Full-Year Financial Highlights
- Revenues of $23.0 billion, a new all-time record
- Net income of $1.4 billion
- Adjusted EBITDA1 of $3.2 billion
- Operating cash flow of $2.4 billion
- Combined debt and net pension/OPEB liabilities reduced by over
$3 billion
Cleveland-Cliffs Inc. (NYSE: CLF) today reported
full-year and fourth-quarter results for the period ended December
31, 2022.
Full-Year Consolidated Results Full-year 2022
consolidated revenues were $23.0 billion, compared to the prior
year's consolidated revenues of $20.4 billion.
For the full year 2022, the Company generated net income of $1.4
billion, or $2.55 per diluted share attributable to Cliffs
shareholders. This compares to 2021 net income of $3.0 billion, or
$5.36 per diluted share attributable to Cliffs shareholders. For
the full year 2022, Adjusted EBITDA1 was $3.2 billion, compared to
$5.3 billion in 2021. The reduction was primarily driven by higher
operating costs and lower sales volumes in 2022 compared to 2021,
partially offset by higher fixed contract pricing.
In 2022, the Company recorded cash flows from operations of $2.4
billion and had capital expenditures of $943 million, equating to
free cash flow of $1.5 billion2.
During 2022, pension and OPEB liabilities, net of assets, were
reduced to $813 million, from $2.9 billion, a reduction of $2.1
billion for the year. This reduction was driven by lower healthcare
premiums, as the impact of higher interest rates was mostly offset
by lower market returns in 2022. Over the past 2 years, the
Company's net pension and OPEB liabilities have been reduced by a
total of $3.4 billion, from $4.2 billion at the end of 2020 to $813
million at the end of 2022.
In addition, the Company reduced its outstanding debt by $1.1
billion during 2022, using the majority of its free cash flow for
this purpose.
Fourth-Quarter Consolidated Results Fourth-quarter 2022
consolidated revenues were $5.0 billion, compared to prior-year
fourth-quarter consolidated revenues of $5.3 billion.
For the fourth quarter of 2022, the Company recorded a net loss
of $204 million, corresponding to a loss of $0.41 per diluted share
attributable to Cliffs shareholders. This included the following
charges totaling $57 million, or $0.11 per diluted share:
- charges of $49 million, or $0.09 per diluted share, related to
state tax provision reconciliations; and
- net charges of $8 million, or $0.02 per diluted share, for loss
on disposals of assets, partially offset by gains on extinguishment
of debt.
In the prior-year fourth quarter, the Company recorded net
income of $899 million, or $1.69 per diluted share attributable to
Cliffs shareholders.
In the fourth quarter of 2022, the Company recorded cash flows
from operations of $489 million and had capital expenditures of
$227 million, equating to free cash flow of $262 million2.
Fourth-quarter 2022 Adjusted EBITDA1 was $123 million, compared
to $1.5 billion in the fourth quarter of 2021.
Three Months Ended
December 31,
Year Ended
December 31,
(In millions)
2022
2021
2022
2021
Adjusted EBITDA1:
Steelmaking
$
109
$
1,478
$
3,089
$
5,280
Other Businesses
11
(16
)
69
9
Eliminations
3
4
11
(12
)
Total Adjusted EBITDA1
$
123
$
1,466
$
3,169
$
5,277
Lourenco Goncalves, Cliffs' Chairman, President and CEO said:
“In what was just our second year with our current configuration,
2022 is the year in which we consolidated Cleveland-Cliffs’
position as the leader in flat-rolled steel in the United States.
Through the synergies we envisioned back in 2020 when we executed
the acquisitions of two steel companies, in 2022 we achieved record
revenues of $23 billion and reduced combined debt and
post-retirement liabilities by more than $3 billion. Also, even in
the face of falling steel prices in the broad market, we achieved
substantially higher selling prices. Our Adjusted EBITDA and free
cash flow in 2022 were each the second highest ever in our 175-year
history, only surpassed by 2021. We also signed long-term labor
agreements with more than half of our workforce, and completed our
major maintenance initiatives, setting us up for continued success
going forward.”
