Cleveland-Cliffs Reports Third-Quarter 2024 Results
Cleveland-Cliffs (NYSE: CLF) reported Q3 2024 results with revenues of $4.6 billion and steel shipments of 3.8 million net tons. The company recorded a GAAP net loss of $230 million and adjusted net loss of $156 million, with adjusted EBITDA of $124 million. The quarter was impacted by weaker demand and pricing, leading to tighter margins and the temporary idling of Cleveland #6 blast furnace. The company recently acquired Stelco, which reported Q3 adjusted EBITDA of US$64 million. For 2025, CLF expects lower capital budget and anticipates $70 million in coal cost savings compared to 2024.
Cleveland-Cliffs (NYSE: CLF) ha riportato i risultati del terzo trimestre 2024, con ricavi di 4,6 miliardi di dollari e spedizioni di acciaio pari a 3,8 milioni di tonnellate nette. L'azienda ha registrato una perdita netta secondo i principi contabili GAAP di 230 milioni di dollari e una perdita netta rettificata di 156 milioni di dollari, con un EBITDA rettificato di 124 milioni di dollari. Il trimestre è stato influenzato da una domanda e prezzi più deboli, portando a margini più ristretti e all'inattivazione temporanea del forno a coke Cleveland #6. Recentemente, l'azienda ha acquisito Stelco, che ha riportato un EBITDA rettificato per il terzo trimestre di 64 milioni di dollari statunitensi. Per il 2025, CLF prevede un budget di capitale inferiore e anticipa risparmi sui costi del carbone per 70 milioni di dollari rispetto al 2024.
Cleveland-Cliffs (NYSE: CLF) reportó los resultados del tercer trimestre de 2024, con ingresos de 4.6 mil millones de dólares y envíos de acero de 3.8 millones de toneladas netas. La empresa registró una pérdida neta GAAP de 230 millones de dólares y una pérdida neta ajustada de 156 millones de dólares, con un EBITDA ajustado de 124 millones de dólares. El trimestre estuvo afectado por una demanda y precios más débiles, lo que llevó a márgenes más ajustados y al cierre temporal del horno de coque Cleveland #6. La empresa adquirió recientemente Stelco, que reportó un EBITDA ajustado del tercer trimestre de 64 millones de dólares estadounidenses. Para 2025, CLF espera un presupuesto de capital más bajo y anticipa ahorros en costos de carbón de 70 millones de dólares en comparación con 2024.
클리블랜드-클리프스 (NYSE: CLF)는 2024년 3분기 실적을 발표하였고, 매출은 46억 달러이며, 강철 출하량은 380만 순 톤에 달합니다. 회사는 GAAP 기준으로 2억 3천만 달러의 순손실을 기록하였고, 조정된 순손실은 1억 5천6백만 달러로, 조정된 EBITDA는 1억 2천4백만 달러입니다. 이번 분기는 수요와 가격이 약세를 보이면서 마진이 축소되고, 클리블랜드 #6 고로가 임시 가동 중단되는 영향을 받았습니다. 회사는 최근 스텔코를 인수하였으며, 스텔코는 3분기 조정 EBITDA로 6천4백만 달러를 보고하였습니다. 2025년을 위해 CLF는 자본 예산을 줄일 것으로 예상하며, 2024년 대비 석탄 비용에서 7천만 달러의 절감 효과를 기대하고 있습니다.
Cleveland-Cliffs (NYSE: CLF) a annoncé ses résultats pour le troisième trimestre 2024, avec des revenus de 4,6 milliards de dollars et des expéditions d'acier de 3,8 millions de tonnes nettes. L'entreprise a enregistré une perte nette selon les principes comptables GAAP de 230 millions de dollars et une perte nette ajustée de 156 millions de dollars, avec un EBITDA ajusté de 124 millions de dollars. Le trimestre a été impacté par une demande et des prix plus faibles, entraînant des marges réduites et l'arrêt temporaire du haut fourneau Cleveland #6. L'entreprise a récemment acquis Stelco, qui a annoncé un EBITDA ajusté pour le troisième trimestre de 64 millions de dollars américains. Pour 2025, CLF prévoit un budget d'investissement inférieur et anticipe des économies de coûts de charbon de 70 millions de dollars par rapport à 2024.
