Cliffs' Q4 Results: Cost Rationalization Efforts Partially Offset Impact Of Low Commodity Prices

As expected, the company's results were negatively impacted by lower realized iron ore and coal prices. However, Cliffs' cost rationalization efforts helped offset some of the negative effects of a weak commodities pricing environment on the company's results. Cliffs' adjusted EBITDA figure, which excludes the impact of one-time and non-cash items on the company's profits, stood at $297 million in Q4 2014, as compared to $437 million in the corresponding period of 2013.