US iron-ore miner Cleveland-Cliffs posted net income of $1.1-billion in 2018, eclipsing the previous year’s income of $363-million, on the back of an increase in revenue.
Revenue jumped to $2.3-billion, from the prior year’s $1.9-billion, while cost of goods sold and operation expenses increased to $1.5-billion, from $1.4-billion in 2017.
Adjusted earnings before interest, taxes, depreciation and amortisation was $766-million in 2018 – a 67% increase on that of 2017.
“2018 was another great year for Cleveland-Cliffs. With over $1.1-billion in net income and 67% in Ebitda year-over-year, we are proud to confirm that our strategic vision for the company has been fully implemented and is working very well,” said chairperson and CEO Lourenco Goncalves.
He said in a statement that the miner was confident that 2019 would be “even more exciting”, with its mining and pelletising business expected to be “once again sold out”.
For 2019, Cliffs expects full-year sales and production volumes of about 20-million tons. This is similar to the sales and production volumes of 2018, which came in at 20.56-million tons. In 2017, the company sold 18.68-million tons.