Cleveland-Cliffs (NYSE: CLF) hat die Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit Einnahmen von 4,6 Milliarden Dollar und Stahlverkäufen von 3,8 Millionen Nettotonnen. Das Unternehmen verzeichnete einen GAAP-nettoverlust von 230 Millionen Dollar und einen bereinigten Nettoverlust von 156 Millionen Dollar, mit einem bereinigten EBITDA von 124 Millionen Dollar. Das Quartal war von schwacher Nachfrage und Preisrückgang betroffen, was zu engeren Margen und der vorübergehenden Stilllegung des Hochofens Cleveland #6 führte. Das Unternehmen hat kürzlich Stelco übernommen, das für das 3. Quartal ein bereinigtes EBITDA von 64 Millionen US-Dollar meldete. Für 2025 erwartet CLF ein niedrigeres Investitionsbudget und rechnet mit Einsparungen bei den Kohlekosten in Höhe von 70 Millionen Dollar im Vergleich zu 2024.
- Liquidity position remains strong at $3.8 billion
- Achieved lowest unit cost since 2021
- Strategic projects expected to boost annual EBITDA by $600 million once completed
- Expected $70 million coal cost savings benefit for 2025
- Stelco acquisition brings diversification from automotive sector exposure
- Q3 revenues declined to $4.6B from $5.1B in Q2 2024
- GAAP net loss of $230 million ($0.52 per share)
- Steel shipments decreased to 3.8M tons from 4.1M tons YoY
- Average net selling price per ton declined to $1,045 from $1,203 YoY
- Negative impact from underperforming automotive clients
- Temporary idling of Cleveland #6 blast furnace
Insights
Cleveland-Cliffs' Q3 results reveal significant challenges, with
- Steel shipments dropped to 3.8 million net tons, down from 3.989 million in Q2
- Average selling price declined to
$1,045 per net ton from$1,125 - Automotive exposure (30% of sales) proving problematic with underperforming clients
The Stelco acquisition brings diversification away from automotive dependency, with strong margins and efficient assets. The reduced
The strategic significance of the Stelco acquisition becomes clear against CLF's current challenges. Stelco's
- Stelco's 639,000 net tons of shipments with minimal automotive exposure
- Expected
$600 million annual EBITDA boost from strategic projects - Strong liquidity position of
$3.8 billion provides financial flexibility
The market structure shift away from automotive dependency through Stelco integration positions CLF for better resilience against sector-specific downturns, though integration execution will be crucial.
Third-Quarter 2024 Highlights
-
Revenues of
$4.6 billion - Steel shipments of 3.8 million net tons
-
GAAP net loss of
and adjusted net loss1 of$230 million $156 million -
Adjusted EBITDA2 of
$124 million -
Does not include Stelco's third-quarter adjusted EBITDA3 of
US and adjusted EBITDA3 margin of$64 million 13% -
Liquidity of
as of September 30, 2024$3.8 billion
Third-quarter 2024 revenues were
Cliffs’ Chairman, President and CEO Lourenco Goncalves said: “In Q3, weaker demand and pricing drove tighter margins, and ultimately led us to temporarily idle our
Mr. Goncalves continued: “We are thrilled to have closed on the acquisition of Stelco last week. Stelco’s portfolio of business is very different from ours, with virtually no exposure to the automotive sector. Stelco’s low-cost, efficient assets will make us more resilient in times of underperformance from the automotive clients. Stelco’s industry-best third-quarter adjusted EBITDA margin is direct proof of the cost advantages and strong business model Cliffs will benefit from. Unlike our previous acquisitions, which were underperforming companies needing significant capital investment, Stelco’s assets are well capitalized and are a major contributor to us on day 1."
