Cleveland-Cliffs Q2: record steel shipments 4.3M tons; GAAP net loss $470M

CLEVELAND-CLIFFS INC.

Revenues $4.9B; GAAP net loss $470M includes $323M non-recurring charges.
Adjusted net loss $247M ($0.50/diluted share); adjusted EBITDA $97M, $271M QoQ improvement.
Steel shipments 4.3M net tons (record); average selling price $1,015/ton.
Full-year capex guidance lowered to ~$600M; SG&A to ~$575M; DD&A raised to ~$1.2B.
CEO says slab supply contract with competitor ends in <5 months; not to be extended.

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