Cleveland-Cliffs revenue jumps in 2018
Cleveland-Cliffs Inc. on Friday reported $2.3 billion in yearly revenue as its taconite business returned to full capacity in 2018.
The major Iron Range mining player produced 20.3 million long tons of iron ore in 2018, a jump from the 18.6 million produced in 2017. Revenue was up 21 percent as a result.
“We are proud to confirm that our strategic vision for the company has been fully implemented and is working very well,” CEO Lourenco Goncalves said in a news release.
The company expects another full-capacity year of 20 million tons produced and noted it will be spending $40 million toward upgrading the Northshore mine in 2019.
“Our mining and pelletizing business will be once again sold out, and we look to produce yet another year of great results selling world class pellets at industry-high margins,” Goncalves said.
Earnings for 2018 totalled $1.1 billion, or about $3.42 per diluted share. The company’s stock rose sharply Friday morning following the earnings release. It has traded as high as $13.10 and as low as $6.30 in the past 12 months.