CLEVELAND, OH— Cleveland-Cliffs, Incorporated reported first-quarter results for the period ended March 31, 2022, on Friday.
Consolidated revenues were $6 billion, compared to the prior-year first-quarter revenues of $4 billion. In the first quarter of this year, CCI recorded net income of $801 million, or $1.50 per diluted share. In the prior-year first quarter, CCI recorded net income of $41 million, or $0.07 per diluted share.
Steelmaking revenues of $5.8 billion included $1.8 billion, or 31 percent, of sales to the distributors and converters market; $1.6 billion, or 28 percent, of sales to the automotive market; $1.5 billion, or 27 percent, of sales to the infrastructure and manufacturing market; and $816 million, or 14 percent, of sales to steel producers.
