Cleveland-Cliffs Revenues Witnessed Multi-fold Jump in Q2

SEATTLE (Scrap Monster): Cleveland-Cliffs reported results for the second quarter of the current year ended June 30, 2021.

The company’s consolidated revenues witnessed multi-fold jump from $1.1 billion in Q2 last year to $5.0 billion in Q2 2021. It reported net income of $795 million or $1.33 per diluted share during the quarter, excluding charges. It must be noted that the company had reported net loss of $108 million or $0.31 per diluted share during the corresponding quarter a year before. The adjusted EBITDA during the quarter stood at $1.4 billion, compared to adjusted EBITDA loss of $82 million a year before.

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Commenting on the results, Lourenco Goncalves, Chaiman, President and CEO, Cleveland-Cliffs noted that the company achieved all-time quarterly records in revenue, net income and adjusted EBITDA during the quarter. The results demonstrate the efficient execution in ramping up of its state-of-the-art Toledo Direct Reduction plant. The company has achieved significant reduction in emissions at its blast furnaces. Also, it has minimized reliance on prime scrap through internal use of HBI, he added.

The company expects an adjusted EBITDA of nearly $1.8 billion in Q3 this year. Also, the free cash flow generation is expected at around $1.4 billion.