Steel Products Prices North America
July 22, 2018
Stellar Quarter for Cleveland Cliffs
Written by Sandy Williams
Cleveland Cliffs reported consolidated revenues of $714 million for the second quarter of 2018. Revenues jumped 52 percent from first quarter revenue of $471 million. Net income for the quarter was $165 million, which included a $64 million loss from discontinued operations, primarily associated with the sale of the company’s Asia Pacific Iron Ore assets. Adjusted EBITDA was $276 million, a 103 percent increase from the prior year’s second quarter.
“Our second quarter results provide a clear picture of what Cleveland-Cliffs has become and what it will continue to be; a simple, clean, cash flow generating powerhouse,” said Chairman and CEO Lourenco Goncalves. “Manufacturing in United States has been reestablished and everything we have done to improve and evolve this company over the past four years has set us up to thrive during this manufacturing renaissance.”
