Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today reported fourth-quarter and full-year results for the period ended Dec. 31, 2011. According to a press release from the company, record full-year revenues of $6.8 billion increased $2.1 billion , or over 45%, from the previous year. Full-year operating income increased to $2.3 billion , up 85% from $1.3 billion in 2010. Net income attributed to Cliffs’ shareholders was $1.6 billion , or $11.48 per diluted share, up from $1 billion , or $7.49 per diluted share, in the prior year.
Joseph Carrabba , Cliffs’ chairman, president and chief executive officer, said, “Cliffs delivered an exceptional performance in 2011, a year highlighted with the transformational acquisition of Consolidated Thompson. With a significant organic pipeline of growth in both iron ore and metallurgical coal, Cliffs is well positioned for continued momentum in 2012 and beyond.”
The company also released the following 2011 Highlights:
… Completing the C$4.9 billion (including net debt) acquisition of Consolidated Thompson, an emerging world-class iron ore producer in Eastern Canada , along with implementing the long-term capital structure to finance the deal;
… Increasing the quarterly cash dividend rate by 100%;
… The addition of Cliffs Natural Resources to the Fortune 500 listing;
… Being ranked No. 7 on the 2011 Barron’s 500 America’s Top Companies List;
… Advancing its safety program “Road to Zero” by reducing year-over-year injury rates across the organization by 15%; and
… Executing a global reorganization, by realigning management responsibilities for worldwide production and commercial sales.