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FYI

NEW YORK, July 8 (Reuters) - Cleveland-Cliffs Inc (CLF.N: Quote, Profile, Research) raised its outlook for iron ore revenue from its Asia-Pacific segment to $102 per tonne and its North American segment to $85 per short ton for 2008, it said Tuesday in a press release.

The mining company also increased its forecasts for 2009 revenues from the North American segment to about $107 a ton.

With 80 percent increases in recent iron ore pricing settlements for fines and 97 percent increases for lump in Australia, Cliffs said it now expects average revenue per tonne of about $102 for its Asia-Pacific iron ore segment for 2008, based on its anticipated product mix.

The new projection is 87 percent higher than the previous year, and up from its previous guidance of $89 per tonne, the international mining company said.

It also said it expects per tonne costs of about $55 for Asia-Pacific iron ore, up from previous estimates cof $53.

The company said the increase is due primarily to higher royalty payments related to larger year-over-year price increases than anticipated, along with rising energy costs.

The iron ore producer said its sees output volume of 7.8 million tonnes and sales volume of 8.0 million tonnes for the Asia-Pacific segment.

Cleveland-Cliffs also pushed up to $85 a ton its estimated revenue for its 2008 North American iron ore supply agreements, compared with previous guidance of $81 per ton.