Cleveland-Cliffs Steelmaking Revenues Touched $5.5 Billion in Q3

SEATTLE (Scrap Monster): Cleveland-Cliffs Inc. reported results for the quarterly period ended September 30, 2022.

The consolidated revenues amounted to $5.7 billion in Q3 this year, compared with prior-year third-quarter revenues of $6.0 billion. The company posted net income of $165 million, or $0.29 per diluted share attributable to its shareholders. Cleveland-Cliffs had reported net income of $1.3 billion, or $2.33 per diluted share in Q3 last year. The adjusted EBITDA dropped significantly from $1.9 billion in Q3 last year to $452 million in Q3 this year, said the company press release.

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Cleveland-Cliffs Announced Third Quarter 2022 Results

During the nine-month period of the year, the company recorded revenues of $17.9 billion. This compares with revenues of $15.1 billion in the initial nine-month period in 2021. The net income of $1.6 billion, or $2.95 per diluted share was down significantly year-on-year, when compared with $2.1 billion, or $3.69 per diluted share.

The company reported $1.8 billion reduction in pro forma pension/OPEB net liabilities since the previous remeasurement at the end of the previous year.

The Q3 2022 steel product sales volume totalled 3.6 million net tons, while the steelmaking revenues amounted to $5.5 billion. The steelmaking unit costs increased in Q3 this year, over the sequential quarter.