Cleveland-Cliffs reports record Q2 results

Friday, 23 July 2021 10:57:09 (GMT+3)   |   Istanbul
       

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 $5.04 billion, compared to the prior year’s second quarter revenues of $1.09 billion. The company recorded a net income of $795 million in the second quarter this year, compared to a net loss of $108 million in the second quarter of the previous year.

In the first half this year, the company’s total revenues amounted to $9.09 billion, compared to $1.45 billion recorded in the corresponding period last year, while the company reported a net loss of $852 million, compared to a net loss of $157 million in the first half of 2020.

In the second quarter, the company’s adjusted EBITDA for the steel and manufacturing division was $1.39 billion, while in the first half the company’s adjusted EBITDA for the steel and manufacturing division was $1.93 billion. Total steel products shipped reached 4.20 million net tons in the second quarter, while totaling 8.35 million net tons in the first half.

“In the second quarter of 2021 we achieved all-time quarterly records in revenue, net income, and adjusted EBITDA. The numbers unequivocally confirm our efficiency in operating the new footprint, resulting from the integration of the two major steel companies acquired in 2020 as a single and indivisible mining and steel company. They also demonstrate our execution in ramping up our state-of-the-art Direct Reduction plant in Toledo to the current level of production above nominal capacity,” Lourenco Goncalves, chairman, president and CEO, said.

Regarding the business outlook, “Steel demand remains excellent and, as we continue to negotiate our contract businesses with several clients in different sectors, it is progressively translating into substantially higher contract prices later this year and into 2022. Ultimately, we are set for a monumental debt reduction during the back half of this year, and the achievement of zero net debt in 2022,” Goncalves said.


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