Cleveland-Cliffs reported consolidated first-quarter revenue of $5.23 billion, up from $4.93 billion a year earlier, as steel demand continued to improve despite ongoing global tensions.

The steel producer also named its chief financial officer, Celso Goncalves, to the additional post of president and appointed him to the board of directors.

The company posted a narrowed net loss of $134 million, or 25 cents a share, compared with a loss of $229 million, or 42 cents a share, in the prior-year quarter. On an adjusted basis, the loss was 20 cents a share, slightly better than the 21-cent loss expected by analysts polled by FactSet.