Cleveland-Cliffs: “A Real Player” in Automotive

The return of automotive manufacturing after closures due to the pandemic boosted demand for Cleveland-Cliffs’ products and resulted in revenue of $1.6 billion and net income of $2 million for the third quarter of 2020.

“We were significantly affected in Q2 by the unprecedented shutdowns that took place throughout the entire auto sector for an extended period of time of more than 10 weeks,” said Chairman, President and CEO Lourenco Goncalves. “Conversely, the sharp recovery in automotive production starting in the second month of Q3 made abundantly clear who are the real players for automotive and who are the ones that are less relevant as suppliers or not relevant at all.”