Cleveland-Cliffs Ranked 171 on Fortune 500 list for 2022
May 23 2022 - 7:00AM
Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it
was named to the Fortune 500 list for the first time since its
transformation from a mining company to become the largest
flat-rolled steel company and the largest supplier of steel to the
automotive industry in North America. Cleveland-Cliffs’ 2021
revenue of $20.4 billion earned Cleveland-Cliffs the ranking of 171
on the list for 2022, surpassing its previous highest ranking ever
of 366 in 2012. The Fortune 500 list ranks companies that are
incorporated and operate in the U.S. by total revenues for their
respective fiscal years.
Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President, and
CEO said, “Our inclusion on this year’s Fortune list of companies
-- particularly our position well within the 200 largest ones -- is
another demonstration of our remarkable transformation. Despite all
the challenges imposed by the COVID-19 pandemic and the long
lasting consequences to supply chains still affecting our clients
as of today, we grew tenfold in just two years, from $2 billion in
revenues in 2019 to over $20 billion in revenues in 2021.” Mr.
Goncalves added: “We have an incredible workforce of 26,000
employees, with almost 20,000 of them represented by Unions. We
thank each one of our employees and the support from our Union
partners for making our vision a reality in a such short period of
time.”
This year’s Fortune 500 marks the 68th running of the list.
According to Fortune, together the 500 corporations on this year’s
list generated a record $16.1 trillion in revenue and $1.8 trillion
in profits. To view Cleveland-Cliffs’ company profile on Fortune
500, please visit the website at
https://fortune.com/company/cleveland-cliffs/.
FORTUNE 500 Methodology:
Companies are ranked by total revenues for their respective
fiscal years. Included in the survey are companies that are
incorporated in the U.S. and operate in the U.S. and file financial
statements with a government agency. This includes private
companies and cooperatives that file a 10-K or a comparable
financial statement with a government agency, and mutual insurance
companies that file with state regulators. It also includes
companies that file with a government agency but are owned by
private companies, domestic or foreign, that do not file such
financial statements. Excluded are private companies not filing
with a government agency; companies incorporated outside the U.S.;
and U.S. companies consolidated by other companies, domestic or
foreign, that file with a government agency. Also excluded are
companies that failed to report full financial statements for at
least three-quarters of the current fiscal year. Percent change
calculations for revenue, net income, and earnings per share are
based on data as originally reported. They are not restated for
mergers, acquisitions, or accounting changes. The only changes to
the prior years’ data are for significant restatement due to
reporting errors that require a company to file an amended
10-K.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in
North America. Founded in 1847 as a mine operator, Cleveland-Cliffs
also is the largest manufacturer of iron ore pellets in North
America. The Company is vertically integrated from mined raw
materials, direct reduced iron, and ferrous scrap to primary
steelmaking and downstream finishing, stamping, tooling, and
tubing. We are the largest supplier of steel to the automotive
industry in North America and serve a diverse range of other
markets due to our comprehensive offering of flat-rolled steel
products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs
employs approximately 26,000 people across its operations in the
United States and Canada.
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Media Contact: Patricia Persico Senior Director,
Corporate Communications (216) 694-5316 Investor Contact:
James Kerr Manager, Investor Relations (216) 694-7719
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