US-based mining and natural resources company Cleveland-Cliffs Inc. has reported its results for the fourth quarter and the full year of 2022.
In the fourth quarter, the company reported total revenues of $5.04 billion, compared to the prior year’s fourth quarter revenues of $5.34 billion. The company recorded a net loss of $204 million in the fourth quarter last year, compared to a net income of $899 million in the corresponding period of the previous year.
In 2022, the company’s total revenues amounted to $22.99 billion, compared to $20.44 billion recorded in the previous year, while the company reported a net income of $1.37 billion, compared to a net income of $3.03 billion in 2021. The reduction in the net income was primarily driven by higher operating costs and lower sales volumes in 2022 compared to 2021.
In the fourth quarter, the company’s adjusted EBITDA for the steel and manufacturing division was $123 million, while in the full year the company’s adjusted EBITDA for the steel and manufacturing division was $3.17 billion. Total steel products shipped reached 3.83 million net tons in the fourth quarter, while totaling 14.75 million net tons in 2022.
The company expects its steel shipment volumes for 2023 to be approximately 16 million net tons.