Cleveland-Cliffs Inc.'s fourth-quarter attributable net income increased to $64 million, equivalent to 14 cents per diluted share, from $63 million, or 23 cents per diluted share, in the prior-year period.

The iron ore producer said Feb. 25 that the quarterly result included $44 million, or 10 cents per share, acquisition-related costs and amortization of inventory step-up.

Revenues for the three months ballooned year over year to $2.26 billion from $534 million, while operating income grew to $107 million from $81 million. Fourth-quarter EBITDA more than doubled to $255 million from $104 million in the same period of 2019.

For 2020, Cleveland-Cliffs swung to an attributable net loss of $122 million, or a loss of 32 cents per diluted share, from a net income of $293 million, or $1.04 per share, a year ago.

The full-year loss included $186 million of acquisition-related, amortization of inventory step-up and severance costs, according to the miner. In December last year, Cleveland-Cliffs completed its $1.4 billion acquisition of ArcelorMittal unit ArcelorMittal USA LLC, which it renamed to Cleveland-Cliffs Steel LLC.

Revenues for the 12 months more than doubled to $5.32 billion from $1.99 billion in 2019, while EBITDA dropped to $354 million from $497 million. The company booked an operating loss of $142 million compared to an operating income of $429 million.

Lourenco Goncalves — Cleveland-Cliff's chairman, president and CEO — said the company expects a favorable market environment to continue, with steel product shipments of about 4 million net tons in the first quarter of 2021.

Cleveland-Cliffs also projected a significant improvement in its first-quarter adjusted EBITDA compared to the fourth-quarter of 2020. Capital expenditure for 2020 is forecast to remain at a range of of $600 million to $650 million.