Cleveland-Cliffs previews Q1 revenue ~$5.2B, adj. EBITDA ~$200M; issues $750M notes at 6.75%

CLEVELAND-CLIFFS INC.

Preliminary Q1 results: revenue ~$5.2B, steel shipments 4.1M net tons, adjusted EBITDA ~$200M.
CEO Goncalves says Q2 EBITDA will be 'multiple times higher' than Q1, citing price increases and cost reductions.
Priced $750M of 6.75% senior unsecured notes due 2030 at par, expected to close April 14.
Net proceeds to repay part of ABL borrowings; transaction is leverage and interest expense neutral.
Cliffs expects to maintain over $2B in pre-payable/callable debt to reduce with free cash flow.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CLEVELAND-CLIFFS INC. reported first quarter of 2023 results: revenue approximately $5.2 billion. Guidance reaffirmed.

Period: first quarter of 2023
Revenue: approximately $5.2 billion
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

Cleveland-Cliffs Inc. (NYSE: CLF) today provided its preliminary first-quarter financial results for the period ended March 31, 2023. Selected financial results expectations for the first quarter of 2023 include: • Steel shipments of 4.1 million net tons • Revenues of approximately $5.2 billion • Adjusted EBITDA 1 of approximately $200 million

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Source: SEC EDGAR

accession 0000764065-23-000075

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