Cleveland-Cliffs Announced $1 Billion Share Repurchase Program

SEATTLE (Scrap Monster):  Cleveland-Cliffs Inc. reported full-year and fourth-quarter results for the period ended 31^st December, 2021.

For the full-year 2021, the consolidated revenues totalled $20.4 billion, significantly higher from $5.3 billion during the prior year. The company generated net income of $3.0 billion or $5.36 per diluted share in 2021. This compares with net loss of $81 million or $0.32 per diluted share in 2020. The full-year adjusted EBITDA skyrocketed from $353 million in 2020 to $5.3 billion in 2021. The company generated record annual operating cash flow of $2.8 billion.

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The Q4 consolidated revenues totalled $5.3 billion, in comparison with $2.3 billion during the prior year quarter. For the quarter, 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 Q4 2020. The quarterly adjusted EBITDA rose from $286 million to $1.5 billion over the year.

Also, the company announced new $1 billion share repurchase program.

Lourenco Goncalves, Chairman, President and CEO, Cleveland-Cliffs said that 2022 is set to be another phenomenal year of profitability for the company, mainly on account of strong rebound in demand, especially in automotive sector.