Cliffs Posts Strong Q2 Profits, Says Even Better Days Ahead

Cleveland-Cliffs Inc. saw strong profit in the second quarter and double free cash flow versus the prior quarter while predicting that even better days were ahead thanks to fixed-price contracts resetting at higher numbers.

That projection comes largely because automakers, which typically buy steel on contract terms, are seeing backlogs grow because of supply chain snarls and a prolonged global chip shortage, company executives said.

David Schollaert

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.