3Q23 GAAP EPS was $0.52 [vs $0.29 in 3Q22 and $0.67 in 2Q23].
Most of 2Q23 cash flow was used to pay down debt (-$500M). CLF also spent $59M to repurchase 3.9M common shares at an average price of $15.09.
36% of 3Q23 steel shipments were for the automotive industry.
CLF realized a COGS reduction of $40/ton during 3Q23 and now expects an additional reduction of $15/ton in 4Q23 (up from the prior guidance of $10/ton). CLF reduced COGS by a staggering $165/ton from 3Q22 to 3Q23.
I’ll have more to say after the CC Tuesday morning.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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