.

This is just a very small portion of the report

Go here for the remainder.......

http://www.cliffsnaturalresources.com/Pages/Home.aspx

Go to in the NEWS....main screen

bwire






CLEVELAND (Business Wire) -- Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today
reported first-quarter results for the period ended March 31, 2010.
Consolidated revenues in the seasonally slow first quarter were $727.7
million, up 57% from $464.8 million in the same quarter last year. The
increase was driven by higher year-over-year pricing in each of Cliffs'
business segments and improved sales volume from its North American
operations, reflecting rebounding global demand for steelmaking raw
materials.




Joseph A. Carrabba, Cliffs' chairman, president and chief executive
officer, said, "Cliffs' business model is extremely leveraged to
increasing global demand for steelmaking raw materials and is benefiting
from the strategic efforts made over the past five years to diversify
the enterprise and gain additional exposure to high-growth markets. The
recent improvement seen in the world's mature economies and continued
strength in emerging markets are providing our company tremendous
earnings and cash generating potential."




Operating income for the first quarter was $113.4 million, versus $11.4
million in the same quarter last year. Operating income was driven by
higher sales volume in North America and improved sales margin in all of
Cliffs' business segments. Cliffs also noted it recorded other income of
$60.6 million as a result of marking-to-market minority interests in
Wabush Mines and Freewest Resources that the Company held before the
acquisitions of the remaining interests in each. In addition, Cliffs
said its tax provision in the first quarter includes $25.8 million of
discrete items. This includes a $16.1 million charge associated with
changes to the Medicare Part D Subsidy resulting from recently enacted
healthcare reform in the United States.




First-quarter 2010 net income was $93.5 million, or $0.69 per diluted
share, up from the net loss of $7.4 million, or $0.07 per share, in the
first quarter of 2009.