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Sep 30, 2020
Cleveland-Cliffs Q3 2020 Earnings Report
Reported a mixed third quarter with increased revenue but decreased net income compared to the previous year.
Key Takeaways
Cleveland-Cliffs Inc. reported third-quarter results with a net income of $2 million and adjusted EBITDA of $126 million. The company generated $246 million in cash from operations and $150 million in free cash flow. Revenue increased significantly compared to the prior year, driven by the acquisition of AK Steel.
Net income was $2 million.
Adjusted EBITDA was $126 million.
Cash from operations was $246 million.
Generated $150 million in free cash flow during the quarter.
Cleveland-Cliffs
Cleveland-Cliffs
Forward Guidance
The Company expects further sequential improvement in adjusted EBITDA performance in the fourth quarter, taking into account increased shipments and an expected sharp reduction in idle costs.
Positive Outlook
- Facilities back to normalized operating rates
- Current pricing
- Increased shipments from Steel & Manufacturing
- Increased shipments from Mining & Pelletizing
- Expected sharp reduction in idle costs