secwatch.observer — SEC 8-K summary
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Issuer:     CLEVELAND-CLIFFS INC. (CLF)
CIK:        0000764065
Form:       8-K
Filed at:   2024-01-29T23:59:59+00:00
Accession:  0000764065-24-000033
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764065/000076406524000033/0000764065-24-000033-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764065/000076406524000033/clf-20240129.htm
  HTML page:      https://secwatch.observer/filing/0000764065-24-000033

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