Cleveland-Cliffs (CLF) Reports Prelim. Q1 Revenue About In-Line with Consensus

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Go back to Cleveland-Cliffs (CLF) Reports Prelim. Q1 Revenue About In-Line with Consensus

Cleveland-Cliffs Provides Preliminary First-Quarter 2023 Results

April 11, 2023 7:51 AM EDT

CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today provided its preliminary first-quarter financial results for the period ended March 31, 2023.

Selected financial results expectations for the first quarter of 2023 include:

Steel shipments of 4.1 million net tons Revenues of approximately $5.2 billion Adjusted EBITDA1 of approximately $200 million

Lourenco Goncalves, Cliffs Chairman, President, and CEO said: Confirming our previous guidance, Q1 EBITDA was significantly higher than Q4 EBITDA. The increase in profitability in Q1 was almost entirely driven by the unit cost reductions... More