Cleveland-Cliffs Q3 Report 2023
Cleveland-Cliffs Inc. (NYSE: CLF) today reported third-quarter results for the period ended September 30, 2023.
Selected financial results for the third quarter of 2023 include:
- Revenues of $5.6 billion
- Steel shipments of 4.1 million net tons, including record automotive shipments
- Net income of $275 million
- Earnings per diluted share attributable to Cliffs shareholders of $0.52
- Adjusted EBITDA of $614 million
- Cash flow from operations of $767 million
- Free cash flow of $605 million
- Net debt reduced to $3.4 billion
- Record liquidity of $4.4 billion
Third-quarter 2023 revenues were $5.6 billion, compared to $5.7 billion in the third quarter of 2022.
For the third quarter of 2023, the Company recorded net income of $275 million, or $0.52 per diluted share attributable to Cliffs shareholders. This included charges totaling $11 million, or $0.02 per diluted share, primarily related to acquisition-related costs, asset disposals, and severance. This compares to net income of $165 million, or $0.29 per diluted share, in the third quarter of 2022.
Cliffs’ Chairman, President and CEO Lourenco Goncalves said: “Q3 2023 was our third consecutive quarter with steel shipments above 4 million tons. We generated over $600 million in free cash flow in the quarter and, as we had announced we would do, we continued to use this strong cash generation to pay down debt and buy back shares. With that, our net debt and diluted share count have reached new record lows since our full transformation from a merchant mining to a steel company. Our liquidity is also now at an all-time high.”
