Cliffs Natural Resources Inc. (NYSE: CLF) on Tuesday reported full-year revenues of $5.9 billion, a decrease of $691 million or 11 percent from the previous year.

In the company’s announcement, it attributed the lower revenues to a 23 percent decrease in year-over-year seaborne iron ore pricing. That resulted in a net loss of $899 million, or $6.32 per diluted share, compared with net income of $1.6 billion, or $11.48 per diluted share, in 2011.

Excluding the pre-disclosed non-cash impairment charges, full-year 2012 adjusted net income attributed to Cliffs' shareholders was $493 million, or $3.45 per diluted share, down from adjusted net income of $1.6 billion, or $11.68 per diluted share, in 2011.

Cliffs' board of directors decreased the corporation’s quarterly cash dividend rate to 15 cents from 62.5 cents per common share.

"Unfortunately, our ramp up of Bloom Lake Mine has been slower than originally anticipated, resulting in decreased volumes and increased costs,” said Joseph Carrabba, chairman, president and chief executive officer. Bloom Lake is on track to achieve an annual production run rate of 14 million tons by 2015, which accounts for more than a quarter of Cliffs' current total iron ore volume."

During the fourth quarter of 2012, Cliffs recorded a net loss of $1.6 billion, or $11.36 per diluted share, compared with net income of $185 million, or $1.30 per diluted share, in the fourth quarter of 2011. The decrease was primarily driven by lower sales margin.

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