Cleveland-Cliffs’ revenue rises to $5.35B; CEO predicts ‘phenomenal year for profitability’

Last year, the average selling price for steel was $1,187 a net ton. The hot-rolled coil steel index price averaged $1,600 a net ton, it said.

For the fourth quarter of 2021, Cleveland-Cliffs generated net income of $899 million, or $1.69 per diluted share. This compares to net income of $74 million, or $0.14 per diluted share, recorded in the fourth-quarter of 2020.

Goncalves said the company’s fourth-quarter results that were released Friday demonstrate the “disciplined approach” to supply that is fundamental. He said during the third quarter of 2021, the company realized its automotive clients would not be able to resolve their supply chain issues so demand would be soft.

Cleveland-Cliffs is the biggest U.S. steel supplier to carmakers.

Also on Friday, the company announced for 2021 it generated net income of $3 billion, or $5.36 per diluted share. This compares to a 2020 net loss of $81 million, or $0.32 per diluted share.

Cleveland-Cliffs purchased AK Steel for $1.1 billion in 2020, then bought the U.S. assets of ArcelorMittal for $1.4 billion, making it the largest flat-rolled steel producer in North America, officials said.