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Cliffs Natural Resources Q1 Profit Declines

Cliffs Natural Resources Inc. Co (CLF) reported that its first-quarter net income attributable to shareholders was $375.8 million, or $2.63 per share, compared to $423.4 million, or $3.11 per share in the comparable quarter last year.

Consolidated first quarter revenues were $1.3 billion, up from $1.2 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.10 per share on revenues of $1.30 billion for the quarter. Analysts' estimates typically exclude special items.

Cliffs maintained its previously disclosed 2012 capital expenditures budget of approximately $1 billion, comprised of approximately $300 million in sustaining capital and $700 million in growth and productivity-improvement capital.

by RTT Staff Writer

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