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Update: Cliffs Natural Resources Reports Earnings

For its fourth quarter, Cliffs Natural Resources (NYSE:CLF) earned $1 per share on revenues of $1.3 billion. Both profit and revenue beat analyst expectations. Shares of Cliffs rallied after the announcement but subsequently retraced in the following trading session. One reason for Cliffs beating expectations is that the company is controlling costs. Because of the cost-cutting and lower energy prices, the company's overall cost of goods sold was down 9% year over year. Management plans to continue the cost-cutting trend by lowering 2015 SG&A by 18% to $140 million. Management also plans to reduce interest rate payments by buying back debt at a significant discount whenever…