Cleveland-Cliffs Inc. (NYSE: CLF) today reported
second-quarter results for the period ended June 30, 2024.
Second-Quarter 2024 Highlights
- Revenues of $5.1 billion
- Steel shipments of 4.0 million net tons
- Net income of $9 million and adjusted net income1 of $50
million
- Adjusted EPS1 of $0.11 per diluted share
- Adjusted EBITDA2 of $323 million
- Net debt3 decrease of $237 million to $3.4 billion
- Cash flow from operations of $519 million
- Free cash flow4 of $362 million
- Repurchased 7.5 million shares
- Liquidity of $3.7 billion as of June 30, 2024
Second-quarter 2024 revenues were $5.1 billion, compared to $5.2
billion in the first quarter of 2024.
For the second quarter of 2024, the Company recorded GAAP EPS of
$0.00 per diluted share to Cliffs shareholders and adjusted EPS of
$0.11 per diluted share. Included in the GAAP results were charges
and losses totaling $47 million, primarily related to the
indefinite idle of the Weirton tinplate facility and loss on
extinguishment of debt. Second-quarter GAAP net income was $9
million, compared to a first quarter 2024 GAAP net loss of $53
million.
Second-quarter 2024 Adjusted EBITDA2 was $323 million, compared
to $414 million in the first quarter of 2024.
During the second quarter of 2024, the Company repurchased 7.5
million CLF common shares under the previously authorized $1.5
billion share repurchase program.
Cliffs’ Chairman, President and CEO Lourenco Goncalves said:
“Our substantial free cash flow generation of $362 million in the
second quarter clearly demonstrates Cliffs’ ability to perform
through the cycle, even in times of adverse business conditions.
Despite a less than ideal steel demand and weak pricing throughout
the quarter, Cliffs operated very well. We met our cost reduction
target and shipped the tonnage we had planned for. With that, we
were able to pay down over $200 million in debt and also return
approximately $125 million to our shareholders via share
buybacks.”
Mr. Goncalves added: “We also took action on several matters
that will lead to further long-term success. We are excited about
the acquisition of Stelco that we announced last week. We have long
admired Stelco, and are eager to incorporate one of the lowest cost
flat-rolled steelmaking assets in North America into our footprint.
We have continued to engage with all key stakeholders associated
with the transaction, including the USW and high level government
officials. It is clear that they recognize the net benefit we will
provide to Canada, Ontario, and the local communities where Stelco
operates, particularly on the environmental and social fronts. Our
latest scores from ISS reflect this, as in July we achieved a 1
rating on both environmental and social, the best possible score
and well ahead of our industry peers."
Mr. Goncalves continued: “In addition to the acquisition of
Stelco, we have shown our ability to identify and pursue downstream
opportunities. As we announced today in West Virginia, we are
repurposing our Weirton tinplate plant to produce transformers. The
transformers we will produce in Weirton will be sold directly to
end-users and other players in the electrical sector, supplying a
market that desperately needs more transformers, even before AI
takes off in the near future and demand for electricity in our
country starts to grow exponentially. This project will take
advantage of our current under-utilized capacity to produce 30% to
40% more tonnage of American-made Grain Oriented Electrical Steels
(GOES), produced exclusively by Cleveland-Cliffs in Butler,
Pennsylvania. At the same time, our transformer factory will
provide re-employment in West Virginia for 600 USW-represented
workers. We are thrilled to bring back to work almost the entire
workforce unjustly displaced by foreign produced tinplate dumped
into the United States by countries like China, Japan, South Korea,
and the Netherlands."
Mr. Goncalves concluded: “Looking forward, we expect to benefit
in Q3 from another major step down in costs. Our largest end market
- the automotive sector - remains in good shape, and orders from
service center customers are expected to increase as seaborne steel
imports dry up. Our recent growth announcements, both through
M&A and downstream expansion, are clear examples that we are
still in the early stages of the new Cleveland-Cliffs that was born
in 2020 when we became a steel company. We are clearly not finished
yet, and the best is yet to come.”
