Cliffs Q3 Earnings Surge Higher, Contracts Seen as Buffer to Spot Declines

Cleveland-Cliffs Inc.’s earnings skyrocketed higher in the third quarter, and the steelmaker predicted that higher priced contract deals would protect it from any slip in spot prices in future quarters.

The Cleveland-based steelmaker recorded net income of $1.28 billion in the third quarter of 2021, up from a mere $2 million in the same quarter last year, according to earnings data released on Friday, Oct. 22.

Michael Cowden

Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.