Cleveland-Cliffs reports Q3 revenue $4.6B, GAAP net loss $230M; idles blast furnace; Stelco deal closed

CLEVELAND-CLIFFS INC.

2024-Q3 EPS reported -$0.64 revenue$14,860,000,000

Revenue $4.6B, 3.8M net ton shipments; GAAP net loss $230M ($0.52 diluted EPS).
Adjusted net loss $156M ($0.33/sh); adjusted EBITDA $124M; lower vs Q2.
Cites weaker auto demand; idled Cleveland #6 blast furnace; lowest unit cost since 2021.
Stelco acquisition closed Nov 1; Stelco Q3 adj EBITDA US$64M (13% margin); shipments 639K tons.
Lowered 2024 capex to $600-$650M; 2025 standalone capex ~$600M; strategic projects.

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