US-based mining and natural resources company Cleveland-Cliffs Inc. has reported its fourth quarter and full year results for 2020. In the fourth quarter last year, the company reported total revenues of $2.26 billion, compared to the prior year’s fourth quarter revenues of $534 million. The company recorded a net income of $74 million in the fourth quarter last year, compared to a net income of $63 million in the fourth quarter of the previous year.
In 2020, the company’s total revenues amounted to $5.32 billion, compared to $1.99 billion recorded in 2019, while the company reported a net loss of $81 million, compared to a net income of $293 million in 2019.
In the fourth quarter, the company’s adjusted EBITDA for the steel and manufacturing division was $316 million, compared to $142 million in the fourth quarter of 2019, while in 2020 the company’s adjusted EBITDA for the steel and manufacturing division was $433 million. Total steel products shipped reached 1.86 million net tons in the fourth quarter, while totaling 3.78 million net tons in 2020.
The company completed the acquisitions of AK Steel and ArcelorMittal USA, which has transformed Cleveland-Cliffs into the largest flat-rolled steelmaker in North America. The company also completed its Toledo direct reduction plant, which began operations in the fourth quarter.
“Our strong fourth quarter results offer just a sample of what we expect to accomplish in 2021. We continue to manage supply in a disciplined manner, and will let our order book dictate our production levels. We also have made a serious and important commitment to the environment, laying out an aggressive plan to reduce greenhouse gas emissions by 25 percent by 2030,” Lourenco Goncalves, chairman, president and CEO, said.
Regarding the business outlook, “We expect the continuation of the favorable market environment. With the contribution of steel sales from Cleveland-Cliffs Steel LLC (formerly ArcelorMittal USA) for a full quarter, we expect first quarter 2021 steel product shipments of approximately 4 million net tons, and a significant improvement in first quarter 2021 adjusted EBITDA from the fourth quarter of 2020. Our full-year 2021 capital expenditures are expected to stay in the range of $600 million to $650 million,” Goncalves said.