Cleveland-Cliffs Half-Year Report 2024
Cliffs’ Chairman, President and CEO Lourenco Goncalves said: “Our substantial free cash flow generation of $362 million in the second quarter clearly demonstrates Cliffs’ ability to perform through the cycle, even in times of adverse business conditions. Despite a less than ideal steel demand and weak pricing throughout the quarter, Cliffs operated very well. We met our cost reduction target and shipped the tonnage we had planned for. With that, we were able to pay down over $200 million in debt and also return approximately $125 million to our shareholders via share buybacks.”
For the second quarter of 2024, the Company recorded GAAP EPS of $0.00 per diluted share to Cliffs shareholders and adjusted EPS of $0.11 per diluted share. Included in the GAAP results were charges and losses totaling $47 million, primarily related to the indefinite idle of the Weirton tinplate facility and loss on extinguishment of debt. Second-quarter GAAP net income was $9 million, compared to a first quarter 2024 GAAP net loss of $53 million.
Second-quarter 2024 Adjusted EBITDA was $323 million, compared to $414 million in the first quarter of 2024.
During the second quarter of 2024, the Company repurchased 7.5 million CLF common shares under the previously authorized $1.5 billion share repurchase program.
Highlights
- Revenues of $5.1 billion
- Steel shipments of 4.0 million net tons
- Net income of $9 million and adjusted net income of $50 million
- Adjusted EPS of $0.11 per diluted share
- Adjusted EBITDA of $323 million
- Net debt decrease of $237 million to $3.4 billion
- Cash flow from operations of $519 million
- Free cash flow of $362 million
- Repurchased 7.5 million shares
- Liquidity of $3.7 billion as of June 30, 2024
