Revenue was $5.7 billion in the same period last year, he said.
The company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter was $614 million, up from $463 million in the same quarter last year. The company also reported a cash flow from operations of $767 million and a free cash flow of $605 million. The company’s net debt was reduced to $3.4 billion, and it reported record liquidity of $4.4 billion, according to Goncalves.
The company’s previously laid out cost reduction objectives remain on target, and Cliffs expects another $15 per net ton reduction in steel unit costs from the third quarter to the fourth quarter of 2023, with additional cost reductions into 2024, according to Goncalves.
Goncalves said the third quarter was the company’s third consecutive quarter with steel shipments above 4 million tons.
Goncalves added that he expects the UAW strike that has affected three clients headquartered in Detroit to end before the end of the year. If that happens, he expects “more normal buying patterns from service centers” and that should support the company the rest of this year and into 2024.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America and employs approximately 27,000 people across its operations in the United States and Canada.
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, officials said.
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