Cleveland Cliffs Expects HR Prices in 2021 at USD 1075 Per Tonne
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Cleveland Cliffs Expects HR Prices in 2021 at USD 1075 Per Tonne

US miner & steel maker Cleveland-Cliffs Inc has based its latest financial guidance on assumption that the US HRC price averages USD 975 per net ton

US miner & steel maker Cleveland-Cliffs Inc has based its latest financial guidance on assumption that the US HRC price averages USD 975 per net ton (USD 1075 per metric tonne) for the remainder of 2021, signalling that outlook for steel prices for 2021 remains at historic levels

Cleveland-Cliffs’s forecast includes the following expectations

First-quarter 2021 adjusted EBITDA of approximately USD 500 million

Second-quarter 2021 adjusted EBITDA of approximately USD 1.2 billion

Full-year 2021 adjusted EBITDA of approximately USD 3.5 billion

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Cleveland-Cliffs Inc, formerly Cliffs Natural Resources, is a Cleveland Ohio based company that specializes in the mining, beneficiation, and pelletizing of iron ore, as well as steelmaking, including stamping and tooling. It is the largest flat-rolled steel producer in North America.

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