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    Market Segment

    January 25, 2021

    Cleveland-Cliffs “Ends 2020 on a High Note”

    Written by Sandy Williams

    The newest powerhouse in the U.S. steel industry, Cleveland-Cliffs, expects a stellar fourth quarter due to the 2020 acquisitions of AK Steel and ArcelorMittal USA. Preliminary results for the company (including the period Dec. 9 through Dec. 31 for ArcelorMittal) show steel sales of 1.9 million tons and consolidated revenue of $2.2 billion to $2.3 billion. The addition of the two steel companies to the iron ore producer’s portfolio resulted in a 320 percent increase in revenue from Q4 2019.

    Cleveland-Cliffs’ expects its EBITDA to be at a six-year high of $280 million to $290 million–a 150 percent increase over Q4 2019, with EBITDA margins of 12-13 percent.

    Sandy Williams

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    Cliffs, USW reach tentative four-year labor deal

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