For the quarter ending 30 September, the company reported net income of US$53 million, or 18 cents per diluted share, on sales of US$596.7 million. In the same quarter last year, the company recorded a net loss of US$28 million, or 12 cents per diluted share, on sales of US$428.3 million. 

“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,” said chairman and chief executive Lourenco Goncalves. “With the third quarter numbers in the books, we have already outperformed in three quarters of 2017 the results of fiscal 2016." 

During the quarter, the company sold 5.9 million long tons of U.S. iron ore, up 11.3% from the same quarter last year. The company said the increase was due to greater demand and export sales. Cliffs said it expects to sell 18.5 million long tons of iron ore this year.