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July 22 , 2021 Cleveland - Cliffs Reports Record Second Quarter 2021 Results • Record quarterly revenue of $ 5.0 billion • Record quarterly net income of $ 795 million • Record quarterly adjusted EBITDA¹ of $ 1.4 billion CLEVELAND -- ( BUSINESS WIRE ) -- Cleveland - Cliffs Inc. ( NYSE : CLF ) today reported second - quarter results for the period ended June 30 , 2021 . Second - quarter 2021 consolidated revenues were $ 5.0 billion , compared to the prior - year second - quarter revenues of $ 1.1 billion . For the second quarter of 2021 , the Company recorded net income of $ 795 million , or $ 1.33 per diluted share . This included the following charges totaling $ 77 million , or $ 0.13 per diluted share : • charges of $ 37 million , or $ 0.06 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 $ 22 million , or $ 0.04 per diluted share , for debt extinguishment costs ; and • charges of $ 18 million , or $ 0.03 per diluted share , for acquisition - related loss on equity method investment . CLIFFS In the prior - year second quarter , the Company recorded a net loss of $ 108 million , or a loss of $ 0.31 per diluted share . For the first six months of 2021 , the Company recorded revenues of $ 9.1 billion and net income of $ 852 million , or $ 1.48 per diluted share . In the first six months of 2020 , the Company recorded revenues of $ 1.5 billion and a net loss of $ 157 million , or a loss of $ 0.51 per diluted share . 1 Second - quarter 2021 adjusted EBITDA¹ was $ 1.4 billion , compared to an adjusted EBITDA 1 loss of $ 82 million in the second quarter of 2020 . Adjusted EBITDA¹ Steelmaking Other Businesses Corporate and Eliminations Three Months Ended June 30 , 2020 2021 $ 1,395 8 ( 43 ) ( In Millions ) $ Six Months Ended June 30 , 2020 2021 ( 54 ) $ 1,932 2 ( 30 ) 19 ( 78 ) $ ( 10 ) 4 ( 53 )