Cliffs Natural Resources Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenues from product sales and services of $600.9 million compared to $754.0 million a year ago. Operating income was $105.3 million compared to $131.7 million a year ago. Income from continuing operations before income taxes and equity loss from ventures was $77.3 million compared to $89.6 million a year ago. Income from continuing operations was $322.9 million or $1.07 per diluted share compared to $100.1 million or $0.42 per diluted share a year ago. Net income attributable to shareholders was $317.8 million or $1.05 per diluted share compared to $79.1 million or $0.34 per diluted share a year ago. Adjusted EBITDA was $129.2 million compared to $173.8 million a year ago. Total capital expenditures during the quarter were $77 million.

For the year, the company reported revenues from product sales and services of $2,330.2 million compared to $2,109.0 million a year ago. Operating income was $431.5 million compared to $240.8 million a year ago. Income from continuing operations before income taxes and equity loss from ventures was $137.3 million compared to $207.0 million a year ago. Income from continuing operations was $389.7 million or $1.34 per diluted share compared to $219.2 million or $0.97 per diluted share a year ago. Net income attributable to shareholders was $374.9 million or $0.87 per diluted share compared to $174.1 million or $5.13 per diluted share a year ago. Net cash provided by operating activities was $337.9 million compared to $303.0 million a year ago. Purchase of property, plant and equipment was $155.7 million compared to $69.1 million a year ago. Adjusted EBITDA was $512.8 million compared to $373.5 million a year ago. Net debt as at December 31, 2017 was $1,296.5 million compared to $1,803.5 million a year ago.

The company's full-year 2018 interest expense is expected to be approximately $130 million, compared to $132 million recorded in 2017. Consolidated full-year 2018 depreciation, depletion and amortization are expected to be approximately $100 million, incurred ratably throughout the year. Capital spending expectations are: Approximately $85 million in sustaining capital, approximately $250 million toward the HBI project in Toledo and Approximately $50 million toward the upgrade of the Northshore mine to produce up to 3.5 million long tons of DR-grade pellets a year.