The Rising Influence of Rising Affluence

[DewDiligence]

CLF pre-announces certain 1Q23 financial results:

https://finance.yahoo.com/news/cleveland-cliffs-provides-preliminary-first-115100477.html

• Steel shipments of 4.1 million net tons [+14% YoY]

• Revenues of approximately $5.2 billion [-13% YoY]

• Adjusted EBITDA of approximately $200 million [-87% YoY]

Consistent with what was said on the 4Q22 CC (#msg-171206028), CLF expects 2Q23 EBITDA to be “multiple times higher” than 1Q23 due to price increases taken during 1Q23 as well as lower production costs.

CLF’s full-year 2023 guidance is: steel shipments of 16MT and EBIDTA of $3.2B.

CLF will report full 1Q23 financial results on 4/24/23 after the market close.

The stock is +2% as I’m typing.