Mr. Goncalves continued: “In the fourth quarter of 2022 we
generated healthy free cash flow of $262 million. We also achieved
our targeted unit cost reduction of $80 per net ton, which helped
us to partially offset the impact of lagged index pricing. Entering
2023, as our fixed price contracts reset higher, our unit costs
continue to decline, and sales volumes improve, we believe our
quarterly Adjusted EBITDA should progressively improve, confirming
our belief that the fourth quarter of 2022 was the inflection point
for our profitability."
Mr. Goncalves added: “The most important achievement of this
newly configured Cleveland-Cliffs has been the successful renewals
of our fixed price contracts for 2023, particularly for those with
our automotive customers, breaking a historical paradigm that was
so detrimental to the steel companies of the past. Even with
flat-rolled prices falling over 60% from the peak in April, we were
able to achieve price increases that average $115 per ton for 2023
compared to 2022 for our direct automotive business, our largest
end market. This validates what we have been saying all along, that
any model tying our automotive fixed prices to steel index prices
no longer applies.”
Mr. Goncalves concluded: “Our success with these contracts lined
up nicely with improved automotive demand and, as a result, in Q1
of 2023, we are on pace for our best shipment quarter since 2021.
Outside of automotive, we have also had a great deal of success
enforcing five separate price increases in recent months to our
spot customers. With recessionary fears easing among our clients,
the demand environment has improved and service centers have begun
to restock. As a consequence, improved pricing will benefit our
index-linked contract and spot business. We expect these market
factors, combined with continued lower costs and lower capital
spend, will drive improved quarterly profitability throughout
2023.”
Steelmaking
Three Months Ended
December 31,
Year Ended
December 31,
2022
2021
2022
2021
External Sales
Volumes
Steel Products (net tons)
3,838
3,384
14,751
15,886
Selling Price -
Per Net Ton
Average net selling price per net ton of
steel products
$
1,156
$
1,423
$
1,360
$
1,187
Operating Results
- In Millions
Revenues
$
4,902
$
5,191
$
22,383
$
19,901
Cost of goods sold
(4,966
)
(3,907
)
(19,914
)
(15,379
)
Gross margin
$
(64
)
$
1,284
$
2,469
$
4,522
Full-year 2022 steel product volume of 14.8 million net tons
consisted of 32% coated, 29% hot-rolled, 16% cold-rolled, 6% plate,
5% stainless and electrical, and 12% other, including slabs and
rail. Fourth-quarter 2022 steel product volume of 3.8 million net
tons consisted of 34% hot-rolled, 29% coated, 13% cold-rolled, 5%
plate, 5% stainless and electrical, and 14% other, including slabs
and rail.
Full-year 2022 Steelmaking revenues of $22.4 billion included
approximately $6.7 billion, or 30%, of sales to direct automotive
customers; $6.4 billion, or 29%, of sales to the distributors and
converters market; $5.9 billion, or 26%, of sales to the
infrastructure and manufacturing market; and $3.5 billion, or 15%,
of sales to steel producers. Fourth-quarter 2022 Steelmaking
revenues of $4.9 billion included approximately $1.7 billion, or
34%, of sales to direct automotive customers; $1.3 billion, or 26%,
of sales to the distributors and converters market; $1.3 billion,
or 25%, of sales to the infrastructure and manufacturing market;
and $725 million, or 15%, of sales to steel producers.
Full-year 2022 Steelmaking cost of goods sold of $19.9 billion
included depreciation, depletion, and amortization of $994 million.
Full-year Steelmaking segment Adjusted EBITDA of $3.1 billion
included $439 million of SG&A expense. Fourth-quarter 2022
Steelmaking cost of goods sold of $5.0 billion included
depreciation, depletion, and amortization of $236 million.
Fourth-quarter 2022 Steelmaking segment Adjusted EBITDA of $109
million included $110 million of SG&A expense.
Cash Flow At the end of 2022, the Company had total
liquidity of approximately $2.5 billion, including cash and
availability under its ABL credit facility.
During the fourth quarter of 2022, Cliffs reduced debt by
approximately $200 million, with the majority used toward repaying
its ABL balance. The Company repurchased 2.0 million common shares
during the fourth quarter of 2022, at an average price of $15.04
per share.
