Cleveland-Cliffs Q1 Report 2023
Cleveland-Cliffs Inc. (NYSE: CLF) today reported first-quarter results for the period ended March 31, 2023.
Selected financial results for the first quarter of 2023 include:
- Revenues of $5.3 billion
- Steel shipments of 4.1 million net tons
- GAAP net loss of $42 million, or $0.11 per diluted share attributable to Cliffs shareholders
- Adjusted EBITDA of $243 million
- 36% of Steelmaking revenues from direct automotive sales
First-quarter 2023 revenues were $5.3 billion, compared to $5.0 billion in the fourth quarter of 2022.
For the first quarter of 2023, the Company recorded a GAAP net loss of $42 million, corresponding to a GAAP net loss per diluted share attributable to Cliffs shareholders of $0.11. In the fourth quarter of 2022, the Company recorded a GAAP net loss of $204 million, corresponding to a GAAP net loss of $0.41 per diluted share.
Cliffs’ Chairman, President, and CEO Lourenco Goncalves said: “In the first quarter, direct sales to automotive clients in our mix increased to 36%, confirming our view that our most important market is strong, and getting stronger. We expect that, throughout 2023, Cleveland-Cliffs should benefit from higher sales volumes to the automotive sector, and also from the increased prices we were able to achieve in our yearly renegotiations with each one of the car manufacturers that have Cleveland-Cliffs as their largest supplier of automotive steel. With the final batch of yearly fixed-price contracts — the ones dated April 1st — successfully renewed, our outlook for a significant EBITDA expansion in Q2 remains intact.”
