ISHPEMING, MI-- Cleveland Cliffs is reporting a net loss of $108 million in the second quarter of 2020.
That compares to a net income of $161 million for the same time last year. CCI reported total revenues of $1.1 billion, compared to 2019’s second-quarter consolidated revenues of $743 million. For the six months ended June 30, 2020, the company recorded a net loss of $157 million, compared to net income of $139 million during the same period in 2019.
Cliff’s CEO Lourenco Goncalves says Cliffs’ main concern in the second quarter was to preserve liquidity when it couldn’t ship to clients in all of its markets. He says clients are now back to healthy levels of operation and the company’s liquidity sits solidly above the $1.1 billion mark.
