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Re: DewDiligence post# 8334

Monday, 10/23/2023 4:49:09 PM

Monday, October 23, 2023 4:49:09 PM

Post# of 8589
CLF reports 3Q23 results:

https://www.clevelandcliffs.com/investors/news-events/press-releases/detail/609/cleveland-cliffs-reports-third-quarter-2023-results


• Revenues of $5.61B [-1% YoY, -7% QoQ]

• Steel shipments of 4.11 million net tons [+13% YoY, -2% QoQ]

• Net income of $275 million [-67% YoY, -23% QoQ]

• Adjusted EBITDA of $614M [+33% YoY, -21% QoQ]

• Cash flow from operations of $767M [+66% YoY, -14% QoQ]

• Net debt of $3.4 billion [down from $3.9B @6/30/23]

• Total liquidity of $4.4B [up from $3.8B @6/30/23], highest in Company history

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.

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