Revenues were up from US$1.6 billion in the same period last year, when it saw a net income of US$2 million, according to a press release issued by Cleveland-Cliffs.
 
“In a short period of less than two years, we went from US$2 billion annual revenues in 2019 to expected revenues of US$21 billion in 2021,” said Lourenco Goncalves, Cleveland-Cliffs' chairman, president and chief executive.
 
“Also, the US$1.9 billion of Q3 adjusted EBITDA we have just reported is equivalent to half of our year-to-date adjusted EBITDA of US$3.8 billion, showing that our profitability continues to increase, as we continue to implement our way of doing business, and take advantage of — and extract synergies from — our modern, efficient and unique footprint,” he added.
 
Goncalves hailed the company’s acquisition of Ferrous Processing and Trading Co. as a move that would allow Cliffs to utilize more prime scrap, allowing for a further reduction in carbon emissions.
 
“We are looking forward to closing this acquisition in the fourth quarter and capturing more value from our scrap right away,” Goncalves said. “This is real growth; profitable growth; environmentally friendly growth.”