The USA's Cleveland-Cliffs increased its steel selling price forecast for 2022 by $220/ton.
Cleveland-Cliffs Inc., North America's largest flat rolled steel producer, increased its average selling price forecast for the full year 2022 by US$220 to US$1,445 per net ton, based on the same methodology provided in the previous quarter.
The company's average net selling price for steel products in the first quarter was US$1,446 per net ton, which is US$900 higher than the same period last year.
In the first quarter, foreign sales volume of steel products decreased by 12.2% year on year to approximately 3.6 million net tons due to weak demand; however, the price increase boosted overall profit, resulting in sales revenue of approximately US$6 billion, up 47.1 percent year on year.
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