US-based mining company Cleveland-Cliffs Inc. (formerly named as Cliffs Natural Resources) has announced its financial results for the third quarter of the current year.
In the third quarter of this year, Cleveland-Cliffs consolidated sales revenues decreased by 26.2 percent to $698.4 million, while the company’s adjusted EBITDA was $154 million, rising by 149 percent, both on year-on-year basis. In the given period, the company recorded a net profit of $52.9 million compared to a net loss of $27.8 million recorded in the same quarter of the previous year.
In the third quarter this year, the company’s iron sales volume at its US iron ore operations totaled 5.86 million mt, up 10.8 percent, as a result of increased customer demand and export sales, while the sales volume at its Asia Pacific iron ore operations decreased by 20 percent to 2.2 million mt, both year on year. The decrease in the Asia Pacific division was driven primarily by lower production volumes, a result of operational decisions reflecting current market conditions and quality ore availability.