---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-23-000126"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2023-07-24T23:59:59+00:00"
generated_at: "2026-06-13T04:37:03.098836+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000764065-23-000126
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2023-07-24T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406523000126/0000764065-23-000126-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406523000126/clf-20230724.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-23-000126
- JSON: https://secwatch.observer/filing/0000764065-23-000126.json
- Plain text: https://secwatch.observer/filing/0000764065-23-000126.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/764065/000076406523000126/0000764065-23-000126-index.htm

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