secwatch.observer — SEC 8-K summary
======================================

Issuer:     CLEVELAND-CLIFFS INC. (CLF)
CIK:        0000764065
Form:       8-K
Filed at:   2023-07-24T23:59:59+00:00
Accession:  0000764065-23-000126
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764065/000076406523000126/0000764065-23-000126-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764065/000076406523000126/clf-20230724.htm
  HTML page:      https://secwatch.observer/filing/0000764065-23-000126

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer