Cleveland-Cliffs Inc.
Cleveland-Cliffs Reports Q3 2024 Results and Acquisition of Stelco
Summary
Cleveland-Cliffs Inc. reported third-quarter 2024 results, with revenues of $4.6 billion and a GAAP net loss of $230 million. Adjusted EBITDA was $124 million. The company also reported the acquisition of Stelco, which closed on November 1, 2024. Stelco's third-quarter 2024 results include revenues of $480 million and adjusted EBITDA of $64 million. Cleveland-Cliffs expects a lower capital budget for 2025 and anticipates a rebound in steel demand early next year.
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About Cleveland-Cliffs Inc.
Cleveland-Cliffs Inc. is a leading integrated producer of flat-rolled steel products in North America. The company operates through a robust supply chain that spans a wide range of steel manufacturing processes, including mining, pelletizing, and direct reduced iron production. As a major supplier of steel to various industries, Cleveland-Cliffs serves critical sectors such as automotive, construction, and manufacturing, providing essential materials used in the production of vehicles, appliances, and infrastructure projects. Founded in 1847, Cleveland-Cliffs has evolved from a small iron mining operation into a comprehensive steel powerhouse, reflecting its importance to the U.S. economy and robust industrial base. The firm's strategic acquisitions and production capabilities enhance its position in the market, allowing it to reduce reliance on third-party suppliers and maintain greater control over the quality of its steel products. Cleveland-Cliffs stands out in the financial market due to its significant impact on raw material supply chains and its role in supporting industrial growth and development across North America.
Official SEC Documents
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