Cleveland-Cliffs (CLF) sees Q1 2021 adjusted EBITDA of approximately $500 million

(Updated - March 30, 2021 4:43 PM EDT)

Cleveland-Cliffs Inc. (NYSE: CLF) will announce its first-quarter 2021 earnings results before the U.S. market open on Thursday, April 22, 2021.

The Company invites interested parties to listen to a live broadcast of a conference call with securities analysts and institutional investors to discuss the results on April 22, 2021 at 10:00am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and available for replay at that address.

The Company also provided updated financial guidance based on its most recent 2021 financial forecast.

The Company’s forecast includes the following expectations:

• First-quarter 2021 adjusted EBITDA* of approximately $500 million
• Second-quarter 2021 adjusted EBITDA* of approximately $1.2 billion
• Full-year 2021 adjusted EBITDA* of approximately $3.5 billion

The full-year expectation is based on current contractual business and the assumption that the US HRC price averages $975 per net ton for the remainder of the year.

* Adjusted EBITDA is a non-GAAP financial measure that management uses in evaluating operating performance. The presentation of this measure is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of this measure may be different from non-GAAP financial measures used by other companies. We are unable to reconcile, without unreasonable effort, our expected adjusted EBITDA to its most directly comparable GAAP financial measure, net income, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of items impacting comparability. This includes the finalization of the preliminary allocation of consideration related to the AMUSA acquisition to the net tangible and intangible assets acquired and liabilities assumed and associated tax impacts. For the same reasons, we are unable to address the probable significance of the unavailable information.

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