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April 22 , 2021 CLIFFS Cleveland - Cliffs Reports First - Quarter 2021 Results and Increases Guidance for Full - Year 2021 Adjusted EBITDA to $ 4 Billion CLEVELAND -- ( BUSINESS WIRE ) -- Cleveland - Cliffs Inc. ( NYSE : CLF ) today reported first- quarter results for the period ended March 31 , 2021 . First - quarter 2021 consolidated revenues were $ 4.0 billion , compared to the prior - year first- quarter revenues of $ 359 million . For the first quarter of 2021 , the Company recorded net income of $ 41 million , or $ 0.07 per diluted share . This included the following charges totaling $ 160 million , or $ 0.28 per diluted share : • charges of $ 81 million , or $ 0.14 per diluted share , of inventory step - up amortization , related to the revaluation of inventory following the acquisition of substantially all of the operations of ArcelorMittal USA ; • charges of $ 66 million , or $ 0.12 per diluted share , for debt extinguishment costs ; and • charges of $ 13 million , or $ 0.02 per diluted share , for severance and acquisition- related costs . In the prior - year first quarter , the Company recorded a net loss of $ 52 million , or $ 0.18 per diluted share . First - quarter 2021 Adjusted EBITDA¹ was $ 513 million , compared to $ 23 million in the first- quarter of 2020 . Adjusted EBITDA1 ( In Millions ) Three Months Ended March 31 , 2021 2020 Steelmaking $ Other Businesses Corporate and Eliminations 537 $ 44 11 ( 35 ) 2 Total Adjusted EBITDA¹ $ 513 $ ( 23 ) 23 Outlook The Company has increased its full - year 2021 adjusted EBITDA² guidance to approximately $ 4.0 billion , up $ 500 million from its previous guidance of approximately $ 3.5 billion . The full- year revision is based on better - than - expected contractual renewals and the assumption that the US HRC index price averages $ 1,100 per net ton for the last nine months of the year . The Company's second - quarter adjusted EBITDA² expectation is $ 1.2 billion .