Cleveland-Cliffs reports record $23B revenue in FY2022; Q4 net loss $204M

CLEVELAND-CLIFFS INC.

2022-FY EPS reported $2.55 revenue$22,989,000,000

Full-year revenue $23.0B (record), net income $1.4B ($2.55 diluted EPS); adjusted EBITDA $3.2B.
Q4 revenue $5.0B, net loss $204M ($0.41 loss per share); adjusted EBITDA $123M vs $1.5B in Q4 2021.
Steelmaking segment Q4 adjusted EBITDA $109M; average selling price $1,156/ton vs $1,423/ton in Q4 2021.
Reduced debt by $1.1B and pension/OPEB liabilities by $2.1B in FY2022; total liquidity ~$2.5B.
Guides FY2023 steel shipments ~16M tons (up from 14.8M), capex $700-750M (down from $943M), and expects sequential EBITDA improvement.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CLEVELAND-CLIFFS INC. reported financial results for the fourth-quarter and full-year financial results for the period ended December 31, 2022.

Period: the fourth-quarter and full-year financial results for the period ended December 31, 2022
Result: reported results

Exact text from the filing

On February 13, 2023, Cleveland-Cliffs Inc. issued a news release announcing the fourth-quarter and full-year financial results for the period ended December 31, 2022.

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Source: SEC EDGAR

accession 0000764065-23-000029

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