Cliffs' HBI Project on Track in Wake of Strong 2017

Cleveland Cliffs reported another great quarter with net income of $318 million and sales of $601 million, compared to prior-year income of $81 million and sales of $754 million. For the full year, revenue totaled $2.3 billion with net income of $371 million. Adjusted EBITDA has increased for the past two years, 28 percent in 2016 and 37 percent in 2017.

“2017 was also the year in which the industry finally woke up to the importance of both rational supply behavior and environmental compliance,” said Chairman and CEO Lourenco Goncalves. “This new, more logical approach to business should provide us solid support to deliver even stronger results in 2018.”