Cleveland-Cliffs EPS jumps 171% in 2Q

Higher prices and greater volumes shipped all helped Cleveland-Cliffs report consolidated revenues of $714 million, compared to the prior year's second-quarter revenues of $471 million.

Earnings per share from continuing operations up 171 percent to $0.76 per share.

The American-based iron ore mining company said iron ore realized revenue rate in the US increased 16 percent to $113 per long ton.

Cleveland-Cliffs expects full-year U.S. iron ore pellet sales volume expectation to increase to 21 million long tons. Cliffs has also increased its full-year sales volume expectation by 500,000 long tons to 21 million long tons. Its production volume expectation of 20 million long tons is being maintained.

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