Although the flat-rolled producer won’t release its full first-quarter results until the end of the month, preliminary results are pointing toward increased profitability. The company said it expects to report adjusted EBITDA earnings of around US$200 million, an increase of roughly 63% over Q4 2022. 

“As we start the second quarter and continue to execute on further cost reductions as planned, we are also enjoying the full benefits of the meaningful price increases Cleveland-Cliffs has implemented for this year, which cover contracts with automotive and non-auto clients, as well as transactional sales. With that, we expect Q2 EBITDA will be multiple times higher than Q1 EBITDA,” said Cleveland-Cliffs chairman and chief executive Lourenco Goncalves.