20
Oct
15:51
Cleveland-Cliffs nabs third quarter profit
US iron ore supplier Cleveland-Cliffs saw its third-quarter profits and sales surge year on year, despite a cut in full-year production estimates, Kallanish reports.
Cliffs earned net income in Q3 of $53 million on sales of $698m, up 290% and 26%, respectively.
Concurrently, the company cut its full-year production estimate by 500,000 st to 18.5m st, largely due to a single large customer.
Next year, however, the company anticipates production to reach 20m…
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Anonymous
Very good overview of the weekly steel market.
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