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Sep 30, 2021
Cleveland-Cliffs Q3 2021 Earnings Report
Cleveland-Cliffs reported record results driven by strong steel demand and pricing.
Key Takeaways
Cleveland-Cliffs reported record third-quarter revenue of $6.0 billion and net income of $1.3 billion, driven by strong steel demand and pricing. The company's adjusted EBITDA was also a record $1.9 billion.
Record quarterly revenue of $6.0 billion.
Record quarterly net income of $1.3 billion.
Record quarterly adjusted EBITDA of $1.9 billion.
Free cash flow was used to retire outstanding preferred shares.
Revenue by Segment
Forward Guidance
Cleveland-Cliffs expects average sales price next year should be higher than in 2021, allowing the company to continue to grow its already strong profitability and to further strengthen its balance sheet.
Positive Outlook
- Average sales price next year should be higher than in 2021.
- Profitability continues to increase.
- Balance sheet to be further strengthened.
- Utilize more prime scrap in BOFs.
- Reducing utilization of coke and carbon emissions.
Challenges Ahead
- Volatility of steel and iron ore market prices.
- Reliance on the demand for steel from the automotive industry.
- Potential weaknesses and uncertainties in global economic conditions.
- Excess global steelmaking capacity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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