Cleveland-Cliffs (NYSE: CLF) reported Q3 EPS of $0.52, $0.08 better than the analyst estimate of $0.44. Revenue for the quarter came in at $5.6 billion versus the consensus estimate of $5.58 billion.

Outlook

The Company\'s previously laid out cost reduction objectives remain on target, and Cliffs currently expects another $15 per net ton reduction in steel unit costs from the third quarter to the fourth quarter of 2023, with additional cost reductions into 2024. Working capital is expected to provide a significant benefit to free cash flow in the fourth quarter of 2023.

Cliffs also lowered its full-year 2023 capital expenditures expectation to $670 million, a reduction from the midpoint of its previous guidance range of $700 million.

For earnings history and earnings-related data on Cleveland-Cliffs (CLF) click here.