Cleveland-Cliffs Reports Record Second-Quarter 2021 Results
Cleveland-Cliffs NWI Times

Cleveland-Cliffs Reports Record Second-Quarter 2021 Results

US Steel maker & miner Cleveland-Cliffs Inc ha reported net income of USD 795 million in April-June 2021 over consolidated revenues of

US Steel maker & miner Cleveland-Cliffs Inc ha reported net income of USD 795 million in April-June 2021 over consolidated revenues of USD 5.0 billion. For the first six months of 2021, the Company recorded revenues of USD 9.1 billion and net income of USD 852 million. Cliffs Chairman, President & CEO Mr Lourenco Goncalves said “In the second quarter of 2021 we achieved all-time quarterly records in revenue, net income, and adjusted EBITDA. The numbers unequivocally confirm our efficiency in operating the new footprint, resulting from the integration of the two major steel companies acquired in 2020 as a single and indivisible mining and steel company. They also demonstrate our flawless execution in ramping up our state-of-the-art Direct Reduction plant in Toledo to the current level of production above nominal capacity. This quarter was also a clear illustration of our raw material cost and quality advantage over others in the industry, particularly the ones fully dependent on scarce prime scrap and dirty pig iron imported from polluting countries. The decision we made four years ago to invest USD 1 billion in our Direct Reduction plant has been proven to be not only right, but also perfectly timed. Our internal use of HBI has minimized our reliance on prime scrap in our BOFs and EAFs, as well as enhanced productivity and reduced emissions in our blast furnaces as demonstrated by our actual CO2 emissions figures.”

Q2 of 2021

Steel Sales - 4,205 net ton, up by 585% YoY

Revenues – USD 4,922 million, up by 381% YoY

Average price – USD 1,118 per ton, up by 7% YoY

H1 of 2021

Steel Sales - 8,349 net ton, up by 929% YoY

Revenues – USD 8,841 million, up by 550% YoY

Average price – USD 1,017 per ton, down by 1% YoY

Second-quarter 2021 steel product volume of 4.2 million net tons consisted of 33% hot-rolled, 30% coated, 17% cold-rolled, 6% plate, 4% stainless and electrical, and 10% other, including slabs and rail. Steelmaking revenues of USD 4.9 billion included USD 2.0 billion, or 40%, of sales to the distributors and converters market; USD 1.3 billion, or 27%, of sales to the infrastructure and manufacturing market; USD 1.1 billion, or 23%, of sales to the automotive market; and USD 532 million, or 10%, of sales to steel producers.

The Company expects third-quarter 2021 adjusted EBITDA of approximately USD 1.8 billion and free cash flow2 generation of $1.4 billion.

Related Stories

No stories found.
SteelGuru Business News
www.steelguru.com