Cleveland-Cliffs Q2 net income $356M, rev $6.0B, shipments 4.2M tons

CLEVELAND-CLIFFS INC.

2023-Q2 EPS reported $0.56 revenue$11,279,000,000

Revenue $6.0B vs $5.3B in Q1; net income $356M ($0.67 diluted EPS) vs Q1 net loss $42M.
Adjusted EBITDA $775M, up sharply from $243M in Q1; steel shipments 4.2M tons, record automotive.
Free cash flow $756M; net debt reduced to $3.9B from $4.5B; bought back 6.5M shares at avg $14.43.
Steel unit costs seen down $40/ton Q2-to-Q3, another $10/ton Q3-to-Q4; strong H2 outlook.
Total liquidity $3.8B, highest in company history; ABL borrowings cut by $1.3B in quarter.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CLEVELAND-CLIFFS INC. reported second quarter of 2023 results: revenue $6.0 billion, net income $356 million, EPS $0.67 per diluted share.

Period: second quarter of 2023
Revenue: $6.0 billion
Net income: $356 million
EPS: $0.67 per diluted share
Result: reported results

Exact text from the filing

Second-quarter 2023 revenues were $6.0 billion, compared to $5.3 billion in the first quarter of 2023. For the second quarter of 2023, the Company recorded net income of $356 million, or $0.67 per diluted share attributable to Cliffs shareholders.

View on SEC.gov

Browse all earnings releases →

CLEVELAND-CLIFFS INC. filing history →

Source: SEC EDGAR

accession 0000764065-23-000126

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.