NYSE$CLF
Cleveland-Cliffs Inc · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Cleveland-Cliffs reported record results driven by strong steel demand and pricing.
Cleveland-Cliffs reported record third-quarter revenue of $6.0 billion and net income of $1.3 billion, driven by strong steel demand and pricing. The company's adjusted EBITDA was also a record $1.9 billion.
- Record quarterly revenue of $6.0 billion.
- Record quarterly net income of $1.3 billion.
- Record quarterly adjusted EBITDA of $1.9 billion.
- Free cash flow was used to retire outstanding preferred shares.
Headline financials
Revenue & EPS history
Cleveland-Cliffs · Revenue · Quarterly
$6B
Revenue by segment
Cleveland-Cliffs · $5.87B total across 1 segment · Q3 2021
- Steelmaking$5.87B—100.0%
Forward guidance
Cleveland-Cliffs expects average sales price next year should be higher than in 2021, allowing the company to continue to grow its already strong profitability and to further strengthen its balance sheet.
Tailwinds
- Average sales price next year should be higher than in 2021.
- Profitability continues to increase.
- Balance sheet to be further strengthened.
- Utilize more prime scrap in BOFs.
- Reducing utilization of coke and carbon emissions.
Headwinds
- Volatility of steel and iron ore market prices.
- Reliance on the demand for steel from the automotive industry.
- Potential weaknesses and uncertainties in global economic conditions.
- Excess global steelmaking capacity.
- Oversupply of iron ore.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2021
+0.8%
Avg return
Earnings day
-1.8%
Avg return
5 days after
-2.5%
Avg return
30 days after
55%
40 / 73 earnings
Positive
+23.1%
Q2 2018
Best reaction
-21.1%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.6% | +0.3% | +10.0% | |
| Q4 2025 | -16.4% | -29.5% | -37.0% | |
| Q3 2025 | +21.4% | -1.4% | -15.5% | |
| Q2 2025 | -0.7% | -1.9% | +9.9% | |
| Q1 2025 | -15.9% | -10.7% | -10.5% | |
| Q4 2024 | -3.2% | -2.8% | -16.3% | |
| Q3 2024 | -12.5% | -3.0% | -6.3% | |
| Q2 2024 | +4.7% | +2.0% | -15.4% | |
| Q1 2024 | -10.9% | -14.1% | -17.6% | |
| Q4 2023 | +9.3% | +10.4% | +10.2% | |
| Q3 2023 | +7.3% | +9.9% | +15.5% | |
| Q2 2023 | +9.9% | +7.0% | -5.1% | |
| Q1 2023 | -3.8% | -3.1% | -10.6% | |
| Q4 2022 | +2.4% | -0.6% | -11.4% | |
| Q3 2022 | -5.0% | -13.4% | +2.4% | |
| Q2 2022 | -3.4% | -2.9% | +3.8% | |
| Q1 2022 | -6.2% | -7.2% | -26.3% | |
| Q4 2021 | -11.8% | -5.2% | +23.4% | |
| Q3 2021 | +20.1% | +17.2% | +3.7% | |
| Q2 2021 | +1.9% | +5.1% | +8.5% | |
| Q1 2021 | +5.5% | +9.6% | +5.9% | |
| Q4 2020 | -21.1% | -13.1% | -2.0% | |
| Q3 2020 | +3.0% | -3.5% | +11.6% | |
| Q2 2020 | -10.8% | -5.9% | +11.5% | |
| Q1 2020 | -8.9% | -14.9% | +36.7% | |
| Q4 2019 | -6.7% | -15.0% | -58.0% | |
| Q3 2019 | +0.1% | +3.6% | +11.2% | |
| Q2 2019 | +3.1% | +0.6% | -24.9% | |
| Q1 2019 | +6.1% | +5.0% | -2.1% | |
| Q4 2018 | +6.9% | +5.2% | -10.3% | |
| Q3 2018 | -1.2% | -11.2% | -10.3% | |
| Q2 2018 | +23.1% | +22.2% | +11.5% | |
| Q1 2018 | +1.0% | +4.0% | +19.7% | |
| Q4 2017 | -8.6% | -11.0% | -10.3% | |
| Q3 2017 | -8.3% | -8.2% | -17.6% | |
| Q2 2017 | -8.2% | -3.6% | +1.2% | |
| Q1 2017 | -6.5% | -7.8% | -14.6% | |
| Q4 2016 | +17.1% | +26.4% | -8.2% | |
| Q3 2016 | -12.4% | -12.1% | +59.8% | |
| Q2 2016 | +0.8% | +1.4% | -26.5% | |
| Q1 2016 | +22.3% | — | — | |
| Q4 2015 | +4.6% | — | — | |
| Q3 2015 | +4.5% | — | — | |
| Q2 2015 | -10.8% | — | — | |
| Q1 2015 | -11.7% | — | — | |
| Q4 2014 | +5.9% | — | — | |
| Q3 2014 | +17.2% | — | — | |
| Q2 2014 | -0.8% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | +5.3% | — | — | |
| Q3 2013 | +6.7% | — | — | |
| Q2 2013 | +7.7% | — | — | |
| Q1 2013 | +21.0% | — | — | |
| Q4 2012 | -19.6% | — | — | |
| Q3 2012 | -12.3% | — | — | |
| Q2 2012 | -9.6% | — | — | |
| Q1 2012 | -4.3% | — | — | |
| Q4 2011 | -2.9% | — | — | |
| Q3 2011 | +2.5% | — | — | |
| Q2 2011 | -4.0% | — | — | |
| Q1 2011 | -0.2% | — | — | |
| Q1 2009 | +3.9% | — | — | |
| Q4 2010 | +3.9% | — | — | |
| Q3 2010 | +4.7% | — | — | |
| Q2 2010 | +4.5% | — | — | |
| Q1 2010 | +1.5% | — | — | |
| Q4 2007 | +13.1% | — | — | |
| Q4 2009 | +13.1% | — | — | |
| Q3 2009 | +1.7% | — | — | |
| Q3 2008 | +1.7% | — | — | |
| Q2 2008 | +10.2% | — | — | |
| Q2 2009 | +10.2% | — | — | |
| Q4 2008 | +10.2% | — | — |
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