Cleveland-Cliffs’ Revenue by Region (2013-2022)

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This statistic highlights Cleveland-Cliffs’ Revenue by Region, split across Canada, US and others, reported annually from 2018 onwards.
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This statistic highlights Cleveland-Cliffs’ Revenue by Region, split across Canada, US and others, reported annually from 2018 onwards.

Cleveland-Cliffs’ Revenue by Region

Cleveland Cliffs’ generates its revenue through the sale of its steel and iron products across multiple regions. The company currently operates through 5 corporate offices and more than 35 steelmaking, tooling, and tabular units spread across North America.  Its total revenue grew from $1.99 billion in 2019 to $5.35 billion in 2020, registering a growth of 169% on a year-to-year basis. 

Cleveland Cliffs is geographically bifurcated as:

Revenue by Region 2018 2019 2020 Contribution in 2020
US $1.85 $1.51 $4.58 85.54%
Canada $0.40 $0.45 $0.60 11.24%
Others $0.09 $0.04 $0.17 3.21%
Total $2.33 $1.99 $5.35 100.00%

(All figures in billions, except percentages)

United States

The United States is the largest contributor to the company’s revenue with a share of 85.54%, as per 2020 figures. It grew from $1.51 billion in 2019 to $4.58 billion in 2020, registering a growth of 204% on a year-to-year basis. In this region, the company has greatly benefitted from the falling import levels of Flat-rolled steel due to trade and tariff restrictions on imports.

Canada

Canada region accounted for 11.24% of Cleveland Cliffs’ total revenue in 2020. It increased from $0.45 billion in 2019 to $0.60 billion in 2020, marking a growth of 34% on a year-to-year basis.

In Canada, the company operates through two of its subsidiaries, Fleetwood Metal Industries Inc. and The Electronic Group Inc.

Others

Regions other than the US and Canada account for only a small fraction of Cleveland Cliffs’ revenue. Its share stood at 3.21% in 2020. It increased from $0.04 billion in 2019 to $0.17 billion in 2020, marking a growth of 365% on a year-to-year basis. A significant change came in these segments in August 2018, when the company sold all of its subsidiaries in Australia.  

About the Company 

Cleveland Cliffs was founded as a mine operator in 1847. Today, it is one of the oldest and largest iron ore mining companies in the U.S. As the company produces raw materials for its steel mining operations itself, it is uniquely positioned and especially benefitted. 

The acquisition of AK Steel and ArcelorMittal US helped the company in entering steel production with a special focus on the automotive end market. Cleveland-Cliffs has 68 operating facilities across the U.S. with more than 26,000 employees involved in various operations of the company. The company is traded under the ticker name CLF on the New York Stock Exchange and its stock is a component of the S&P 400 Index.

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