Mr. Goncalves concluded: "For 2025, we’ve set a much lower capital budget, even after including the strategic projects that are expected to boost annual EBITDA by over
Steelmaking Segment Results
|
Three Months Ended
|
|
Nine Months Ended
|
|
Three Months
|
||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
June 30, 2024 |
||
External Sales Volumes - In Thousands |
|
|
|
|
|
|
|
|
|
||||||||||
Steel Products (net tons) |
|
3,840 |
|
|
|
4,106 |
|
|
|
11,769 |
|
|
|
12,393 |
|
|
|
3,989 |
|
Selling Price - Per Net Ton |
|
|
|
|
|
|
|
|
|
||||||||||
Average net selling price per net ton of steel products |
$ |
1,045 |
|
|
$ |
1,203 |
|
|
$ |
1,116 |
|
|
$ |
1,196 |
|
|
$ |
1,125 |
|
Operating Results - In Millions |
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
$ |
4,419 |
|
|
$ |
5,443 |
|
|
$ |
14,361 |
|
|
$ |
16,377 |
|
|
$ |
4,915 |
|
Cost of goods sold* |
|
(4,533 |
) |
|
|
(4,970 |
) |
|
|
(14,060 |
) |
|
|
(15,181 |
) |
|
|
(4,770 |
) |
Gross margin |
$ |
(114 |
) |
|
$ |
473 |
|
|
$ |
301 |
|
|
$ |
1,196 |
|
|
$ |
145 |
|
*Includes |
Third-quarter 2024 steel product sales volumes of 3.8 million net tons consisted of
Steelmaking revenues of
Stelco Third-Quarter Highlights3
Cliffs' acquisition of Stelco closed on November 1, 2024. Key highlights of Stelco's third-quarter 2024 results include:
-
Steel shipments of 639,000 net tons, including
66% hot-rolled -
Revenues of
US $480 million -
Steel average selling price of
US per net ton$725 -
Adjusted EBITDA of
US $64 million -
Capital expenditures of
US $32 million
Capital Expenditures Outlook
Cliffs lowered its full-year 2024 expected capital expenditures range by
Additionally, Cliffs expects standalone (excluding Stelco) full-year 2025 capital expenditures to be approximately
Sustaining capital spend from Stelco is expected to be approximately
Cleveland-Cliffs Inc. will host a conference call on November 5, 2024, at 8:30 a.m. ET. The call will be broadcast live and archived on Cliffs' website: www.clevelandcliffs.com.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is a leading
Forward-Looking Statements
This release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry or our businesses, are forward-looking statements. We caution investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. Among the risks and uncertainties that could cause actual results to differ from those described in forward-looking statements are the following: continued volatility of steel, iron ore and scrap metal market prices, which directly and indirectly impact the prices of the products that we sell to our customers; uncertainties associated with the highly competitive and cyclical steel industry and our reliance on the demand for steel from the automotive industry; potential weaknesses and uncertainties in global economic conditions, excess global steelmaking capacity, oversupply of iron ore, prevalence of steel imports and reduced market demand; severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges of one or more of our major customers, key suppliers or contractors, which, among other adverse effects, could disrupt our operations or lead to reduced demand for our products, increased difficulty collecting receivables, and customers and/or suppliers asserting force majeure or other reasons for not performing their contractual obligations to us; risks related to
For additional factors affecting the business of Cliffs, refer to Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, and other filings with the
FINANCIAL TABLES FOLLOW
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED OPERATIONS |
|||||||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
|
Three Months
|
||||||||||||||
(In millions, except per share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
June 30, 2024 |
||
Revenues |
$ |
4,569 |
|
|
$ |
5,605 |
|
|
$ |
14,860 |
|
|
$ |
16,884 |
|
|
$ |
