CLEVELAND, Ohio (WLUC) - Cleveland-Cliffs Inc. Friday reported third-quarter results for the period ended September 30, 2017. The Company reported consolidated revenues of $698 million, an increase of 26 percent compared to the prior year's third-quarter revenues of $553 million. Cost of goods sold increased by 15 percent to $538 million compared to $468 million reported in the third quarter of 2016.
The Company recorded net income of $53 million in the third quarter, or $0.18 per diluted share. This included an $89 million, or $0.29 per diluted share, loss on extinguishment of debt, and a $32 million, or $0.11 per diluted share, gain from discontinued operations. This compares to a net loss of $28 million, or $0.12 per diluted share, recorded in the third quarter of 2016. The prior-year quarter's net loss included an $18 million, or $0.09 per diluted share, loss on extinguishment of debt, and a $3 million, or $0.01 per diluted share, loss from discontinued operations.
Lourenco Goncalves, Cliffs' Chairman, President and Chief Executive Officer, said, "We are very pleased with our accomplishments so far this year, in which we became a much more profitable company, substantially improved our debt profile and now pay a lot less in interest expense. With the third quarter numbers in the books, we have already outperformed in three quarters of 2017 the results of the entire 2016." Mr. Goncalves added, "On top of that, during the third quarter, we acquired the remaining 15% of the Tilden Mine, and now own 100% of all active and idled iron ore mining assets in the State of Michigan. The acquisition will allow us to become a 20 million long ton pellet supplier in 2018."