Tue, Feb 25, 9:52 PM (60 days ago)
Cleveland-Cliffs Inc. (CLF), a leading North American vertically integrated steel producer, reported its 2024 financial results in its 10‐K. Revenues fell to approximately $19.2B (down 13% YoY) driven by weaker direct automotive demand, lower steel prices, and elevated imports. Gross margin and adjusted EBITDA declined, with net income turning negative (–$708M) and diluted EPS at –$1.57. The company completed its Stelco Acquisition, expanding its Canadian presence and diversifying its market mix, and repurchased $733M of shares. Operational highlights include a record safety performance (TRIR of 0.9 per 200,000 hours) and ongoing investments in decarbonization (e.g., hydrogen trials, DOE-funded projects). Key risks noted involve commodity price volatility, regulatory and environmental uncertainties, operational disruptions, and financial risks from increased indebtedness and market competition. Looking ahead, Cleveland-Cliffs plans to improve margins, deleverage its balance sheet, and leverage supportive infrastructure and manufacturing policies despite the cyclical nature of the business.