---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-24-000105"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2024-04-22T23:59:59+00:00"
generated_at: "2026-06-03T14:52:50.042894+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Cleveland-Cliffs Q1 adj. net income $87M, launches $1.5B share repurchase

## Summary
- Revenues of $5.2B; GAAP net loss $53M (diluted EPS -$0.14) but adjusted net income $87M ($0.18 adj. EPS).
- Adjusted EBITDA $414M, up 70% YoY and 48% QoQ; steel shipments 3.9M net tons.
- Repurchased 30.4M shares (6% of outstanding) at avg $18.79; fully utilized prior $1B program.
- Board authorized new $1.5B share buyback program; net debt $3.6B, liquidity $4.0B.
- Maintained FY2024 guidance: steel shipments 16.5M net tons, capex $675-725M, $500M EBITDA benefit from cost cuts.

## SEC filing metadata
- accession: 0000764065-24-000105
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2024-04-22T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406524000105/0000764065-24-000105-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406524000105/clf-20240422.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-24-000105
- JSON: https://secwatch.observer/filing/0000764065-24-000105.json
- Plain text: https://secwatch.observer/filing/0000764065-24-000105.txt

## Key facts
- Earnings Releases
  CLEVELAND-CLIFFS INC. reported first quarter ended March 31, 2024 results: revenue $5.2 billion, net income $53 million, EPS $0.14 per diluted share. Guidance reaffirmed.
  - Period: first quarter ended March 31, 2024
  - Revenue: $5.2 billion
  - Net income: $53 million
  - EPS: $0.14 per diluted share
  - Guidance: reaffirmed
  - Result: reported results
  source text: reported first-quarter results for the period ended March 31, 2024. First Quarter 2024 Highlights • Repurchased 30.4 million shares, or 6% of total outstanding • Revenues of $5.2 billion • Steel shipments of 3.9 million net tons • GAAP net loss of $53 million and adjusted net income 1 of $87 million • Adjusted EPS 1 of $0.18 per diluted share • Adjusted EBITDA 2
  evidence_url: https://www.sec.gov/Archives/edgar/data/764065/000076406524000105/0000764065-24-000105-index.htm

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