Cleveland-Cliffs Inc.: Will The Stelco Acquisition Be A Game Changer?

Cleveland-Cliffs Inc. reported solid second-quarter 2024 financial results, crediting its encouraging performance mainly to robust cash flow generation that has been bolstered by increased shipments, sustained cost-reduction initiatives, and successful inventory level management. The company’s substantial reduction of its net debt balance to $3.4 billion, achieved by applying 65% of the quarter’s $362 million in free cash flow towards debt reduction, was a highlight of the period.