The largest US iron-ore producer Cliffs Natural Resources has rallied as much as 35% to $5.38 a share on the NYSE on Thursday, after it said it had swung to a first-quarter profit amid sustained market improvement.
For the three months ended March 31, Cliffs recorded net income attributable to Cliffs’ common shareholders of $108-million, or $0.62 a diluted share, compared with a net loss attributable to Cliffs’ common shareholders of $773-million, or $4.26 a diluted share, recorded in the first quarter of 2015.
