Cleveland-Cliffs Inc

CLF

Equity

ISIN US1858991011 / Valor 37909707

New York Stock Exchange, Inc (2024-12-24)

USD 9.46+0.96%

Cleveland-Cliffs Inc
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About company

Cleveland-Cliffs Inc. stands as North America's largest producer of flat-rolled steel and a prominent supplier to the automotive industry, highlighting its significant role in the steel manufacturing sector. The company operates a vertically integrated business model, encompassing the entire production process from the extraction of raw materials and processing of ferrous scrap to primary steelmaking, and further downstream into finishing, stamping, tooling, and tubing. This integration allows Cleveland-Cliffs to maintain a level of self-sufficiency in securing the raw materials necessary for steel production. Beyond its core manufacturing operations, the company has also undertaken initiatives aimed at environmental sustainability, notably in reducing waste and conserving water, alongside a significant reduction in carbon emissions. Cleveland-Cliffs' business operations are marked by a commitment to innovation and sustainability within the steel industry, underpinned by its registered trademarks that signify its established presence and reputation in the market.

Summarized from source with an LLMView SourceSector: Energy

Revenue

Cleveland-Cliffs Inc. reported revenues of $5.1 billion for the second quarter of 2024, a slight decrease from $5.2 billion in the first quarter of 2024. This reflects the company's ability to maintain strong revenue streams despite challenging market conditions.

Net Income

For the second quarter of 2024, Cleveland-Cliffs Inc. recorded a GAAP net income of $9 million, a significant improvement compared to a GAAP net loss of $53 million in the first quarter of 2024. This turnaround highlights the company's effective cost management and operational efficiency.

Adjusted EBITDA

Cleveland-Cliffs Inc. reported an adjusted EBITDA of $323 million for the second quarter of 2024, down from $414 million in the first quarter of 2024. The decrease in adjusted EBITDA indicates the impact of less favorable market conditions on the company's profitability.

Share Repurchase

During the second quarter of 2024, Cleveland-Cliffs Inc. repurchased 7.5 million shares of its common stock under the previously authorized $1.5 billion share repurchase program. This move demonstrates the company's commitment to returning value to its shareholders.

Liquidity and Debt Reduction

As of June 30, 2024, Cleveland-Cliffs Inc. had total liquidity of $3.7 billion and reduced its net debt by $237 million to $3.4 billion. This strong liquidity position and debt reduction reflect the company's robust cash flow management and financial stability.

Summarized from source with an LLMView Source

Key figures

-54.4%1Y

-53.4%3Y

12.6%5Y

Performance

44.7%1Y

51.1%3Y

61.6%5Y

Volatility