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Jun 30, 2021
Cleveland-Cliffs Q2 2021 Earnings Report
Cleveland-Cliffs reported record quarterly performance driven by the integration of acquired steel companies and strong steel demand.
Key Takeaways
Cleveland-Cliffs reported record second-quarter results, including record quarterly revenue of $5.0 billion, net income of $795 million, and adjusted EBITDA of $1.4 billion. The company's performance was driven by the successful integration of ArcelorMittal USA and AK Steel, as well as strong steel demand.
Achieved all-time quarterly records in revenue, net income, and adjusted EBITDA.
Demonstrated efficiency in operating the new footprint resulting from the integration of two major steel companies.
Showcased flawless execution in ramping up the state-of-the-art Direct Reduction plant in Toledo to a production level above nominal capacity.
Illustrated raw material cost and quality advantage over competitors.
Forward Guidance
The Company expects third-quarter 2021 adjusted EBITDA of approximately $1.8 billion and free cash flow generation of $1.4 billion.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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