Steel Mills
January 25, 2021
Cleveland-Cliffs “Ends 2020 on a High Note”
Written by Sandy Williams
The newest powerhouse in the U.S. steel industry, Cleveland-Cliffs, expects a stellar fourth quarter due to the 2020 acquisitions of AK Steel and ArcelorMittal USA. Preliminary results for the company (including the period Dec. 9 through Dec. 31 for ArcelorMittal) show steel sales of 1.9 million tons and consolidated revenue of $2.2 billion to $2.3 billion. The addition of the two steel companies to the iron ore producer’s portfolio resulted in a 320 percent increase in revenue from Q4 2019.
Cleveland-Cliffs’ expects its EBITDA to be at a six-year high of $280 million to $290 million–a 150 percent increase over Q4 2019, with EBITDA margins of 12-13 percent.
