• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
Cleveland-Cliffs Reports Fourth Quarter Loss Amidst a Profitable Year

Cleveland-Cliffs Reports Fourth Quarter Loss Amidst a Profitable Year

02/02/2024
Two Star Safaris Ltd: Six Years of Growth, Impact, and Global Reach

Two Star Safaris Ltd: Six Years of Growth, Impact, and Global Reach

07/02/2025
Two Star Safaris Limited Nominated for 2025 Go Global Awards in London

Two Star Safaris Limited Nominated for 2025 Go Global Awards in London

07/02/2025
Vidushi Infotech Powers Global Growth with AI-Driven IT Solutions and 22 Years of Expertise

Vidushi Infotech SSP Pvt. Ltd. Nominated for Go Global Awards 2025 – Set to Join Global Tech Leaders in London

07/02/2025
Vidushi Infotech Powers Global Growth with AI-Driven IT Solutions and 22 Years of Expertise

Vidushi Infotech Powers Global Growth with AI-Driven IT Solutions and 22 Years of Expertise

07/02/2025
PRINTCO SRL Nominated for 2025 Go Global Awards in London

PRINTCO: Romania’s Packaging Powerhouse Pioneering Innovation and Sustainability

07/01/2025
PRINTCO SRL Nominated for 2025 Go Global Awards in London

PRINTCO SRL Nominated for 2025 Go Global Awards in London

07/02/2025

HirtProductions Bridges Continents with Spiritually Uplifting Cinema

07/02/2025

HirtProductions Nominated for 2025 Go Global Awards for Excellence in Impact-Driven Cinema

07/01/2025
Trump Ends Canada Trade Talks, Signals Tariffs

Trump Ends Canada Trade Talks, Signals Tariffs

07/01/2025
Trump Signals Flexibility on Tariff Deadlines

Trump Signals Flexibility on Tariff Deadlines

07/01/2025
Canada Retaliates with Steel Quota After U.S. Tariff Threat

Canada Retaliates with Steel Quota After U.S. Tariff Threat

07/01/2025
Trump Warns Japan of New Tariffs Over Rice Trade

Trump Warns Japan of New Tariffs Over Rice Trade

07/01/2025
supplychainreport
Wednesday, July 2, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

Cleveland-Cliffs Reports Fourth Quarter Loss Amidst a Profitable Year

by Geraldine S.
02/02/2024
in Global Trade, Industry, Manufacturing, Market Trends, Supply Chain

YOU MAY ALSO LIKE

Two Star Safaris Ltd: Six Years of Growth, Impact, and Global Reach

Two Star Safaris Limited Nominated for 2025 Go Global Awards in London

Cleveland-Cliffs Inc., a leading company in the steelmaking and iron mining industry, and operator of the Ferrous Processing & Trading (FPT) scrap yard network, has announced a net loss of $139 million for the fourth quarter of 2023, according to generally accepted accounting principles (GAAP). Despite this quarterly setback, the company maintained profitability for the full year, with a reported GAAP net income of $450 million.

The company also experienced a fourth-quarter loss in the previous year, totaling $204 million. In terms of revenue, Cleveland-Cliffs reported earning $22 billion in 2023, a slight decrease from $23 billion in 2022. This year’s revenue was bolstered by a record number of steel shipments, amounting to 16.4 million net tons, including an unprecedented level of automotive shipments.

Lourenco Goncalves, President and CEO of Cleveland-Cliffs, highlighted the scrap metal market in his commentary on the company’s financial outcomes. Despite the firm’s reliance on blast furnace/basic oxygen furnace (BOF) technology, which is less dependent on scrap metal, Goncalves emphasized the importance of a fair scrap marketplace. He projected that given a balanced scrap market with growing demand and shrinking supply, scrap prices should not decrease, potentially supporting higher prices for hot-rolled coil steel (HRC).

Goncalves also noted the robust demand for steel throughout the year, particularly from the automotive sector, which remained strong despite a labor strike by the United Auto Workers in the latter part of the year. The strike, according to Goncalves, did not significantly disrupt the market, leading to increased steel purchases by nonautomotive clients who had initially anticipated a price drop.

A key achievement for Cleveland-Cliffs in 2023 was the significant reduction in the cost per ton of steel produced, with expectations for further cost reductions in 2024. Goncalves affirmed the company’s dedication to its stakeholders, including its unionized and nonunion employees, investors, customers, suppliers, and the communities it operates in. He expressed pride in the company’s American ownership and operations, emphasizing its commitment to American values.

Catch the latest supply chain news at The Supply Chain Report. Learn more about international trade at ADAMftd.com with free tools.

#ClevelandCliffs #Steelmaking #IronMining #FerrousProcessing #NetLoss #GAAP #SteelShipments #AutomotiveSector #ScrapMetalMarket #HotRolledCoil #CostReduction #AmericanOwnership #FinancialResults #UAWStrike #StakeholderCommitment

ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.