US-based mining and natural resources company, Cleveland-Cliffs Inc., has reported its results for the fourth quarter and the full year of 2024.
In the fourth quarter, the company reported total revenues of $4.3 billion, compared to the prior year’s fourth quarter revenues of $5.1 billion. The company recorded a net loss of $434 million in the fourth quarter last year, compared to a net loss of $139 million in the corresponding period of the previous year.
In 2024, the company reported a net loss of $708 million, compared to a net income of $450 million in 2023, while the company’s total revenues amounted to $19.2 billion, compared to $22.0 billion recorded in the previous year.
In the fourth quarter, the company’s adjusted EBITDA loss for the steel and manufacturing division was $81 million, while in the full year the company’s adjusted EBITDA for the steel and manufacturing division was $780 million.
Lourenco Goncalves, CEO of the company, said, ““Our results in 2024 were a consequence of the worst steel demand environment since 2010 (ex-COVID). Cleveland-Cliffs is an American steel company, designed to supply high-end manufacturers producing things in the United States. That said, for the first time, the number of cars sold in the United States that were produced abroad and imported into the United States surpassed the number of cars sold that were produced domestically. With this decline in domestic automotive production, and too much imported steel from abroad that drove unsustainably low steel prices, Cliffs was deeply impacted. As a steel producer equipped to supply high-end steel -- like automotive exposed parts, among others -- we by design carry a higher fixed cost structure, and we are more impacted than others when markets are weak. This impact was particularly evident in the fourth quarter, which we expect to be the trough going forward. Our cash use in the fourth quarter, due largely to inventory build, has set us up nicely for the rebound we are seeing so far in 2025.”