---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-23-000079"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2023-04-24T23:59:59+00:00"
generated_at: "2026-06-16T20:14:20.212528+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Cleveland-Cliffs reports Q1 results: net loss $42M, revenue $5.3B, adjusted EBITDA $243M

## Summary
- GAAP net loss of $42M ($0.11 diluted EPS) vs Q4 2022 loss of $204M ($0.41).
- Adjusted EBITDA of $243M, up from $123M in Q4 2022.
- Steel shipments of 4.1M net tons; average selling price $1,128/ton.
- Direct automotive sales mix increased to 36% of steelmaking revenues.
- Full-year 2023 capex guidance lowered to $675-$725M from $700-$750M.

## SEC filing metadata
- accession: 0000764065-23-000079
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2023-04-24T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406523000079/0000764065-23-000079-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406523000079/clf-20230424.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-23-000079
- JSON: https://secwatch.observer/filing/0000764065-23-000079.json
- Plain text: https://secwatch.observer/filing/0000764065-23-000079.txt

## Key facts
- Earnings Releases
  CLEVELAND-CLIFFS INC. reported first-quarter 2023 results: revenue $5.3 billion, net income GAAP net loss of $42 million, EPS $0.11 per diluted share. Guidance lowered.
  - Period: first-quarter 2023
  - Revenue: $5.3 billion
  - Net income: GAAP net loss of $42 million
  - EPS: $0.11 per diluted share
  - Guidance: lowered
  - Result: reported results
  source text: First-quarter 2023 revenues were $5.3 billion, compared to $5.0 billion in the fourth quarter of 2022. For the first quarter of 2023, the Company recorded a GAAP net loss of $42 million, corresponding to a GAAP net loss per diluted share attributable to Cliffs shareholders of $0.11.
  evidence_url: https://www.sec.gov/Archives/edgar/data/764065/000076406523000079/0000764065-23-000079-index.htm

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