Cleveland-Cliffs Q2 net income $9M, adj EPS $0.11; lowers FY2024 capex to $650-700M

CLEVELAND-CLIFFS INC.

2024-Q2 EPS reported -$0.13 revenue$10,291,000,000

Revenue $5.1B, steel shipments 4.0M net tons; GAAP net income $9M, adjusted net income $50M.
Adjusted EBITDA $323M (down from $414M in Q1); free cash flow $362M.
Net debt decreased $237M to $3.4B; repurchased 7.5M shares (~$125M).
Lowered FY2024 capex guidance to $650-700M from $675-725M; unit cost reduction target on track.
CEO noted Stelco acquisition progress and Weirton plant repurposing for transformer production.

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