Cleveland-Cliffs Inc. CLF logged profits (attributable to the company’s shareholders) of $41 million or 7 cents per share in the first quarter of 2021 against a loss of $52 million or 18 cents per share in the prior-year quarter. The bottom line in the reported quarter includes charges related to acquisition-related costs, debt extinguishment costs and amortization of inventory step-up. Barring one-time items, adjusted earnings came in at 35 cents per share that beat the Zacks Consensus Estimate of 33 cents.Revenues amounted to $4,049 million, up from $359 million in the prior-year quarter. The figure beat the Zacks Consensus Estimate of $3,820.8 million.ClevelandCliffs Inc. Price, Consensus and EPS Surprise ClevelandCliffs Inc. price-consensus-eps-surprise-chart | ClevelandCliffs Inc. Quote Operational HighlightsCleveland-Cliffs updated its segment structure following the ArcelorMittal USA buyout and now has one reportable segment, Steelmaking. The earlier Mining and Pelletizing division is now included within Steelmaking, while other remaining operating segments are classified as Other Businesses.The company reported Steelmaking revenues of $3.9 billion for the first quarter. Average net selling price per net ton of steel products was $900 for the quarter. External sales volumes for steel products were roughly 4.1 million net tons.Financial PositionCleveland-Cliffs ended the first quarter with cash and cash equivalents of $110 million, down roughly 1.8% sequentially. Long-term debt increased 6.3% sequentially to $5,734 million at the end of the first quarter.Net cash used in operating activities was $373 million for first-quarter 2021.OutlookMoving ahead, Cleveland-Cliffs now expects full-year 2021 EBITDA of around $4 billion, up from the previous guidance of $3.5 billion. The company assumes that the U.S. hot-rolled coil price averages $1,100 per net ton for the last nine months of 2021.For the second quarter of 2021, the company expects adjusted EBITDA of $1.2 billion.Price PerformanceCleveland-Cliffs’ shares have surged 348.6% in the past year compared with 60.5% rise of the industry.Zacks Rank & Key PicksCleveland-Cliffs currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the basic materials space are Fortescue Metals Group Limited FSUGY, Nucor Corporation NUE and Impala Platinum Holdings Limited IMPUY.Fortescue has a projected earnings growth rate of roughly 105% for the current fiscal. The company’s shares have surged 124.6% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Nucor has an expected earnings growth rate of around 190.4% for the current fiscal. The company’s shares have gained 100.9% in the past year. It currently sports a Zacks Rank #1.Impala has an expected earnings growth rate of 197.6% for the current fiscal. The company’s shares have skyrocketed 246.3% in the past year. It currently flaunts a Zacks Rank #1.Zacks Top 10 Stocks for 2021In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2021 today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ClevelandCliffs Inc. (CLF): Free Stock Analysis Report Nucor Corporation (NUE): Free Stock Analysis Report Impala Platinum Holdings Ltd. (IMPUY): Free Stock Analysis Report Fortescue Metals Group Ltd. (FSUGY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research