ore, coal
Revenue US$6,794.3 million (2011) 45.1%
Operating
income
US$2,348.6
million (2011) 84.9%
Net
income
US$1,812.6
million (2011) 77.7%
Total
assets
US$14,541.7
mil (Dec 2011) 86.9% qoq
Website www.cliffsnaturalresources.com
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