SEATTLE (Scrap Monster): Cleveland-Cliffs Inc. reported quarterly results for the period ended March 31, 2022.
The Q1 2022 consolidated revenues stood at $6.0 billion. This compares with revenues of $4 billion during the corresponding quarter a year before. For the quarter, the company recorded net income of $801 million, or $1.50 per diluted share, inclusive of one-time non-cash charges totaling $111 million, or $0.21 per diluted share. The net income during the prior year quarter was $41 million, or $0.07 per diluted share. Also, the adjusted EBITDA almost tripled from $513 million a year before to $1.5 billion.
Commenting on the results, Lourenco Goncalves, Chairman, President, and CEO said that the company was able to deliver strong profitability despite the decline in spot prices for steel from Q4 to Q1 and its lagged impact on its results. The current trends suggest that the company is well set to deliver another free cash flow record in 2022.
The steel product volume of 3.6 million net tons comprised mainly of coated, hot-rolled and cold-rolled products. The steelmaking revenues surged higher significantly from $3.919 billion to $5.794 billion.
The company increased its full-year 2022 average selling price expectation by $220 to $1,445 per net ton, compared to its previous guidance of $1,225 per net ton, which in turn will lead to record levels of cash flow during the year.