Cleveland-Cliffs Inc. executives provided insight into the company’s operations and outlook during a conference call on Wednesday.
The company, which is the largest producer of iron ore pellets in North America, reported a net income of $1.2 billion for the first quarter of 2021. This was a significant increase from the $7 million reported in the same period last year.
CEO Lourenco Goncalves said the company’s strong performance was due to a combination of factors, including higher iron ore prices, increased demand for steel, and the company’s cost-cutting measures.
Goncalves also noted that the company’s operations in the United States and Canada have been running at full capacity since the beginning of the year. He said the company is well-positioned to take advantage of the current market conditions and is looking to expand its operations in the future.
The company’s CFO, David Rintoul, said that the company is continuing to invest in its operations and is looking to expand its presence in the global market. He said the company is looking to increase its production capacity and is exploring new markets.
Rintoul also noted that the company is continuing to invest in its workforce and is looking to hire more employees. He said the company is committed to providing a safe and healthy work environment for its employees.
Overall, the executives expressed optimism about the company’s future and said they are confident that the company will continue to be successful in the coming years. They said the company is well-positioned to take advantage of the current market conditions and is looking to expand its operations in the future.