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Steel News July 26, 2022 06:25:52 PM

Cleveland Cliffs’ Q2 Profits Eroded on Higher Costs

Paul Ploumis
ScrapMonster Author
For the second quarter of the year, the company recorded net income of $601 million, or $1.13 per diluted share attributable to Cliffs shareholders.

Cleveland Cliffs’ Q2 Profits Eroded on Higher Costs

SEATTLE (Scrap Monster): Cleveland-Cliffs- North America’s largest flat-rolled steel producer announced second quarter 2022 results.

For the second quarter of the year, the company recorded net income of $601 million, or $1.13 per diluted share attributable to Cliffs shareholders. This compares with net income of $795 million, or $1.33 per diluted share during the prior-year second quarter. The consolidated revenues increased from $5.0 billion to $6.3 billion over the previous year quarter. The Q2 2022 adjusted EBITDA stood at $1.1 billion, compared to $1.4 billion in Q2 last year.

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For the six-month period ended June 30, 2022, the company recorded revenues of $12.3 billion and net income of $1.4 billion, or $2.64 per diluted share. It must be noted that Cleveland Cliffs had reported revenues of $9.1 billion and net income of $852 million, or $1.42 per diluted share in H1 2021. The H1 2022 adjusted EBITDA was $2.6 billion, compared to $1.9 billion in H1 last year.

Lourenco Goncalves, Cliffs' Chairman, President, and CEO noted that the free cash flow that more than doubled compared to the first quarter. The company expects this healthy level of free cash flow to continue during the second half of the year. The company will benefit from auto industry rebound, he added.

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