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 $5.98 billion, compared to the prior year’s second quarter revenues of $6.33 billion. The company recorded a net income of $356 million in the second quarter this year, compared to a net income of $601 million in the second quarter of the previous year.
In the first half this year, the company’s total revenues amounted to $11.28 billion, compared to $12.29 billion recorded in the corresponding period last year, while the company reported a net income of $314 million, compared to a net income of $1.42 billion in the first half of 2022.
In the second quarter, the company’s adjusted EBITDA for the steel and manufacturing division was $775 million, while in the first half the company’s adjusted EBITDA for the steel and manufacturing division was $1.01 billion. Total steel products shipped amounted to 4.2 million net tons in the second quarter, while totaling 8.28 million net tons in the first half.
The company expects its steel unit costs in the third and fourth quarters to be lower than the second quarter.
