US-based mining and natural resources company Cleveland-Cliffs Inc. has reported its results for the second quarter of 2024.
In the second quarter, the company reported total revenues of $5.1 billion, compared to $5.2 billion in the first quarter of 2024. The second quarter adjusted EBITDA was $323 million, compared to $414 million in the first quarter of 2024. Total steel shipments reached 4 million net tons in this quarter down from 4.2 million net tons in the same period last year.
Cleveland-Cliffs is lowering its full-year 2024 expected capital expenditures range to $650 to $700 million from its previous expectation of $675 to $725 million.
“Looking forward, we expect to benefit in Q3 from another major step down in costs. Our largest end market - the automotive sector - remains in good shape, and orders from service center customers are expected to increase as seaborne steel imports dry up,” according to Lourenco Goncalves, CEO of the company.