US steel giant Cleveland-Cliffs has reported that consolidated revenues were USD 6.3 billion in April-June 2022 quarter, compared to the prior-year second-quarter revenues of USD 5.0 billion with net income of USD 601 million. For the January-June 2022, revenues were USD 12.3 billion with net income of USD 1.4 billion. Second-quarter 2022 steel product sales volumes of 3.6 million net tons consisted of 33% coated, 28% hot-rolled, 16% cold-rolled, 7% plate, 5% stainless and electrical, and 11% other, including slabs and railCliffs' Chairman, President & CEO Mr Lourenco Goncalves said “Our industry leading exposure to the automotive sector separates us from all other steel companies in the United States. The health of the steel market over the past year and a half has been largely driven by the construction sector, with automotive lagging far behind -- mainly due to supply chain issues unrelated to steel. Nevertheless, with automotive demand outpacing production for more than two years now, the consumer backlog for cars, SUVs and trucks has become enormous. As supply chain problems continue to be resolved by our automotive clients, pent-up demand for electric vehicles continues to increase, and light vehicle manufacturing catches up with demand, Cleveland-Cliffs will be the primary beneficiary among all steel companies in the United States. This important distinction of our business relative to other steel producers should become clear as we progress through the remainder of this year and into next year.”Outlook – “Based on the current 2022 futures curve, which implies an average hot-rolled coil steel index price of USD 850 per net ton for the remainder of the year, the Company would expect its full-year 2022 average selling price to be approximately USD 1,410 per net ton. This incorporates the Company's expectation of substantial increases in fixed price contracts resetting on October 1, 2022.”
US steel giant Cleveland-Cliffs has reported that consolidated revenues were USD 6.3 billion in April-June 2022 quarter, compared to the prior-year second-quarter revenues of USD 5.0 billion with net income of USD 601 million. For the January-June 2022, revenues were USD 12.3 billion with net income of USD 1.4 billion. Second-quarter 2022 steel product sales volumes of 3.6 million net tons consisted of 33% coated, 28% hot-rolled, 16% cold-rolled, 7% plate, 5% stainless and electrical, and 11% other, including slabs and railCliffs' Chairman, President & CEO Mr Lourenco Goncalves said “Our industry leading exposure to the automotive sector separates us from all other steel companies in the United States. The health of the steel market over the past year and a half has been largely driven by the construction sector, with automotive lagging far behind -- mainly due to supply chain issues unrelated to steel. Nevertheless, with automotive demand outpacing production for more than two years now, the consumer backlog for cars, SUVs and trucks has become enormous. As supply chain problems continue to be resolved by our automotive clients, pent-up demand for electric vehicles continues to increase, and light vehicle manufacturing catches up with demand, Cleveland-Cliffs will be the primary beneficiary among all steel companies in the United States. This important distinction of our business relative to other steel producers should become clear as we progress through the remainder of this year and into next year.”Outlook – “Based on the current 2022 futures curve, which implies an average hot-rolled coil steel index price of USD 850 per net ton for the remainder of the year, the Company would expect its full-year 2022 average selling price to be approximately USD 1,410 per net ton. This incorporates the Company's expectation of substantial increases in fixed price contracts resetting on October 1, 2022.”
