Cleveland-Cliffs Inc.


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SKU: CLF-1 Category:


Cleveland-Cliffs Inc. managed to exceed analyst expectations in terms of revenue as well as earnings. Revenues soared to $5.6 billion, accompanied by an impressive adjusted EBITDA of $614 million and GAAP earnings per share standing at $0.52. Despite the challenges posed by the UAW strike impacting three automotive sector clients, aggregate shipments to all automotive clients collectively surpassed Q2 levels, reaching 4.1 million net tons. Fuel shipments to the automotive sector marked a significant high, underscoring Cleveland-Cliffs’ prowess in meeting industry demands. Despite challenges such as slowed service center sales and the UAW strike, steel shipments to automotive clients increased sequentially. Noteworthy cost reduction performance was achieved during Q3, improving by $31 per net ton quarter-over-quarter, with expectations of a further $15 reduction per net ton in the fourth quarter. Looking ahead, their team remains optimistic about cost reductions, anticipating a continued positive trend into the next year. The strategic execution of annual metallurgical coal contracts in Q3 is expected to yield a substantial $250 million reduction in 2024 coal costs, showcasing the company’s adept negotiation skills and ability to navigate market dynamics successfully.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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