Cliffs sees revenue fall 67 percent

Cliffs Natural Resources, owners of United Taconite and Northshore Mining, reported a third-quarter net income drop of 67 percent from $178 million in 2008 to $58 million this year.

The Cleveland-based company had revenues fall 44 percent from about $1.2 billion in 2008 to $666 million this year.

The poor third-quarter performance came the same week U.S. Steel, with two mines on the Iron Range, also posted decreases in net income and production.

Cliffs’ Minnesota operations are United Taconite in Forbes and Eveleth and Northshore Mining in Silver Bay and Babbitt.

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