secwatch.observer — SEC 8-K summary
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Issuer:     CLEVELAND-CLIFFS INC. (CLF)
CIK:        0000764065
Form:       8-K
Filed at:   2024-07-22T23:59:59+00:00
Accession:  0000764065-24-000163
Event type: earnings
Sentiment:  neutral
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764065/000076406524000163/0000764065-24-000163-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764065/000076406524000163/clf-20240722.htm
  HTML page:      https://secwatch.observer/filing/0000764065-24-000163

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