This Morning in Metals: Cleveland-Cliffs releases Q4 2020 results

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This morning in metals news: Cleveland-Cliffs released its preliminary Q4 2020 results; demand for sustainable aluminum is rising in the maritime industry; and U.S. steel prices continue to rise.

Cleveland-Cliffs revenue jumps

Cleveland-Cliffs reported Q4 2020 revenues of approximately $2.2 billion to $2.3 billion.

The total marked a 320% year-over-year jump.

Meanwhile, the firm reported EBITDA of $280 million to $290 million, or up 150% year over year.

Furthermore, the firm tallied steel sales volume of 1.9 million net tons.

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Demand for sustainable aluminum

Oslo-based Norsk Hydro explained that demand for sustainable aluminum products in the maritime industry is on the rise.

“We see the maritime industry has increased its focus on sustainable products, material selection and design in recent years,” said Thomas B. Svendsen, market manager in Hydro. “Electric ferries carry heavy batteries and need lighter materials. The CO2 footprint in the industry needs to be reduced and recycling of material has therefore gained traction. Aluminium is a good fit.”

Hydro said it plans to deliver nearly 8,000 tonnes of aluminum to the maritime industry in 2021.

Surging steel

U.S. steel prices continue to surge and show no sign of stopping.

The U.S. cold rolled coil price closed last week at $1,185 per short ton, up 16.4% month over month. Meanwhile, U.S. hot rolled coil closed at $1,079 per short ton, up 18.57% month over month.

In addition, hot dipped galvanized closed at $1,350 per short ton, up 20.75% month over month.

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