Cleveland-Cliffs' Strategies for Share Buybacks and Capital Allocation
Tuesday, 23 April 2024, 17:00
Cleveland-Cliffs Q1 2024 Earnings Call Highlights
New Share Repurchase Program
- Cleveland-Cliffs' focus on returning capital to shareholders through $1.5 billion share repurchase program
- Plans for aggressive shareholder returns during open windows and emphasis on buybacks as a key capital allocation priority
Improved Leverage Target and Balance Sheet Progress
- Update on new leverage target of two and a half times net debt to last 12 months adjusted EBITDA
- Efforts to enhance liquidity and capitalize on strong free cash flow outlook
Q1 Performance and Future Outlook
Insights on successful Q1 performance marked by rebound in profitability and key factors influencing unit costs and production volumes
Plans for continued focus on automotive business sales and strong industry positioning for the future
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