Steelmaking Segment Results
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
2024
2023
2024
2023
Mar. 31, 2024
External Sales Volumes - In
Thousands
Steel Products (net tons)
3,989
4,202
7,929
8,287
3,940
Selling Price - Per Net Ton
Average net selling price per net ton of
steel products
$
1,125
$
1,255
$
1,150
$
1,193
$
1,175
Operating Results - In Millions
Revenues
$
4,915
$
5,808
$
9,942
$
10,934
$
5,027
Cost of goods sold
(4,770
)
(5,179
)
(9,527
)
(10,211
)
(4,757
)
Gross margin
$
145
$
629
$
415
$
723
$
270
Second-quarter 2024 steel product sales volumes of 4.0 million
net tons consisted of 35% hot-rolled, 29% coated, 16% cold-rolled,
5% plate, 4% stainless and electrical, and 11% other, including
slabs and rail.
Steelmaking revenues of $4.9 billion included $1.5 billion, or
30%, of direct sales to the automotive market; $1.4 billion, or
29%, of sales to the infrastructure and manufacturing market; $1.4
billion, or 28%, of sales to the distributors and converters
market; and $632 million, or 13%, of sales to steel producers.
Liquidity and Cash Flow
As of June 30, 2024, the Company's long-term debt was $3.5
billion and net debt3 was $3.4 billion, following net debt
reduction of $237 million during the quarter. The Company ended the
second quarter of 2024 with total liquidity of $3.7 billion.
Outlook
Cliffs is lowering its full-year 2024 expected capital
expenditures range to $650 to $700 million from its previous
expectation of $675 to $725 million.
In addition, the Company's objective of year-over-year steel
unit cost reductions of approximately $30 per net ton remains on
track.
Cleveland-Cliffs Inc. will host a conference call on July 23,
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 North America-based steel producer
with focus on value-added sheet products, particularly for the
automotive industry. The Company is vertically integrated from the
mining of iron ore, production of pellets and direct reduced iron,
and processing of ferrous scrap through primary steelmaking and
downstream finishing, stamping, tooling, and tubing. Headquartered
in Cleveland, Ohio, Cleveland-Cliffs employs approximately 28,000
people across its operations in the United States and Canada.
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
U.S. government actions with respect to Section 232 of the Trade
Expansion Act of 1962 (as amended by the Trade Act of 1974), the
United States-Mexico-Canada Agreement and/or other trade
agreements, tariffs, treaties or policies, as well as the
uncertainty of obtaining and maintaining effective antidumping and
countervailing duty orders to counteract the harmful effects of
unfairly traded imports; impacts of existing and increasing
governmental regulation, including potential environmental
regulations relating to climate change and carbon emissions, and
related costs and liabilities, including failure to receive or
maintain required operating and environmental permits, approvals,
modifications or other authorizations of, or from, any governmental
or regulatory authority and costs related to implementing
improvements to ensure compliance with regulatory changes,
including potential financial assurance requirements, and
reclamation and remediation obligations; potential impacts to the
environment or exposure to hazardous substances resulting from our
operations; our ability to maintain adequate liquidity, our level
of indebtedness and the availability of capital could limit our
financial flexibility and cash flow necessary to fund working
capital, planned capital expenditures, acquisitions, and other
general corporate purposes or ongoing needs of our business, or to
repurchase our common shares; our ability to reduce our
indebtedness or return capital to shareholders within the currently
expected timeframes or at all; adverse changes in credit ratings,
interest rates, foreign currency rates and tax laws; the outcome
of, and costs incurred in connection with, lawsuits, claims,
arbitrations or governmental proceedings relating to commercial and
business disputes, antitrust claims, environmental matters,
government investigations, occupational or personal injury claims,
property-related matters, labor and employment matters, or suits
involving legacy operations and other matters; supply chain
disruptions or changes in the cost, quality or availability of
energy sources, including electricity, natural gas and diesel fuel,
critical raw materials and supplies, including iron ore, industrial
gases, graphite electrodes, scrap metal, chrome, zinc, other
alloys, coke and metallurgical coal, and critical manufacturing
equipment and spare parts; problems or disruptions associated with
transporting products to our customers, moving manufacturing inputs
or products internally among our facilities, or suppliers
transporting raw materials to us; the risk that the cost or time to
implement a strategic or sustaining capital project may prove to be
greater than originally anticipated; our ability to consummate any
public or private acquisition transactions and to realize any or
