11
May
18:14
Cleveland-Cliffs records first-quarter loss
US iron ore and steel producer Cleveland-Cliffs recorded a net loss in the first quarter, partially due to costs associated with buying legacy steelmaker AK Steel, Kallanish reports.
Cleveland lost $49 million on sales of $359m in Q1, down from a loss of $22m on sales of $157m in Q1 2019.
Cleveland acquired AK Steel in a $1.1 billion stock transition on 13 March, with associated assumption of debt that boosted the true purchase price to close to $3 billion.…
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Anonymous
Very good overview of the weekly steel market.
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