The Rising Influence of Rising Affluence

[DewDiligence]

CLF 2Q20 results:

http://www.clevelandcliffs.com/English/news-center/news-releases/news-releases-details/2020/Cleveland-Cliffs-Inc.-Reports-Second-Quarter-2020-Results/default.aspx

Cliffs' Chairman, President, and CEO Lourenco Goncalves said: “The second quarter was an unusual one, with the full impact of the COVID-19 pandemic hitting our clients. Our main concern then was preserving our liquidity during a time we were not able to ship steel to our clients in all markets we serve, and particularly in our main end-market, the automotive industry.

As of today, our clients are back to healthy levels of operation, and our liquidity now sits solidly above the $1.1 billion mark. That happened way ahead of our conservative assumptions, creating a very exciting business prospect for a strong second semester [i.e. 2H20].”