Cleveland-Cliffs Announced Record Steel Shipments in 2023

SEATTLE (Scrap Monster): Cleveland-Cliffs reported financial results for the full year and fourth quarter ended 31st December, 2023.

The company reported consolidated revenues of $22.0 billion in 2023, down from $23 billion recorded in 2022. The cash flow from operations totalled $2.3 billion during the year. Majority of its free cash flow were used for reducing its net debt by $1.3 billion.

The net income for the year stood at $450 million, or $0.78 per diluted share, while the adjusted net income was $545 million. The adjusted EBITDA dropped from $3.2 billion in 2022 to $1.9 billion in 2023, mainly driven by lower steel index pricing, said the company press release.

The total steel shipments of 16.4 million tons during the year was the highest in the company’s history. The quarterly steel shipments exceeded 4 million tons for four consecutive quarters.

In Q4 2023, the company recorded net loss of $139 million, or $0.31 per diluted share. The free cash flows totalled $487 million during the quarter. The net debts were reduced by around $500 million during the quarter.

Lourenco Goncalves, Chairman, President and CEO, Cleveland-Cliffs noted that 2023 was another great year for the company. It expects the steel unit costs to see further decline by $30 per ton this year, he added.