Cleveland Cliffs Inc (CLF)

[DewDiligence]

CLF reports 4Q23 results—issues 2024 guidance:

https://www.clevelandcliffs.com/investors/news-events/press-releases/detail/621/cleveland-cliffs-reports-full-year-and-fourth-quarter-2023

4Q23 highlights

• Revenue of $5.2B, +1% YoY

• Steel shipments of 4.04 million net tons, +5% YoY

• Adjusted EBITDA of $279M vs $123M in 4Q22

• Cash flow from operations $652M, +33% YoY

• 12/31/23 net debt of ~$2.9 billion, down from $3.4B @9/30/23

2024 guidance

• Steel shipment volumes of 16.5 million net tons, compared to 16.4 million net tons in 2023

• Steel unit cost reductions of approximately $30 per net ton, corresponding to an approximate $500 million Adjusted EBITDA benefit compared to 2023

• Capital expenditures of $675 to $725 million

• The Company expects its Adjusted EBITDA performance in the first quarter of 2024 to meaningfully exceed its Adjusted EBITDA performance in the fourth quarter of 2023.

The stock is down slightly in AH trading. CC Tuesday at 8:30am ET.