secwatch.observer — SEC 8-K summary
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Issuer:     CLEVELAND-CLIFFS INC. (CLF)
CIK:        0000764065
Form:       8-K
Filed at:   2024-04-22T23:59:59+00:00
Accession:  0000764065-24-000105
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764065/000076406524000105/0000764065-24-000105-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764065/000076406524000105/clf-20240422.htm
  HTML page:      https://secwatch.observer/filing/0000764065-24-000105

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