---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-23-000075"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2023-04-11T23:59:59+00:00"
generated_at: "2026-06-17T03:55:36.096025+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000764065-23-000075
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2023-04-11T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406523000075/0000764065-23-000075-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406523000075/clf-20230411.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-23-000075
- JSON: https://secwatch.observer/filing/0000764065-23-000075.json
- Plain text: https://secwatch.observer/filing/0000764065-23-000075.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/764065/000076406523000075/0000764065-23-000075-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.