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(AMM) Cliffs earnings up on iron ore, coal demand

July 29, 2010 - 21:54 GMT Location: PITTSBURGH

KEYWORDS: Cliffs Natural Resources , iron ore , coal , raw materials

Cliffs Natural Resources Inc.'s net income jumped nearly six-fold to $260.7 million in the second quarter from $45.5 million in the same period last year thanks to higher raw material prices coupled with increased demand from steelmakers.

The Cleveland-based iron ore and coal miner's revenue in the quarter more than tripled to a record $1.18 billion from $390.3 million a year earlier.

"We are not seeing anything in the market that would lessen demand (for iron ore pellets). We expect demand for blast furnace pellets...

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