all of the anticipated benefits or estimated future synergies, as
well as to successfully integrate any acquired businesses into our
existing businesses; uncertainties associated with natural or
human-caused disasters, adverse weather conditions, unanticipated
geological conditions, critical equipment failures, infectious
disease outbreaks, tailings dam failures and other unexpected
events; cybersecurity incidents relating to, disruptions in, or
failures of, information technology systems that are managed by us
or third parties that host or have access to our data or systems,
including the loss, theft or corruption of sensitive or essential
business or personal information and the inability to access or
control systems; liabilities and costs arising in connection with
any business decisions to temporarily or indefinitely idle or
permanently close an operating facility or mine, which could
adversely impact the carrying value of associated assets and give
rise to impairment charges or closure and reclamation obligations,
as well as uncertainties associated with restarting any previously
idled operating facility or mine; our level of self-insurance and
our ability to obtain sufficient third-party insurance to
adequately cover potential adverse events and business risks;
uncertainties associated with our ability to meet customers' and
suppliers' decarbonization goals and reduce our greenhouse gas
emissions in alignment with our own announced targets; challenges
to maintaining our social license to operate with our stakeholders,
including the impacts of our operations on local communities,
reputational impacts of operating in a carbon-intensive industry
that produces greenhouse gas emissions, and our ability to foster a
consistent operational and safety track record; our actual economic
mineral reserves or reductions in current mineral reserve
estimates, and any title defect or loss of any lease, license,
easement or other possessory interest for any mining property; our
ability to maintain satisfactory labor relations with unions and
employees; unanticipated or higher costs associated with pension
and other post-employment benefit obligations resulting from
changes in the value of plan assets or contribution increases
required for unfunded obligations; uncertain availability or cost
of skilled workers to fill critical operational positions and
potential labor shortages caused by experienced employee attrition
or otherwise, as well as our ability to attract, hire, develop and
retain key personnel; the amount and timing of any repurchases of
our common shares; potential significant deficiencies or material
weaknesses in our internal control over financial reporting; the
risk that the proposed transaction with Stelco may not be
consummated; the risk that a transaction with Stelco may be less
accretive than expected, or may be dilutive, to Cliffs’ earnings
per share, which may negatively affect the market price of Cliffs’
common shares; the risk that adverse reactions or changes to
business or regulatory relationships may result from the
announcement or completion of the proposed transaction; the
possibility of the occurrence of any event, change or other
circumstance that could give rise to the right of one or both of
Cliffs or Stelco to terminate the transaction agreement between the
two companies, including, but not limited to, the companies’
inability to obtain necessary regulatory approvals; the risk of
shareholder litigation relating to the proposed transaction that
could be instituted against Stelco, Cliffs or their respective
directors and officers; the possibility that Cliffs and Stelco will
incur significant transaction and other costs in connection with
the proposed transaction, which may be in excess of those
anticipated by Cliffs; the risk that the financing transactions to
be undertaken in connection with the proposed transaction may have
a negative impact on the combined company’s credit profile,
financial condition or financial flexibility; the possibility that
the anticipated benefits of the proposed acquisition of Stelco are
not realized to the same extent as projected and that the
integration of the acquired business into our existing business,
including uncertainties associated with maintaining relationships
with customers, vendors and employees, is not as successful as
expected; the risk that future synergies from the Stelco
Acquisition may not be realized or may take longer than expected to
achieve; the possibility that the business and management
strategies currently in place or implemented in the future for the
maintenance, expansion and growth of the combined company’s
operations may not be as successful as anticipated; the risk
associated with the retention and hiring of key personnel,
including those of Stelco; the risk that any announcements relating
to, or the completion of, the proposed transaction could have
adverse effects on the market price of Cliffs' common shares; and
the risk of any unforeseen liabilities and future capital
expenditures related to the proposed transaction.
