American steel giant Cleveland-Cliffs Inc has reported first-quarter results for the period ended March 31, 2022. Cliffs' Chairman, President & CEO Mr Lourenco Goncalves said “Our first quarter results are a clear indication of the success we have been able to achieve as we renewed our fixed-price contracts last year. Despite the decline in spot prices for steel from Q4 to Q1 and its lagged impact on our results, we were able to continue to deliver strong profitability. As this trend persists, we expect to set another free cash flow record in 2022."First-quarter 2022 steel product volume of 3.6 million net tons consisted of 34% coated, 25% hot-rolled, 18% cold-rolled, 6% plate, 5% stainless and electrical, and 12% other, including slabs and rail.First-quarter 2022 consolidated revenues were USD 6.0 billion, compared to the prior-year first-quarter revenues of USD 4.0 billion.First-quarter 2022 Adjusted EBITDA was USD 1.5 billion, compared to Adjusted EBITDA1 of USD 513 million in the first quarter of 2021.For the first quarter of 2022, the Company recorded net income of USD 801 millionOutlook - Cliffs is increasing its full-year 2022 average selling price expectation by USD 220 to USD 1,445 per net ton, compared to its previous guidance of USD 1,225 per net ton, using the same methodology as provided in the prior quarter. The increase is driven by higher than expected prices on renewals of fixed-price contracts resetting April 1, 2022; higher expected spreads between hot-rolled and cold-rolled steel; and a higher futures curve that currently implies an average hot-rolled coil price of USD 1,300 per net ton for the full-year 2022.