Cleveland-Cliffs’ revenues rise in Jan-Sept

Monday, 25 October 2021 11:29:14 (GMT+3)   |   Istanbul
       

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 $6 billion, compared to the prior year’s second quarter revenues of $1.64 billion. The company recorded a net income of $1.28 billion in the third quarter this year, compared to a net income of $2 million in the third quarter of the previous year. The company registered record quarterly revenue and income for the given quarter.

In the first nine months this year, the company’s total revenues amounted to $15.09 billion, compared to $3.09 billion recorded in the corresponding period last year, while the company reported a net income of $2.13 million, compared to a net loss of $155 million in the first nine months of 2020.

In the third quarter, the company’s adjusted EBITDA for the steel and manufacturing division was $1.96 billion, while in the first nine months the company’s adjusted EBITDA for the steel and manufacturing division was $3.90 billion. Total steel products shipped reached 4.15 million net tons in the second quarter, while totaling 12.50 million net tons in the January-September period.

Meanwhile, the company will acquire US-based Ferrous Processing and Trading Company, as SteelOrbis previously reported. The acquisition, which is expected to close in the fourth quarter of 2021, will secure substantial access to prime scrap and expand the company’s portfolio of high-quality ferrous raw materials.


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