US-based mining and natural resources company Cleveland-Cliffs Inc. has reported its results for the fourth quarter and the full year of 2021.
In the fourth quarter, the company reported total revenues of $5.34 billion, compared to the prior year’s fourth quarter revenues of $2.25 billion. The company recorded a net income of $899 million in the fourth quarter last year, compared to a net income of $74 million in the fourth quarter of the previous year.
In 2021, the company’s total revenues amounted to $20.44 billion, compared to $5.35 billion recorded in 2020, while the company reported a net income of $3.03 million, compared to a net loss of $81 million in 2020.
In the fourth quarter, the company’s adjusted EBITDA for the steel and manufacturing division was $1.52 billion, while in the full year the company’s adjusted EBITDA for the steel and manufacturing division was $5.42 billion. Total steel products shipped reached 3.38 million net tons in the fourth quarter, while totaling 15.88 million net tons in 2021.
The company registered record annual revenue, income and adjusted EBITDA for the steel and manufacturing division for the given year.
Meanwhile, the company acquired US-based Ferrous Processing and Trading Company for $761 million. The acquisition will secure substantial access to prime scrap and expand the company’s portfolio of high-quality ferrous raw materials, as SteelOrbis previously reported.