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, and other filings with the
U.S. Securities and Exchange Commission.
CLEVELAND-CLIFFS INC. AND
SUBSIDIARIES
STATEMENTS OF UNAUDITED
CONDENSED CONSOLIDATED OPERATIONS
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
(In millions, except per share
amounts)
2024
2023
2024
2023
Mar. 31, 2024
Revenues
$
5,092
$
5,984
$
10,291
$
11,279
$
5,199
Operating costs:
Cost of goods sold
(4,930
)
(5,340
)
(9,844
)
(10,536
)
(4,914
)
Selling, general and administrative
expenses
(103
)
(149
)
(235
)
(276
)
(132
)
Restructuring and other charges
(25
)
—
(129
)
—
(104
)
Asset impairments
(15
)
—
(79
)
—
(64
)
Miscellaneous – net
(13
)
(12
)
(36
)
(15
)
(23
)
Total operating costs
(5,086
)
(5,501
)
(10,323
)
(10,827
)
(5,237
)
Operating income (loss)
6
483
(32
)
452
(38
)
Other income (expense):
Interest expense, net
(69
)
(79
)
(133
)
(156
)
(64
)
Loss on extinguishment of debt
(6
)
—
(27
)
—
(21
)
Net periodic benefit credits other than
service cost component
62
50
122
100
60
Other non-operating income
1
4
3
6
2
Total other expense
(12
)
(25
)
(35
)
(50
)
(23
)
Income (loss) from continuing
operations before income taxes
(6
)
458
(67
)
402
(61
)
Income tax benefit (expense)
15
(102
)
23
(89
)
8
Income (loss) from continuing
operations
9
356
(44
)
313
(53
)
Income from discontinued operations, net
of tax
—
—
—
1
—
Net income (loss)
9
356
(44
)
314
(53
)
Income attributable to noncontrolling
interests
(7
)
(9
)
(21
)
(24
)
(14
)
Net income (loss) attributable to
Cliffs shareholders
$
2
$
347
$
(65
)
$
290
$
(67
)
Earnings (loss) per common share
attributable to Cliffs shareholders - basic
Continuing operations
$
0.00
$
0.68
$
(0.13
)
$
0.56
$
(0.14
)
Discontinued operations
0.00
0.00
0.00
0.00
0.00
$
0.00
$
0.68
$
(0.13
)
$
0.56
$
(0.14
)
Earnings (loss) per common share
attributable to Cliffs shareholders - diluted
Continuing operations
$
0.00
$
0.67
$
(0.13
)
$
0.56
$
(0.14
)
Discontinued operations
0.00
0.00
0.00
0.00
0.00
$
0.00
$
0.67
$
(0.13
)
$
0.56
$
(0.14
)
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)
June 30, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
110
$
198
Accounts receivable, net
1,773
1,840
Inventories
4,199
4,460
Other current assets
110
138
Total current assets
6,192
6,636
Non-current assets:
Property, plant and equipment, net
8,728
8,895
Goodwill
1,005
1,005
Pension and OPEB assets
354
329
Other non-current assets
649
672
TOTAL ASSETS
$
16,928
$
17,537
LIABILITIES
Current liabilities:
Accounts payable
$
2,080
$
2,099
Accrued employment costs
431
511
Accrued expenses
296
380
Other current liabilities
511
518
Total current liabilities
3,318
3,508
Non-current liabilities:
Long-term debt
3,507
3,137
Pension and OPEB liabilities
757
821
Deferred income taxes
621
639
Other non-current liabilities
1,353
1,310
TOTAL LIABILITIES
9,556
9,415
TOTAL EQUITY
7,372
8,122
TOTAL LIABILITIES AND EQUITY
$
16,928
$
17,537
CLEVELAND-CLIFFS INC. AND
SUBSIDIARIES
STATEMENTS OF UNAUDITED
CONDENSED CONSOLIDATED CASH FLOWS
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)
2024
2023
2024
2023
OPERATING ACTIVITIES
Net income (loss)
$
9
$
356
$
(44
)
$
314
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation, depletion and
amortization
228
247
458
489
Restructuring and other charges
25
—
129
—
Asset impairments
15
—
79
—
Pension and OPEB credits
(53
)
(39
)
(104
)
(79
)
Loss on extinguishment of debt
6
—
27
—
Other
3
55
47
90
Changes in operating assets and
liabilities:
Accounts receivable, net
94
(76
)
67
(333
)
Inventories
235
196
227
403
Income taxes
(11
)
154
