Cleveland-Cliffs Full-Year Report 2023

Full-year 2023 consolidated revenues were $22.0 billion, compared to the prior year’s consolidated revenues of $23.0 billion.

As previously foreshadowed in Cliffs’ 2022 10-K, full-year results included a goodwill impairment charge totaling $125 million, related to the Tooling & Stamping business within the Other Businesses segment, primarily driven by revised investment plans and higher discount rates.

Highlights

  • Revenues of $22.0 billion
  • Record steel shipments of 16.4 million net tons, including record automotive shipments
  • Cash flow from operations of $2.3 billion
  • Free cash flow of $1.6 billion, including approximately $500 million in the fourth quarter of 2023
  • Year-end net debt of $2.9 billion
  • Net pension and OPEB liabilities reduced to $586 million, a $3.6 billion reduction since 2020

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