The flow of red ink slowed a bit for Cleveland-Cliffs in the third quarter.
The mining giant reported $150 million in positive cash flow on total revenues of $1.6 billion. Some charge-offs still resulted in two-cent loss per diluted share.
Cleveland-Cliffs has lost $155 million in the first three quarters of 2020.
In a statement released Friday, Chairman, President, and CEO Lourenco Goncalves attributed the third-quarter bounceback to the company’s readiness to meet automaker demands as production increased after plant shutdowns over the spring and summer.
He also said Cleveland-Cliffs’ purchase of steelmaker ArcelorMittal USA should close by the end of the year. Read their full third-quarter report here.