5,092 |
|
Operating costs: |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of goods sold |
|
(4,673 |
) |
|
|
(5,125 |
) |
|
|
(14,517 |
) |
|
|
(15,661 |
) |
|
|
(4,930 |
) |
Selling, general and administrative expenses |
|
(112 |
) |
|
|
(139 |
) |
|
|
(347 |
) |
|
|
(415 |
) |
|
|
(103 |
) |
Acquisition-related costs |
|
(14 |
) |
|
|
(5 |
) |
|
|
(14 |
) |
|
|
(5 |
) |
|
|
— |
|
Restructuring and other charges |
|
(2 |
) |
|
|
— |
|
|
|
(131 |
) |
|
|
— |
|
|
|
(25 |
) |
Asset impairments |
|
— |
|
|
|
— |
|
|
|
(79 |
) |
|
|
— |
|
|
|
(15 |
) |
Miscellaneous – net |
|
(27 |
) |
|
|
(11 |
) |
|
|
(63 |
) |
|
|
(26 |
) |
|
|
(13 |
) |
Total operating costs |
|
(4,828 |
) |
|
|
(5,280 |
) |
|
|
(15,151 |
) |
|
|
(16,107 |
) |
|
|
(5,086 |
) |
Operating income (loss) |
|
(259 |
) |
|
|
325 |
|
|
|
(291 |
) |
|
|
777 |
|
|
|
6 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, net |
|
(102 |
) |
|
|
(70 |
) |
|
|
(235 |
) |
|
|
(226 |
) |
|
|
(69 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(27 |
) |
|
|
— |
|
|
|
(6 |
) |
Net periodic benefit credits other than service cost component |
|
62 |
|
|
|
50 |
|
|
|
184 |
|
|
|
150 |
|
|
|
62 |
|
Changes in fair value of foreign currency contracts, net |
|
(7 |
) |
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
|
— |
|
Other non-operating income (expense) |
|
— |
|
|
|
(2 |
) |
|
|
3 |
|
|
|
4 |
|
|
|
1 |
|
Total other expense |
|
(47 |
) |
|
|
(22 |
) |
|
|
(82 |
) |
|
|
(72 |
) |
|
|
(12 |
) |
Income (loss) from continuing operations before income taxes |
|
(306 |
) |
|
|
303 |
|
|
|
(373 |
) |
|
|
705 |
|
|
|
(6 |
) |
Income tax benefit (expense) |
|
76 |
|
|
|
(29 |
) |
|
|
99 |
|
|
|
(118 |
) |
|
|
15 |
|
Income (loss) from continuing operations |
|
(230 |
) |
|
|
274 |
|
|
|
(274 |
) |
|
|
587 |
|
|
|
9 |
|
Income from discontinued operations, net of tax |
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
Net income (loss) |
|
(230 |
) |
|
|
275 |
|
|
|
(274 |
) |
|
|
589 |
|
|
|
9 |
|
Income attributable to noncontrolling interests |
|
(12 |
) |
|
|
(11 |
) |
|
|
(33 |
) |
|
|
(35 |
) |
|
|
(7 |
) |
Net income (loss) attributable to Cliffs shareholders |
$ |
(242 |
) |
|
$ |
264 |
|
|
$ |
(307 |
) |
|
$ |
554 |
|
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per common share attributable to Cliffs shareholders - basic |
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations |
$ |
(0.52 |
) |
|
$ |
0.52 |
|
|
$ |
(0.64 |
) |
|
$ |
1.08 |
|
|
$ |
0.00 |
|
Discontinued operations |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
$ |
(0.52 |
) |
|
$ |
0.52 |
|
|
$ |
(0.64 |
) |
|
$ |
1.08 |
|
|
$ |
0.00 |
|
Earnings (loss) per common share attributable to Cliffs shareholders - diluted |
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations |
$ |
(0.52 |
) |
|
$ |
0.52 |
|
|
$ |
(0.64 |
) |
|
$ |
1.08 |
|
|
$ |
0.00 |
|
Discontinued operations |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
$ |
(0.52 |
) |
|
$ |
0.52 |
|
|
$ |
(0.64 |
) |
|
$ |
1.08 |
|
|
$ |
0.00 |
|
The sum of quarterly EPS may not equal EPS for the year-to-date period based on changes in share count due to discrete quarterly calculations. |
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL POSITION |
|||||
(In millions) |
September 30,
|
|
December 31,
|
||
ASSETS |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
39 |
|
$ |
198 |
Accounts receivable, net |
|
1,583 |
|
|
1,840 |
Inventories |
|
4,236 |
|
|
4,460 |
Other current assets |
|
169 |
|
|
138 |
Total current assets |
|
6,027 |
|
|
6,636 |
Non-current assets: |
|
|
|
||
Property, plant and equipment, net |
|
8,687 |
|
|
8,895 |
Goodwill |
|
1,005 |
|
|
1,005 |
Pension and OPEB assets |
|
378 |
|
|
329 |
Other non-current assets |
|
699 |
|
|
672 |
TOTAL ASSETS |
$ |
16,796 |
|
$ |
17,537 |
LIABILITIES |
|
|
|
||
Current liabilities: |
|
|
|
||
Accounts payable |
$ |
1,983 |
|
$ |
2,099 |
