The Rising Influence of Rising Affluence

[DewDiligence]

CLF reports 4Q22 results—issues 2023 guidance:

https://www.clevelandcliffs.com/news/news-releases/detail/572/cleveland-cliffs-reports-full-year-and-fourth-quarter-2022

4Q22 highlights:

• Revenues of $23.0 billion, a new all-time record

• Net income of $1.4 billion

• Adjusted EBITDA1 of $3.2 billion

• Operating cash flow of $2.4 billion

• Combined debt and net pension/OPEB liabilities reduced by over $3 billion


2023 guidance:

• Steel shipment volumes of approximately 16 million net tons, compared to 14.8 million net tons in 2022;

• Capital expenditures of $700 to $750 million, compared to $943 million in 2022;

• Cash contributions related to pension and OPEB plans of approximately $100 million, compared to approximately $200 million in 2022; and

• Federal cash tax refunds of approximately $140 million.

The stock is -3.5% in AH trading.

I’ll have more to say after the CC tomorrow.