(12
)
169
Pension and OPEB payments and
contributions
(30
)
(28
)
(62
)
(58
)
Payables, accrued employment and accrued
expenses
(6
)
12
(176
)
(78
)
Other, net
4
10
25
(69
)
Net cash provided by operating
activities
519
887
661
848
INVESTING ACTIVITIES
Purchase of property, plant and
equipment
(157
)
(131
)
(339
)
(319
)
Other investing activities
5
6
8
9
Net cash used by investing activities
(152
)
(125
)
(331
)
(310
)
FINANCING ACTIVITIES
Repurchase of common shares
(124
)
(94
)
(733
)
(94
)
Proceeds from issuance of senior notes
—
750
825
750
Repayments of senior notes
(193
)
—
(845
)
—
Borrowings (repayments) under credit
facilities, net
28
(1,338
)
370
(1,031
)
Debt issuance costs
—
(34
)
(13
)
(34
)
Other financing activities
2
(71
)
(22
)
(121
)
Net cash used by financing activities
(287
)
(787
)
(418
)
(530
)
Net increase (decrease) in cash and cash
equivalents
80
(25
)
(88
)
8
Cash and cash equivalents at beginning of
period
30
59
198
26
Cash and cash equivalents at end of
period
$
110
$
34
$
110
$
34
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 U.S. GAAP, the Company has
presented adjusted net income (loss) attributable to Cliffs
shareholders and adjusted earnings (loss) per common share
attributable to Cliffs shareholders - diluted. These measures are
used by management, investors, lenders and other external users of
our financial statements to assess our operating performance and to
compare operating performance to other companies in the steel
industry, showing results exclusive of non-cash and/or
non-recurring items. The presentation of these measures is not
intended to be considered in isolation from, as a substitute for,
or as superior to, the financial information prepared and presented
in accordance with U.S. GAAP. The presentation of these measures
may be different from non-GAAP financial measures used by other
companies. A reconciliation of these consolidated measures to their
most directly comparable GAAP measures is provided in the table
below.
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
(In millions)
2024
2023
2024
2023
Mar. 31, 2024
Net income (loss) attributable to Cliffs
shareholders
$
2
$
347
$
(65
)
$
290
$
(67
)
Adjustments:
Weirton indefinite idleA
(40
)
—
(217
)
—
(177
)
Loss on extinguishment of debt
(6
)
—
(27
)
—
(21
)
Other, net
(1
)
(8
)
(5
)
(10
)
(4
)
Income tax effect
(1
)
2
47
2
48
Adjusted net income attributable to Cliffs
shareholders
$
50
$
353
$
137
$
298
$
87
Earnings (loss) per common share
attributable to Cliffs shareholders - diluted
$
0.00
$
0.67
$
(0.13
)
$
0.56
$
(0.14
)
Adjusted earnings per common share
attributable to Cliffs shareholders - diluted
$
0.11
$
0.69
$
0.28
$
0.58
$
0.18
APrimarily 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 U.S. GAAP, the Company has
presented EBITDA and Adjusted EBITDA on a consolidated basis. These
measures are used by management, investors, lenders and other
external users of our financial statements to assess our operating
performance and to compare operating performance to other companies
in the steel industry, showing results exclusive of non-cash and/or
non-recurring items. The presentation of these measures is not
intended to be considered in isolation from, as a substitute for,
or as superior to, the financial information prepared and presented
in accordance with U.S. GAAP. The presentation of these measures
may be different from non-GAAP financial measures used by other
companies. A reconciliation of these consolidated measures to their
most directly comparable GAAP measures is provided in the table
below.
