Dow Jones Newswires
Cleveland-Cliffs 3Q Profit Jumps On Lower Costs
Published: Oct. 23, 2023 at 4:46 p.m. ET
By Ben Glickman
Cleveland-Cliffs reported a jump in profit in the third quarter as cost-cutting initiatives took effect.
The Cleveland-based steel producer posted a third-quarter profit of $264 million, or 52 cents a share, compared with $152 million, or 29 cents a share, a year earlier.
Revenue fell to $5.61 billion from $5.65 billion a year ago, beating the $5.58 billion expected by analysts polled by FactSet.
Chief Executive Lourenco Goncalves said the company's unit cost per ton of steel fell in the quarter as cost-cutting measures took effect.
Goncalves said the company saw strong automotive steel shipments, both before and after the United Auto Workers Strike began.