Cleveland-Cliffs To Complete Acquisition of FTP in Q4

SEATTLE (Scrap Monster): Cleveland-Cliffs Inc.- the largest producer of flat-rolled steel in North America, reported announced record results for the third quarter of the year ended 30^th September, 2021.

The company press release said that it recorded consolidated revenues of $6 billion in Q3 2021, which compares to $1.6 billion in the corresponding quarter a year before. It reported net income of $1.3 billion or $2.33 per diluted share, down from $2 million in the prior year third quarter. The third quarter adjusted EBITDA surged higher significantly from $126 million to $1.9 billion over the previous year.

During the initial nine-month period of the current year, the company recorded revenues of $15.1 billion. The net income for the period was $2.1 billion or $3.69 per diluted share. Cleveland-Cliffs reported revenues of $3.1 billion and a net loss of $155 million or $0.51 per diluted share during Jan-Sep ’21. As of mid-October, the company had total liquidity of around $2.2 billion.

Lourenco Goncalves, Chairman, President and CEO, Cleveland-Cliffs said that the extraction of synergies from its modern, efficient and unique footprint has resulted in continued improvement of its profitability. The company looks forward to close the acquisition of Ferrous Processing and Trading Company in Q4 this year, he added.

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