CLEVELAND, OH-- Third-quarter revenue for Cleveland Cliffs, Incorporated is down from last year.
CCI reports consolidated revenues of $556 million, compared to 2018’s third-quarter consolidated revenues of $742 million. The company recorded net income of $91 million, compared to net income of $438 million recorded in the prior-year quarter. For the nine months ended September 30, net income was $230 million, compared to $519 million during the same period in 2018.
Mining and Pelletizing pellet sales volume in the third quarter of 2019 was 5.8 million long tons, an 11 percent decrease from the prior-year quarter.
Cleveland Cliffs Chairman Lourenco Golcalves believes currently weak prices are temporary and will be mitigated with the startup of a Hot Briquetted Iron plant in Toledo, Ohio next year.
