US-based mining and natural resources company Cleveland-Cliffs Inc. has reported its results for the third quarter and the first nine months of the current year.
In the third quarter, the company reported total revenues of $5.65 billion, compared to the prior year’s third quarter revenues of $6.0 billion. The company recorded a net income of $165 million in the third quarter this year, compared to a net income of $1.28 billion in the third quarter of the previous year. The company’s results were negatively impacted by higher energy and raw material costs and maintenance activities from prior periods. Cleveland-Cliffs expects costs to decline meaningfully further into 2023 as all major projects have been concluded and production levels are back to normal.
In the first nine months this year, the company’s total revenues amounted to $17.94 billion, compared to $15.09 billion recorded in the corresponding period last year, while the company reported a net income of $1.58 billion, compared to a net income of $2.13 billion in the first nine months of 2021.
In the third quarter, the company’s adjusted EBITDA for the steel and manufacturing division was $452 million, while in the first nine months the company’s adjusted EBITDA for the steel and manufacturing division was $3.03 billion. Total steel products shipped reached 3.63 million net tons in the third quarter, while totaling 10.91 million net tons in the first nine months.
“Shipments to our automotive clients significantly improved in the third quarter, achieving a level among the highest in six quarters. That allowed us to hold sales volumes steady in the third quarter, despite much weaker service center activity. We expect this positive trend in automotive shipments to continue into the fourth quarter,” Lourenco Goncalves, the company’s CEO, said.