US’s leading steelmaker Cleveland-Cliffs has reported all time high consolidated revenues of USD 23.0 billion in 2022 up 13% YoY and net income of USD 1.4 billion down 53% YoY with total adjusted EBITDA of USD 3.2 billion impacted by 41% decline in steelmaking adjusted EBITDA of 3.1 billion. Cliffs' Chairman, President & CEO Mr Lourenco Goncalves said “In what was just our second year with our current configuration, 2022 is the year in which we consolidated Cleveland-Cliffs’ position as the leader in flat-rolled steel in the United States. Through the synergies we envisioned back in 2020 when we executed the acquisitions of two steel companies. Also, even in the face of falling steel prices in the broad market, we achieved substantially higher selling prices.”Steel Products Sales -14.751 million net tone, down 7% YoYAverage net selling price – USD 1,360 per net ton, up 15% YoYFull-year 2022 steel product volume of 14.8 million net tons consisted of 32% coated, 29% hot-rolled, 16% cold-rolled, 6% plate, 5% stainless and electrical, and 12% other, including slabs and rail.Outlook “On 22 December 2022, Cliffs announced that it had successfully renewed a large portion of its fixed price contracts, and expected a USD 100 per ton selling price increase for its direct automotive business in 2023 compared to 2022. After additional successfully completed negotiations, the Company now expects USD 115 per ton increase on these contracts. This end market represents normalized demand of approximately 5 million net tons per year. The Company expects an approximately USD 2 billion reduction in Steelmaking COGS in 2023 compared to 2022. The primary drivers of this significant reduction in costs are normalized repair and maintenance expenses, higher production volume and lower input costs. Additionally, the company expects steel shipment volumes of approximately 16 million net tons in 2023, compared to 14.8 million net tons in 2022.”Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada.