---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-23-000159"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2023-10-23T23:59:59+00:00"
generated_at: "2026-06-09T17:39:49.808678+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Cleveland-Cliffs Q3 2023 net income $275M, EPS $0.52, revenue $5.6B, adjusted EBITDA $614M

## Summary
- Net income $275M, diluted EPS $0.52 vs $165M ($0.29) in Q3 2022; adjusted EBITDA $614M up from $463M.
- Steel shipments 4.1M net tons (record automotive); average selling price $1,203/ton; revenues $5.6B.
- Free cash flow $605M; net debt reduced to $3.4B; total liquidity $4.4B.
- Repurchased 3.9M shares at $15.09 avg; full-year capex guidance lowered to $670M from $700M midpoint.
- Expects $15/ton cost reduction from Q3 to Q4 with further cost cuts in 2024; UAW strike impact mitigated.

## SEC filing metadata
- accession: 0000764065-23-000159
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2023-10-23T23:59:59+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/764065/000076406523000159/0000764065-23-000159-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406523000159/clf-20231023.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-23-000159
- JSON: https://secwatch.observer/filing/0000764065-23-000159.json
- Plain text: https://secwatch.observer/filing/0000764065-23-000159.txt

## Key facts
- Earnings Releases
  CLEVELAND-CLIFFS INC. reported third quarter 2023 for the period ended September 30, 2023 results: revenue Revenues of $5.6 billion, net income Net income of $275 million, EPS Earnings per diluted share attributable to Cliffs shareholders of $0.52.
  - Period: third quarter 2023 for the period ended September 30, 2023
  - Revenue: Revenues of $5.6 billion
  - Net income: Net income of $275 million
  - EPS: Earnings per diluted share attributable to Cliffs shareholders of $0.52
  - Result: reported results
  source text: Cleveland-Cliffs Inc. (NYSE: CLF) today reported third-quarter results for the period ended September 30, 2023. Selected financial results for the third quarter of 2023 include: • Revenues of $5.6 billion • Steel shipments of 4.1 million net tons, including record automotive shipments • Net income of $275 million • Earnings per diluted share attributable to Cliffs shareholders of $0.52
  evidence_url: https://www.sec.gov/Archives/edgar/data/764065/000076406523000159/0000764065-23-000159-index.htm

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