Three Months Ended
June 30,
Six Months Ended
June 30,
Three Months Ended
(In millions)
2024
2023
2024
2023
Mar. 31, 2024
Net income (loss)
$
9
$
356
$
(44
)
$
314
$
(53
)
Less:
Interest expense, net
(69
)
(79
)
(133
)
(156
)
(64
)
Income tax benefit (expense)
15
(102
)
23
(89
)
8
Depreciation, depletion and
amortization
(228
)
(247
)
(458
)
(489
)
(230
)
Total EBITDA
$
291
$
784
$
524
$
1,048
$
233
Less:
EBITDA of noncontrolling interests
$
15
$
17
$
36
$
40
$
21
Weirton indefinite idle
(40
)
—
(217
)
—
(177
)
Loss on extinguishment of debt
(6
)
—
(27
)
—
(21
)
Other, net
(1
)
(8
)
(5
)
(10
)
(4
)
Total Adjusted EBITDA
$
323
$
775
$
737
$
1,018
$
414
EBITDA of noncontrolling interests
includes the following:
Net income attributable to noncontrolling
interests
$
7
$
9
$
21
$
24
$
14
Depreciation, depletion and
amortization
8
8
15
16
7
EBITDA of noncontrolling interests
$
15
$
17
$
36
$
40
$
21
3 CLEVELAND-CLIFFS INC. AND
SUBSIDIARIES
NON-GAAP RECONCILIATION - NET
DEBT
Net debt is a non-GAAP financial measure
that management uses in evaluating financial position. Net debt is
defined as long-term debt less cash and cash equivalents.
Management believes net debt is an important measure of the
Company’s financial position due to the amount of cash and cash
equivalents on hand. The presentation of this measure is not
intended to be considered in isolation from, as a substitute for,
or as superior to, the financial information prepared and presented
in accordance with U.S. GAAP. The presentation of this measure may
be different from non-GAAP financial measures used by other
companies. A reconciliation of this measure to its most directly
comparable GAAP measure is provided in the table below:
(In millions)
June 30,
2024
March 31,
2024
December 31,
2023
Long-term debt
$
3,507
$
3,664
$
3,137
Less: Cash and cash equivalents
110
30
198
Net debt
$
3,397
$
3,634
$
2,939
4 CLEVELAND-CLIFFS INC. AND
SUBSIDIARIES
NON-GAAP RECONCILIATION - FREE
CASH FLOW
Free cash flow is a non-GAAP measure
defined as net cash provided by operating activities less purchase
of property, plant and equipment. Management believes it is an
important measure to assess the cash generation available to
service debt, strategic initiatives or other financing activities.
The following table provides a reconciliation of operating cash
flows to free cash flows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(In millions)
2024
2023
2024
2023
Net cash provided by operating
activities
$
519
$
887
661
848
Purchase of property, plant and
equipment
(157
)
(131
)
(339
)
(319
)
Free cash flow
$
362
$
756
$
322
$
529
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240722555045/en/
MEDIA CONTACT: Patricia Persico Senior Director,
Corporate Communications (216) 694-5316
INVESTOR CONTACT: James Kerr Director, Investor Relations
(216) 694-7719
Cleveland Cliffs (NYSE:CLF)
過去 株価チャート
から 6 2024 まで 7 2024
Cleveland Cliffs (NYSE:CLF)
過去 株価チャート
から 7 2023 まで 7 2024
