US-based mining and natural resources company Cleveland-Cliffs Inc. has reported its results for the second quarter and the first half of the current year.
In the second quarter, the company reported total revenues of $6.33 billion, compared to the prior year’s second quarter revenues of $5.04 billion. The company recorded a net income of $601 million in the second quarter this year, compared to a net income of $795 million in the second quarter of the previous year.
In the first half this year, the company’s total revenues amounted to $12.29 billion, compared to $9.09 billion recorded in the corresponding period last year, while the company reported a net income of $1.42 billion, compared to a net income of $852 million in the first half of 2021.
In the second quarter, the company’s adjusted EBITDA for the steel and manufacturing division was $1.13 billion, while in the first half the company’s adjusted EBITDA for the steel and manufacturing division was $2.58 billion. Total steel products shipped reached 3.64 million net tons in the second quarter, while totaling 7.27 million net tons in the first half.
The company expects steel demand from the automotive industry to improve by the end of 2022, rebounding from the decreasing steel consumption seen in the industry since 2020 due to lower vehicle production.
