Staff report

Flat-rolled steel producer Cleveland-Cliffs Inc., which operates a coke facility in Warren, reported a net loss of $134 million and adjusted net loss of $115 million for the second quarter, which ended June 30.

In a news release, the company reported revenues of $5.2 billion, a $300 million increase from the prior quarter

“The second quarter marked another step in returning to the earnings power this company is capable of and has demonstrated in the past,” said Lourenco Goncalves, Cliffs’ chairman and CEO.

The CEO said that despite extended maintenance outages in April and May, the company performed well when compared to the first quarter.

“As previously foreshadowed, we returned to positive free cash flow during (the second quarter) and have begun reducing our debt, a trend that will continue in a more meaningful way for the foreseeable future,” he said.

“The domestic market remains strong as ongoing global tensions continue to underscore the importance of having a thriving domestic steel industry.”

Goncalves said that demand continues to improve. He said that imports remain subdued, and lead times are extending further. He also noted meaningful improvement in the Canadian market.

“Our automotive volumes remained strong during the quarter and will increase further in (the third quarter), helping to further absorb fixed costs as our finishing lines operate at higher utilization rates,” he said.