Cleveland-Cliffs (NYSE: CLF) reported Q4 EPS of $0.24, ex- 10 cent charge, $0.02 better than the analyst estimate of $0.22. Revenue for the quarter came in at $2.3 billion versus the consensus estimate of $2.34 billion.

Lourenco Goncalves, Chairman, President and Chief Executive Officer, said: “Without question, 2020 was the most transformational year in our Company\'s 173 year history. We completed two seminal acquisitions, AK Steel and ArcelorMittal USA, that transformed us from an iron ore miner into the largest flat-rolled steelmaker in North America. We also completed our Toledo direct reduction plant, which began operations in the fourth quarter. We were able to accomplish all of this while navigating through the COVID-19 pandemic and taking action to preserve the health and safety of our workforce and our company for the long-term.”

Mr. Goncalves added: “Our strong fourth quarter results offer just a sample of what we expect to accomplish in 2021, when we will show the full magnitude of the ArcelorMittal USA acquisition as well as the added contribution from our state-of-the art direct reduction plant. The integration of the ArcelorMittal USA assets into our portfolio is going extremely well, and we are benefiting substantially from our increased exposure to markets where we are currently seeing all-time highs in pricing. Our differentiated business model is set up perfectly to thrive in this environment.”

Mr. Goncalves concluded: “We continue to manage supply in a disciplined manner, and will let our order book dictate our production levels, not adding volume for volume\'s sake. We also have made a serious and important commitment to the environment, laying out an aggressive plan to reduce greenhouse gas emissions by 25% by 2030. The opportunities that await us in 2021 and beyond are immense, and we look forward to putting on full display what this transformed business can accomplish.”

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