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