Cleveland-Cliffs Expects Q4 Revenues Above Estimates – Quick Facts

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(RTTNews) – While reporting preliminary fourth-quarter financial results on Monday, flat-rolled steel producer Cleveland-Cliffs Inc. (CLF) said it expects consolidated revenues for the fourth quarter of approximately $2.2 billion to $2.3 billion, an approximate 320% increase over the prior-year period.

On average, three analysts polled by Thomson Reuters expect the company to report revenues of $1.82 for the quarter.

The company also expects adjusted EBITDA of approximately $280 to $290 million, an approximate 150% increase over the prior year-period, and a six-year high. Fourth-quarter 2020 steel sales volume is projected at 1.9 million net tons.

These results include both the AK Steel and legacy Cleveland-Cliffs businesses, and include the performance of Cleveland-Cliffs Steel (formerly ArcelorMittal USA) from the period of December 9, 2020, through December 31, 2020.

The Company completed its acquisition of ArcelorMittal USA on December 9, 2020.

Bastion Balance Seoul, Korea.