Cliffs Natural Resources reported unaudited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported revenue of $476.0 million against $1,030.3 million a year ago. Operating income was $24.5 million against operating loss of $5.5 million a year ago. Loss from continuing operations before income taxes was $35.4 million against $37.2 million a year ago. Loss from continuing operations was $34.8 million or $0.24 per basic and diluted share against income of $501.7 million or $2.79 per diluted share a year ago. Net loss attributable to common shareholders was $60.3 million or $0.39 per basic and diluted share against $1,297.9 million or $7.19 per diluted share a year ago. EBITDA was $33.7 million against LBITDA of $1,533.9 million a year ago. Adjusted EBITDA was $75.9 million against $286.0 million a year ago. Net loss from continuing operations attributable to common shareholders – adjusted was $21.4 million against income of $705.8 million a year ago. At the end of the fourth quarter of 2015, the company had net debt of $2.4 billion, compared to $2.6 billion of net debt at the end of the fourth quarter of 2014.

For the year, the company reported revenue of $2,013.3 million against $3,373.2 million a year ago. Operating income was $151.3 million against $130.1 million a year ago. Income from continuing operations before income taxes was $313.1 million against loss of $19.7 million a year ago. Income from continuing operations was $143.7 million $0.63 per basic and diluted share against $388.1 million $2.02 per diluted share a year ago. Net loss attributable to common shareholders was $787.7 million or $5.13 per diluted share against $7,275.4 million $40.36 per diluted share a year ago. Net cash provided by operating activities was $26.5 million against $358.9 million a year ago. Purchase of property, plant and equipment was $83.4 million compared to $284.1 million reported a year ago. LBITDA was $219.7 million against $8,924.4 million a year ago. Adjusted EBITDA was $292.9 million against $1,048.3 million a year ago. Net loss from continuing operations attributable to common shareholders – adjusted was $124.2 million against income of $954.6 million a year ago.

For the quarter, the company reported total production volume of 4,340,000 tons at U.S. Iron Ore compared to 6,175,000 tons a year ago. The total production volume was 3,068,000 tons at Asia Pacific Iron ore compared to 3,042,000 tons a year ago.

For the year, the company reported total production volume of 19,317,000 tons at U.S. Iron Ore compared to 22,431,000 tons a year ago. The total production volume was 11,722,000 tons at Asia Pacific Iron ore compared to 11,352,000 tons a year ago.

The company provided full-year expected revenues-per-ton ranges based on different assumptions of seaborne iron ore prices. The company indicated that each different pricing assumption holds all other assumptions constant, including customer mix, as well as industrial commodity prices, freight rates, energy prices, production input costs and/or hot-band steel prices (all factors contained in certain of Cliffs' supply agreements). For 2016, the company expects full-year sales volume of approximately 17.5 million tons from its U.S. Iron Ore business. In order to reduce pellet inventory levels and generate cash flow from working capital, the Company currently plans to produce approximately 16 million tons of iron ore pellets. The company's full-year 2016 U.S. Iron Ore cash production cost per ton expectation is $50 - $55. The company's cash cost of goods sold per ton expectation is $55 - $60, representing a reduction of $5 from the previously disclosed 2016 cash costs of goods sold per ton expectation of $60 - $65. The company anticipates depreciation, depletion and amortization to be approximately $7 per ton for full-year 2016. The company's full-year 2016 Asia Pacific Iron Ore expected sales and production volume is approximately 11.5 million tons. The product mix is expected to contain 50% lump and 50% fines. Based on a full-year average exchange rate of $0.69 U.S. Dollar to Australian Dollar, the company is expecting a full-year 2016 Asia Pacific Iron Ore cash production cost per ton of $25 - $30. The company's cash cost of goods sold per ton expectation is expected to be $30 - $35. The company indicated that for every $0.01 change in this exchange rate on a full-year basis, the company's cash cost of goods sold is impacted by approximately $6 million. The company anticipates depreciation, depletion and amortization to be approximately $2 per ton for full-year 2016.

The company expects full-year 2016 interest expense to be approximately $240 million, of which approximately $205 million is cash interest. Consolidated full-year 2016 depreciation, depletion and amortization is expected to be approximately $145 million. The company expects full-year 2016 capital expenditures to be $50 million, a significant reduction compared to 2015 expenditures of $83 million. The reduction is driven by the divestiture of the remaining coal assets as well as spending discipline exhibited in the U.S. Iron Ore business.