2021-01-25 06:05:27 CLF Cleveland-Cliffs
01/25/21 01/2506:05 01/25/2106:05 | Cleveland-Cliffs sees Q4 revenues $2.2B-$2.4B, consensus $1.82BSees Q4 adjusted EBITDA $280M-$290M, a ~150% increase over the prior year-period, and a six-year high. Q4 revenue guidance represents a ~320% increase over the prior-year period. Sees Q4 steel sales volume of 1.9M net tons. Cleveland-Cliffs announced its preliminary Q4 financial results. The Company completed its acquisition of ArcelorMittal USA on December 9, 2020. Due to the extensive accounting integration associated with the transaction, only selected preliminary financial information is available at this time. The preliminary results cover the entire Q4 period for both the AK Steel and legacy Cleveland-Cliffs businesses, and include the performance of Cleveland-Cliffs Steel from the period of December 9, 2020, through December 31, 2020. The state-of-the-art Direct Reduction plant recently built in Toledo, OH began operations in November of 2020, and production of Hot Briquetted Iron, or HBI, started in December of 2020. Cliffs anticipates shipping HBI to third-party customers later in the first quarter of 2021, and expects the plant to reach its full production rate by the second quarter of 2021. |
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