Cleveland-Cliffs, the new owner of the Indiana Harbor and Burns Harbor steel mills, reported record quarterly income Thursday of $795 million for the period ended June 30.

This included $77 million in charges; $37 million of which was related to the revaluation of inventory following the acquisition of substantially all of ArcelorMittal USA operations. For the first six months of this year, the steel giant recorded net income of $852 million, a turnaround from the $157 million net loss it recorded over the same period in 2020.

Cliffs Chairman, President and CEO Lourenco Goncalves said the company also achieved all-time quarterly records in revenue and adjusted EBITDA in the second quarter.

“The numbers unequivocally confirm our efficiency in operating the new footprint, resulting from the integration of the two major steel companies acquired in 2020 as a single and indivisible mining and steel company. They also demonstrate our flawless execution in ramping up our state-of-the-art Direct Reduction plant in Toledo to the current level of production above nominal capacity,” Goncalves said.

Karen Caffarini is a freelance reporter.