Cliffs FY2023 Adj EBITDA $1.9B, record steel shipments; sees Q1 2024 EBITDA meaningfully higher

CLEVELAND-CLIFFS INC.

2023-FY EPS reported $0.78 revenue$21,996,000,000

Full-year 2023 revenue $22.0B (down from $23.0B); GAAP net income $450M ($0.78 diluted EPS); adjusted net income $545M ($1.07 diluted EPS).
Steel shipments record 16.4M tons (up from 14.75M in 2022); automotive shipments record.
Q4 2023 revenues $5.1B; GAAP net loss $139M (-$0.31); adjusted net loss $25M (-$0.05).
Free cash flow $1.6 billion in 2023; net debt reduced to $2.9 billion, below $3.0B target.
2024 guidance: steel shipments 16.5M tons; unit cost reduction ~$30/ton (~$500M EBITDA benefit); capex $675-$725M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.8

CLEVELAND-CLIFFS INC. reported financial results for the fourth-quarter and full-year financial results for the period ended December 31, 2023.

Period: the fourth-quarter and full-year financial results for the period ended December 31, 2023
Result: reported results

Exact text from the filing

On January 29, 2024, Cleveland-Cliffs Inc. issued a news release announcing the fourth-quarter and full-year financial results for the period ended December 31, 2023.

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Source: SEC EDGAR

accession 0000764065-24-000033

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