US-based mining and natural resources company Cleveland-Cliffs Inc. has reported its results for the first quarter of 2023.
In the first quarter, the company reported total revenues of $5.29 billion, compared to the prior year’s first quarter revenues of $5.95 billion. The company recorded a net loss of $57 million in the given quarter, compared to a net income of $801 million in the first quarter of the previous year.
In the first quarter, the company’s adjusted EBITDA for the steel and manufacturing division was $243 million, compared to $1.45 billion in the same quarter last year. Total steel products shipped reached 4.1 million net tons in the first quarter this year, up by 12.9 percent year on year due to improved demand.
The company stated that it expects higher sales volumes in 2023 with higher prices and increased demand from the automotive sector.