According to a press release from the steelmaker, its steelmaking revenues were US$5.8 billion. The company’s 3.6-million-net-ton product volume for the first quarter consisted of 34% coated, 25% hot-rolled, 18% cold-rolled, 6% plate, 5% stainless and electrical, and 12% other products, including slabs and rail.
 
The company’s chairman, president and chief executive officer Lourenco Goncalves said in a press release, “Our first-quarter results are a clear indication of the success we have been able to achieve as we renewed our fixed-price contracts last year. Despite the decline in spot prices for steel from Q4 to Q1 and its lagged impact on our results, we were able to continue to deliver strong profitability. As this trend persists, we expect to set another free cash flow record in 2022.”
 
Goncalves added, “Over the past eight years, our strategy has been to protect and strengthen Cleveland-Cliffs against the consequences of de-globalization, which we have always seen as inevitable. The importance of American manufacturing and the reliability of a USA-centric, vertically integrated footprint have been validated by the Russian invasion of the raw materials rich and shale gas rich Donets Coal Basin (Donbas) area of Ukraine. While other flat-rolled steelmakers scramble and pay high prices for their needed feedstock, we stand out from the crowd due to our preparation for the current geopolitical climate.”
 
Read the official press release here.