The company posted revenue of $6 billion in the second quarter, compared to $5.3 billion in the first quarter of 2023, it announced.
Second-quarter 2023 adjusted EBITDA1 was $775 million, compared to $243 million in the first quarter of 2023.
Also, with the substantial free cash flow generated in the second quarter, the company reduced its debt by over $550 million, while still returning nearly $100 million to shareholders via share buybacks, he said.
Cleveland-Cliffs had steel shipments of 4.2 million net tons, it announced.
Lourenco Goncalves, chairman, president and CEO of Cliffs, said that was “a direct result of another record in automotive shipments.”
He said the company is on pace for its best shipment year since becoming a steel company. Service center inventories are significantly lower than historical levels, creating support for a healthy second half of the year, he said.
He said since the performance of its automotive clients continues to improve, the sector has not returned to pre-COVID levels yet, indicating the company has “plenty of value to be unlocked in the near future.”
Cleveland-Cliffs purchased AK Steel for $1.1 billion in 2020. After that the Cleveland-based company bought the U.S. assets of ArcelorMittal for $1.4 billion, making it the largest flat-rolled steel producer in North America, officials said.
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