Cleveland-Cliffs Q1 Report 2024

For the first quarter of 2024, the Company recorded a net loss of $53 million, or $0.14 per diluted share, with adjusted net income of $87 million, or $0.18 per diluted share. Included in the results were charges and losses totaling $202 million primarily related to the indefinite idle of the Weirton tinplate facility and loss on extinguishment of debt. This compares to a fourth quarter 2023 net loss of $139 million, or $0.31 per diluted share, with an adjusted net loss of $25 million, or $0.05 per diluted share. 

Highlights

• Repurchased 30.4 million shares, or 6% of total outstanding
• Revenues of $5.2 billion
• Steel shipments of 3.9 million net tons
• GAAP net loss of $53 million and adjusted net income 1 of $87 million
• Adjusted EPS of $0.18 per diluted share
• Adjusted EBITDA of $414 million 70%
• Adjusted EBITDA improvement year-over-year and 48% increase quarter-overquarter
• Liquidity of $4.0 billion as of March 31, 2024 Retired all remaining secured notes