Cleveland-Cliffs Announces First-Quarter 2018 Results

Cleveland-Cliffs (NYSE:CLF) has announced its first quarter 2018 results, which included increases in US iron ore revenue and a negative earnings contribution from its Asia-Pacific operations, where the company has ceased all mining activity.

The company reported consolidated revenues of $239 million, compared to the prior year’s first-quarter revenues of $462 million. Cost of goods sold was $243 million compared to $365 million reported in the first quarter of 2017.

As highlighted in the press release:

• US iron ore realized revenue increases 32 percent to US$105 per long ton

• Increases full-year US iron ore pellet sales volume expectation to 20.5 million long tons

As quoted in the press release:

Cleveland-Cliffs Chief Executive Officer Lourenco Goncalves said “we outperformed our EBITDA from last year’s first quarter in US iron ore, despite only recording about half the sales volumes…We look forward to the US being the singular focus of our results for this year, as Asia Pacific is expected to be treated as a discontinued operation upon its closure.”

Click here to view the full Cleveland-Cliffs (NYSE:CLF) press release.