Photo courtesy of Cleveland-Cliffs Inc.
Steelmaking and iron mining firm Cleveland-Cliffs Inc. ranks 170th on the 2023 Fortune 500 list using 2022 company revenue as the yardstick. The Cleveland-based company had 2022 revenue of $23 billion.
Cleveland-Cliffs has grown considerably in the past four years by moving aggressively into the steelmaking sector. In late 2019, it announced its intention to acquire the former AK Steel. The next year, it again increased its steelmaking capacity by purchasing the blast furnace/basic oxygen furnace mills in the United States that had been operated by ArcelorMittal.
Before those major asset purchases, Cleveland-Cliffs did not always rank in the Fortune 500. The 2018 Fortune 500 shows AK Steel slotting in at No. 461 that year. Luxembourg-based ArcelorMittal was not on the U.S.-focused list, and Cleveland-Cliffs did not make the list that year as solely a mining and iron ore production and shipping firm.
“As we grow and climb higher on Fortune’s rank, we continue to demonstrate our ability to outperform ourselves year after year,” Cleveland-Cliffs President and CEO Lourenco Goncalves says. “The main key to our success is our workforce of 27,000 employees, and we thank each one of our employees for their great work and their sense of common purpose. We also thank our union partners for working hard with us to make Cleveland-Cliffs the great company we are today and will certainly be in the future.”
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