Cliffs Natural Resources reported on third-quarter results on Thursday afternoon, boasting some big increases in operating income.
The company reported a gain of 194 percent in third-quarter operating income, to a total of $224 million. Cliffs also reported an increase in year-to-date cash flow from operations of 149 percent, equaling $686 million.
"We are pleased with the third quarter's operating performance and financial results," said Cliffs' Chairman of the Board, James Kirsch. "During the quarter, we cut costs across the board, improved year-over-year sales margin, and lowered our full-year capital expenditures outlook. We have made good progress and have even greater investment and operational opportunities in our future."
Cliffs cited a higher consolidated sales margin and significantly lower exploration expenses as a reason for the operating income increase of 194 percent.
For the full report by Cliffs Natural Resources, click here.