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Cleveland-Cliffs sees improvement despite second-quarter losses
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Tribune Chronicle
Staff reportFlat-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.
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."
He also noted meaningful improvement in the Canadian market.