---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-24-000033"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2024-01-29T23:59:59+00:00"
generated_at: "2026-06-06T16:14:14.495824+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000764065-24-000033
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2024-01-29T23:59:59+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/764065/000076406524000033/0000764065-24-000033-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406524000033/clf-20240129.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-24-000033
- JSON: https://secwatch.observer/filing/0000764065-24-000033.json
- Plain text: https://secwatch.observer/filing/0000764065-24-000033.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/764065/000076406524000033/0000764065-24-000033-index.htm

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