Cleveland-Cliffs’ Revenue Breakdown by End-Market (2020-2022)

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This statistic highlights Cleveland-Cliffs’ Revenue Breakdown by End-Market, split between Steelmaking and Other Businesses, reported on a quarterly basis from Q1 2020 onwards.
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This statistic highlights Cleveland-Cliffs’ Revenue Breakdown by End-Market, split between Steelmaking and Other Businesses, reported on a quarterly basis from Q1 2020 onwards.

Cleveland-Cliffs’ Revenue Breakdown by End-Market

Cleveland Cliffs’ generates its revenue by selling its various steel and iron products. The company’s total revenue increased from $1.65 billion in Q3 2020 to $6.00 billion in Q3 2020, marking a growth of 265% on a year-on-year basis. It also increased from $5.05 billion in Q2 2021 to $6.00 billion in Q3 2021, marking a growth of 19% on a quarter-to-quarter basis.

Based on the End-Market, Cleveland Cliffs’ revenue is further bifurcated as:

End-Market  Q3 2020  Q2 2021 Q3 2021 Contribution in Q3 2021
Steelmaking $1.51 $4.92 $5.87 97.75%
Other Business $0.14 $0.12 $0.14 2.25%
Total $1.65 $5.05 $6.00 100.00%

(All figures in billions, except percentages)

Steelmaking

The Steelmaking market segment of Cleveland Cliffs consists of the revenue generated through their flat-rolled steel production which is supported by the largest iron ore pellet producer in North America. It primarily serves the Automotive, Infrastructure & Manufacturing, and distributors and converters markets. The product line for this segment includes Hot-rolled steel, Cold-rolled steel, Coated steel, Stainless steel, Electrical steel, and Plate steel among other steel and iron products.

A large part of Cleveland Cliffs’ total revenue is generated by the steelmaking market segment, accounting for as much as 97.75% in Q3 2021. It grew from $1.51 billion in Q3 2020 to $5.87 billion in Q3 2021, registering a growth of 290% on a year-on-year basis. It also increased from $4.92 billion in Q2 2021 to $5.87 billion in Q3 2021, marking a growth of 19% on a quarter-to-quarter basis.  

Other Businesses

The other business market segment includes the revenue generated through operating segments which provide customer solutions through carbon and stainless steel tubing products, advanced engineering solutions, tool design & build, hot as well as cold-stamped steel components, and complex assemblies.

This market segment accounts for only a small percentage of Cleveland Cliffs’ Revenue, accounting for 2.25%. It fell marginally from $0.14 billion in Q3 2020 to $0.135 billion in Q3 2021, registering a decrease of 4% on a year-on-year basis. It increased from $0.12 billion in Q2 2021 to $0.14 billion in Q3 2021, marking a growth of 10% on a quarter-to-quarter basis.

About the Company

With humble beginnings as a mine operator in 1847, Cleveland Cliffs is the largest supplier of iron ore pellets and the largest flat-rolled steel producer  in North America. The company is headquartered in Cleveland. With annual shipments of roughly 16 million tonnes, the company has an industry-leading automotive share. The company’s biggest advantage is the fact that it is fully integrated, implying that it produces the raw materials on its own and then uses these raw materials for steel production. From being the fifth largest flat-rolled steel producer in North America in 202o to becoming the largest, the company achieved great feats in a short span of time. Cleveland Cliffs successfully caters to the need for lightweight materials in new electric vehicle models. The company is traded on the New York Stock Exchange with the ticker name CLF and its stock is a part of the S&P 400 Index.

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