secwatch.observer — SEC 8-K summary
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Issuer:     CLEVELAND-CLIFFS INC. (CLF)
CIK:        0000764065
Form:       8-K
Filed at:   2023-10-23T23:59:59+00:00
Accession:  0000764065-23-000159
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764065/000076406523000159/0000764065-23-000159-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764065/000076406523000159/clf-20231023.htm
  HTML page:      https://secwatch.observer/filing/0000764065-23-000159

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