Accrued employment costs |
|
413 |
|
|
511 |
Accrued expenses |
|
379 |
|
|
380 |
Other current liabilities |
|
480 |
|
|
518 |
Total current liabilities |
|
3,255 |
|
|
3,508 |
Non-current liabilities: |
|
|
|
||
Long-term debt |
|
3,774 |
|
|
3,137 |
Pension and OPEB liabilities |
|
666 |
|
|
821 |
Deferred income taxes |
|
567 |
|
|
639 |
Other non-current liabilities |
|
1,439 |
|
|
1,310 |
TOTAL LIABILITIES |
|
9,701 |
|
|
9,415 |
TOTAL EQUITY |
|
7,095 |
|
|
8,122 |
TOTAL LIABILITIES AND EQUITY |
$ |
16,796 |
|
$ |
17,537 |
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CASH FLOWS |
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(In millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
(230 |
) |
|
$ |
275 |
|
|
$ |
(274 |
) |
|
$ |
589 |
|
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
||||||||
Depreciation, depletion and amortization |
|
235 |
|
|
|
249 |
|
|
|
693 |
|
|
|
738 |
|
Restructuring and other charges |
|
2 |
|
|
|
— |
|
|
|
131 |
|
|
|
— |
|
Asset impairments |
|
— |
|
|
|
— |
|
|
|
79 |
|
|
|
— |
|
Pension and OPEB credits |
|
(53 |
) |
|
|
(40 |
) |
|
|
(157 |
) |
|
|
(119 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
27 |
|
|
|
— |
|
Other |
|
19 |
|
|
|
163 |
|
|
|
66 |
|
|
|
253 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Accounts receivable, net |
|
191 |
|
|
|
169 |
|
|
|
258 |
|
|
|
(164 |
) |
Inventories |
|
(37 |
) |
|
|
135 |
|
|
|
190 |
|
|
|
538 |
|
Income taxes |
|
(34 |
) |
|
|
(153 |
) |
|
|
(46 |
) |
|
|
16 |
|
Pension and OPEB payments and contributions |
|
(100 |
) |
|
|
(26 |
) |
|
|
(162 |
) |
|
|
(84 |
) |
Payables, accrued employment and accrued expenses |
|
(41 |
) |
|
|
(17 |
) |
|
|
(217 |
) |
|
|
(95 |
) |
Other, net |
|
(36 |
) |
|
|
12 |
|
|
|
(11 |
) |
|
|
(57 |
) |
Net cash provided (used) by operating activities |
|
(84 |
) |
|
|
767 |
|
|
|
577 |
|
|
|
1,615 |
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
||||||||
Purchase of property, plant and equipment |
|
(151 |
) |
|
|
(162 |
) |
|
|
(490 |
) |
|
|
(481 |
) |
Other investing activities |
|
5 |
|
|
|
2 |
|
|
|
13 |
|
|
|
11 |
|
Net cash used by investing activities |
|
(146 |
) |
|
|
(160 |
) |
|
|
(477 |
) |
|
|
(470 |
) |
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
||||||||
Repurchase of common shares |
|
— |
|
|
|
(58 |
) |
|
|
(733 |
) |
|
|
(152 |
) |
Proceeds from issuance of senior notes |
|
596 |
|
|
|
— |
|
|
|
1,421 |
|
|
|
750 |
|
Repayments of senior notes |
|
— |
|
|
|
— |
|
|
|
(845 |
) |
|
|
— |
|
Borrowings (repayments) under credit facilities, net |
|
(323 |
) |
|
|
(508 |
) |
|
|
47 |
|
|
|
(1,539 |
) |
Debt issuance costs |
|
(60 |
) |
|
|
— |
|
|
|
(73 |
) |
|
|
(34 |
) |
Other financing activities |
|
(54 |
) |
|
|
(44 |
) |
|
|
(76 |
) |
|
|
(165 |
) |
Net cash provided (used) by financing activities |
|
159 |
|
|
|
(610 |
) |
|
|
(259 |
) |
|
|
(1,140 |
) |
Net increase (decrease) in cash and cash equivalents |
|
(71 |
) |
|
|
(3 |
) |
|
|
(159 |
) |
|
|
5 |
|
Cash and cash equivalents at beginning of period |
|
110 |
|
|
|
34 |
|
|
|
198 |
|
|
|
26 |
|
Cash and cash equivalents at end of period |
$ |
39 |
|
|
$ |
31 |
|
|
$ |
39 |
|
|
$ |
31 |
|
1 CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE RECONCILIATION
In addition to the consolidated financial statements presented in accordance with
|
Three Months Ended
|
|
Nine Months Ended
|
|
Three Months
|
||||||||||||||
(In millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
June 30, 2024 |
||
Net income (loss) attributable to Cliffs shareholders |
$ |
(242 |
) |
|
$ |
264 |
|
|
$ |
(307 |
) |
|
$ |
554 |
|
|
$ |
2 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Weirton indefinite idleA |
|
(2 |
) |
|
|
— |
|
|
|
(219 |
) |
|
|
— |
|
|
|
(40 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(27 |
) |
|
|
— |
|
|
|
(6 |
) |
Acquisition-related costs |
|
(14 |
) |
|
|
(3 |
) |
