Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

US flat-rolled steel producer, Cleveland-Cliffs raised its Q2 2021 and full-year financial outlook per the company’s revised financial projection for 2021.


The company now forecasts its adjusted EBITDA to reach $5bn for 2021, up 25pc from its previous guidance and expects adjusted EBITDA to stand at $1.3bn in Q2 2021, representing an 8.3pc increase against the former assessment.


The full-year prospect was formed with cautious estimations assuming US HRC pricing remains at approximately $1,175/nt, on average for 2021.


The improved forecast compares to its prior guidance, provided on Apr 22 that indicated adjusted EBITDA of $4bn for full-year 2021 and adjusted EBITDA of $1.2bn for Q2 2021, based on the assumption that US HRC index prices average $1,100/nt for Apr-Dec 2021. 


The steelmaker will provide its complete Q2 2021 financial and operational results on Jul 22.

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