Cleveland-Cliffs Inc. (NYSE:CLF) Q1 2022 Earnings Conference Call April 22, 2022 10:00 AM ET
Company Participants
Celso Goncalves - Executive Vice President and Chief Financial Officer
Lourenco Goncalves - Chairman, President and Chief Executive Officer
Conference Call Participants
Lucas Pipes - B. Riley Securities
Michael Glick - JP Morgan
Emily Chieng - Goldman Sachs
Seth Rosenfeld - BNP Paribas
Carlos De Alba - Morgan Stanley
Timna Tanners - Wolfe Research
Matthew Fields - Bank of America.
Operator
Good morning, ladies and gentlemen. My name is Kevin, and I am your conference facilitator today. I would like to welcome everyone to Cleveland-Cliffs First Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session.
The company reminds you that certain comments made on today’s call will include predictive statements that are intended to be made as forward-looking within the safe harbor protection of the Private Securities Litigation Reform Act of 1995. Although the company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially. Important factors that could cause results to differ materially are set forth in reports on Forms 10-K and 10-Q and news releases filed with the SEC, which are available on the company’s website.
Today’s conference call is also available and being broadcast at clevelandcliffs.com and at the conclusion of the call, it will be archived on the website available for replay. The company will also discuss results including certain special items. Reconciliation for Regulation G purposes can be found in the earnings release, which was published this morning.
At this time, I would like to introduce Celso Goncalves, Executive Vice President and Chief Financial Officer.
Celso Goncalves
Thank you, Kevin, and thanks to everyone for joining us this morning. Let me start by summarizing the key highlights from our Q1 results and I will provide some additional context around our increased outlook for the reminder of the year. Our adjusted EBITDA of $1.5 billion in Q1 of 2022 is three times higher than the year-over-year adjusted EBITDA in Q1 of 2021, boosting our last 12 months EBITDA to $6.2 billion, which is a record for any 12-month period in our company’s history. Relative to last quarter, our sequential Q1 EBITDA was essentially steady with Q4 despite the sharp drop in spot steel prices that started around September of last year and lasted in to early March of this year before rebounding higher.