Updated: April 22, 2021 07:27 PM
Created: April 22, 2021 06:50 AM
Things are moving forward for Cleveland-Cliffs. First quarter 2021 was the first full quarter for Cliffs as a fully transformed business, including what used to be ArcelorMittal USA.
During first quarter of 2020, Cliffs recorded a net loss of $52 million. In first quarter 2021, they recorded a net income of $41 million dollars.
CEO Lourenco Goncalves said they expect to generate record levels of free cash flow and pay down a substantial amount of debt, in the future. And the company is adding to their workforce. "We are hiring and growing. Since the end of 2020, we've added over 710 jobs," Goncalves said.
Demand for steel is high right now, with consumers buying vehicles and appliances. The stimulus money is helping drive some of that demand, according to Goncalves.
And on this Earth Day, he renewed their commitment to the environment. Their HBI facility in Toledo, which uses pellets made at Northshore, has helped them lower their emissions. And it's already exceeding expectations with production and shipments.
Goncalves added that the United States has the most stringent regulations in the world. "We also have the lowest CO2 emissions per ton of steel produced among the 9 largest steel making nations," Goncalves said.
He also praised President Biden's leadership when it comes to having conversations about the environment.
Copyright 2021 WDIO-TV LLC, a Hubbard Broadcasting Company. All rights reserved