Market Segment
February 11, 2022
Cliffs Posts Record '21 Profit, Says Higher Contracts Mean Good Times in '22 Too
Written by Michael Cowden
Cleveland-Cliffs Inc. posted a near-record profit in the fourth quarter and predicted that the good times would continue to roll into 2022 thanks to fixed-price contracts resetting at higher numbers.
That prediction comes largely because automakers, which typically buy steel on contract terms, were forced to limit production in 2021 because of the global chip shortage, company executives said.