|
|
(14 |
) |
|
|
(5 |
) |
|
|
— |
|
Acquisition-related interest expense |
|
(32 |
) |
|
|
— |
|
|
|
(32 |
) |
|
|
— |
|
|
|
— |
|
Changes in fair value of foreign currency contracts, net |
|
(7 |
) |
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
|
— |
|
Arbitration decision |
|
(71 |
) |
|
|
— |
|
|
|
(71 |
) |
|
|
— |
|
|
|
— |
|
Other, net |
|
(19 |
) |
|
|
(8 |
) |
|
|
(24 |
) |
|
|
(16 |
) |
|
|
(1 |
) |
Income tax effect |
|
59 |
|
|
|
— |
|
|
|
106 |
|
|
|
2 |
|
|
|
(1 |
) |
Adjusted net income (loss) attributable to Cliffs shareholders |
$ |
(156 |
) |
|
$ |
275 |
|
|
$ |
(19 |
) |
|
$ |
573 |
|
|
$ |
50 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings (loss) per common share attributable to Cliffs shareholders - diluted |
$ |
(0.52 |
) |
|
$ |
0.52 |
|
|
$ |
(0.64 |
) |
|
$ |
1.08 |
|
|
$ |
0.00 |
|
Adjusted earnings (loss) per common share attributable to Cliffs shareholders - diluted |
$ |
(0.33 |
) |
|
$ |
0.54 |
|
|
$ |
(0.04 |
) |
|
$ |
1.12 |
|
|
$ |
0.11 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
A Primarily includes asset impairments, asset retirement obligation charges and employee-related costs. |
|||||||||||||||||||
The sum of quarterly EPS may not equal EPS for the year-to-date period based on changes in share count due to discrete quarterly calculations. |
2 CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - EBITDA AND ADJUSTED EBITDA
In addition to the consolidated financial statements presented in accordance with
|
Three Months Ended
|
|
Nine Months Ended
|
|
Three Months
|
||||||||||||||
(In millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
June 30, 2024 |
||
Net income (loss) |
$ |
(230 |
) |
|
$ |
275 |
|
|
$ |
(274 |
) |
|
$ |
589 |
|
|
$ |
9 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense, net |
|
(102 |
) |
|
|
(70 |
) |
|
|
(235 |
) |
|
|
(226 |
) |
|
|
(69 |
) |
Income tax benefit (expense) |
|
76 |
|
|
|
(29 |
) |
|
|
99 |
|
|
|
(118 |
) |
|
|
15 |
|
Depreciation, depletion and amortization |
|
(235 |
) |
|
|
(249 |
) |
|
|
(693 |
) |
|
|
(738 |
) |
|
|
(228 |
) |
Total EBITDA |
$ |
31 |
|
|
$ |
623 |
|
|
$ |
555 |
|
|
$ |
1,671 |
|
|
$ |
291 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
EBITDA of noncontrolling interests |
$ |
20 |
|
|
$ |
20 |
|
|
$ |
56 |
|
|
$ |
60 |
|
|
$ |
15 |
|
Weirton indefinite idle |
|
(2 |
) |
|
|
— |
|
|
|
(219 |
) |
|
|
— |
|
|
|
(40 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(27 |
) |
|
|
— |
|
|
|
(6 |
) |
Acquisition-related costs |
|
(14 |
) |
|
|
(3 |
) |
|
|
(14 |
) |
|
|
(5 |
) |
|
|
— |
|
Changes in fair value of foreign currency contracts, net |
|
(7 |
) |
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
|
— |
|
Arbitration decision |
|
(71 |
) |
|
|
— |
|
|
|
(71 |
) |
|
|
— |
|
|
|
— |
|
Other, net |
|
(19 |
) |
|
|
(8 |
) |
|
|
(24 |
) |
|
|
(16 |
) |
|
|
(1 |
) |
Total Adjusted EBITDA |
$ |
124 |
|
|
$ |
614 |
|
|
$ |
861 |
|
|
$ |
1,632 |
|
|
$ |
323 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EBITDA of noncontrolling interests includes the following: |
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to noncontrolling interests |
$ |
12 |
|
|
$ |
11 |
|
|
$ |
33 |
|
|
$ |
35 |
|
|
$ |
7 |
|
Depreciation, depletion and amortization |
|
8 |
|
|
|
9 |
|
|
|
23 |
|
|
|
25 |
|
|
|
8 |
|
EBITDA of noncontrolling interests |
$ |
20 |
|
|
$ |
20 |
|
|
$ |
56 |
|
|
$ |
60 |
|
|
$ |
15 |
|
3 STELCO FINANCIAL RESULTS
Stelco financial information represents the historical consolidated financial information prepared by Stelco management in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board which differ in certain respects from
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104825023/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Director, Investor Relations
(216) 694-7719
Source: Cleveland-Cliffs Inc.
FAQ
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