Cleveland-Cliffs Expects Q4 Revenues Above Estimates - Quick Facts

(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.