Cliffs Natural Resources will reopen its Northshore Mining operation in Silver Bay before the end of June and reopen its idled United Taconite operation in Forbes and Eveleth later this year, officials said Thursday while reporting positive first quarter results.
Cliffs, which operates United Taconite, Hibbing Taconite and the non-union NorthShore Mining on Minnesota’s Iron Range, reported first quarter revenue fell 32 percent to $306 million. Profits however, jumped to a positive $117 million, or 62 cents a share for the quarter, compared to the year-ago loss of $762 million or $4.26 a share. The company lost $54 million as recently as the fourth quarter, but appears to be making a come back.
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