Cliffs ups steel shipments on auto volumes

US steelmaker Cleveland-Cliffs raised its shipments in the second quarter as it increased volumes to the automotive industry.

Cliffs shipped 4.2mn short tons (st) of flat steel products to customers, up by 15pc compared with the prior year. Shipments were up by 3pc from the prior quarter.

The Cleveland-based company's chief executive Lourenco Goncalves said it is on track "for our best shipment year since becoming a steel company." He previously had set the goal for Cliffs to ship 16mn st in 2023.

Automotive shipments hit a record in the second quarter and led to higher than expected prices as well, Goncalves said.

The overall selling price per ton fell by 16pc compared with the prior year to $1,255/st in the second quarter.

So far, the company has shipped 8.29mn st, slightly ahead of its goal.

Cliffs earned a profit of $347mn in the second quarter, down by 42pc compared with the prior year.

By Rye Druzin