This Morning in Metals: Cleveland-Cliffs reports soaring Q1 steelmaking revenues

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This morning in metals news: Cleveland-Cliffs reported Q1 steelmaking revenues of $3.9 billion; meanwhile, Novelis added ASI certification for seven more European aluminum manufacturing sites; and, lastly, Tata Steel is suing Liberty Steel over what it says are unpaid debts.

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Cleveland-Cliffs reports big jump in steelmaking revenues

In its Q1 earnings report, Cleveland-Cliffs reported steelmaking revenues of $3.9 billion. Meanwhile, it reported $337 million in steelmaking revenues in Q1 2020.

Furthermore, the company tallied net income of $41 million, up from a net loss of $52 million in Q1 2020.

In addition, CEO Lourenco Goncalves touted the company’s environmental focus.

“As a country responsible for just 2% of the global steel industry’s GHG emissions, the United States has the right to produce steel and manufacture in America, instead of importing steel and allowing foreign polluting countries to export their full employment at the expense of the American worker,” he said.

Novelis adds seven ASI certifications

Novelis said it has acquired Aluminum Stewardship Initiative (ASI) certifications for seven more aluminum manufacturing sites in Europe.

“The recent certification of Novelis’ seven European plants in Sierre, Switzerland; Göttingen, Nachterstedt Recycling, Nachterstedt Rolling, Germany; Latchford, UK; Pieve and Bresso, Italy strengthen the company’s ability to meet the increasing needs of its customers for independently certified, sustainable aluminium,” Novelis said. “In addition, ASI certifications underline Novelis’ ambition to be the world’s leading provider of low-carbon, sustainable aluminium solutions while reducing its carbon footprint 30 percent by 2026 and being net carbon neutral by 2050, or sooner.”

Tata Steel sues Liberty

As we’ve covered here previously, Liberty Steel is in crisis mode after the collapse of Greensill Capital, the top financial backer of parent group GFG Alliance.

This week, the BBC reported steelmaker Tata Steel is suing Liberty over what it says are unpaid debts.

Per the report, Tata is suing for debts it says are associated with Liberty 2017 purchase of Tata’s specialty steels business.

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