Outlook On December 22, 2022, Cliffs announced that it
had successfully renewed a large portion of its fixed price
contracts, and expected a $100 per ton selling price increase for
its direct automotive business in 2023 compared to 2022. After
additional successfully completed negotiations, the Company now
expects a $115 per ton increase on these contracts. This end market
represents normalized demand of approximately 5 million net tons
per year.
The Company expects an approximately $2 billion reduction in
Steelmaking COGS in 2023 compared to 2022. The primary drivers of
this significant reduction in costs are normalized repair and
maintenance expenses, higher production volume and lower input
costs.
After successfully achieving an $80 per ton quarter-over-quarter
reduction in Steelmaking unit costs during the fourth quarter, the
Company expects to achieve a further sequential decline of $50 per
ton during the first quarter of 2023, and even further reductions
into the second and third quarters of 2023. The Company expects its
Adjusted EBITDA performance in the first quarter of 2023 to exceed
its Adjusted EBITDA performance in the fourth quarter of 2022.
Additionally, the Company put forth the following expectations
for the full-year 2023:
- Steel shipment volumes of approximately 16 million net tons,
compared to 14.8 million net tons in 2022;
- Capital expenditures of $700 to $750 million, compared to $943
million in 2022;
- Cash contributions related to pension and OPEB plans of
approximately $100 million, compared to approximately $200 million
in 2022; and
- Federal cash tax refunds of approximately $140 million.
Conference Call Information Cleveland-Cliffs Inc. will
host a conference call on February 14, 2023, at 10 a.m. ET. The
call will be broadcast live and archived on Cliffs' website:
www.clevelandcliffs.com.
About Cleveland-Cliffs Inc. Cleveland-Cliffs is the
largest flat-rolled steel producer in North America. Founded in
1847 as a mine operator, Cliffs also is the largest manufacturer of
iron ore pellets in North America. The Company is vertically
integrated from mined raw materials, direct reduced iron, and
ferrous scrap to primary steelmaking and downstream finishing,
stamping, tooling, and tubing. Cleveland-Cliffs is the largest
supplier of steel to the automotive industry in North America and
serves a diverse range of other markets due to its comprehensive
offering of flat-rolled steel products. Headquartered in Cleveland,
Ohio, Cleveland-Cliffs employs approximately 27,000 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, which has been experiencing supply chain disruptions,
such as the semiconductor shortage, and higher consumer interest
rates, which could result in lower steel volumes being demanded;
potential weaknesses and uncertainties in global economic
conditions, excess global steelmaking capacity, oversupply of iron
ore, prevalence of steel imports and reduced market demand,
including as a result of inflationary pressures, the COVID-19
pandemic, conflicts or otherwise; severe financial hardship,
bankruptcy, temporary or permanent shutdowns or operational
challenges of one or more of our major customers, including
customers in the automotive market, 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; disruptions to our operations relating to an
infectious disease outbreak or the COVID-19 pandemic, including
workforce challenges and the risk that novel variants will prove
resistant to existing vaccines or that new or continuing lockdowns
in China will impact our ability to source certain critical
supplies in a timely and predictable manner; 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; 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, including adverse impacts as a result of the
Inflation Reduction Act of 2022; 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 damage, labor and
employment matters, or suits involving legacy operations and other
matters; uncertain availability or cost, due to inflation or
otherwise, of critical manufacturing equipment and spare parts;
supply chain disruptions or changes in the cost, quality or
availability of energy sources, including electricity, natural gas
and diesel fuel, or critical raw materials and supplies, including
iron ore, industrial gases, graphite electrodes, scrap metal,
chrome, zinc, coke and metallurgical coal; 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; 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 OPEB 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; and potential significant deficiencies or material
weaknesses in our internal control over financial reporting.
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, 2021, and other filings with the
SEC.
FINANCIAL TABLES FOLLOW
CLEVELAND-CLIFFS INC. AND
SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED
OPERATIONS
Three Months Ended
December 31,
Year Ended
December 31,
(In Millions, Except Per Share
Amounts)
2022
2021
2022
2021
Revenues
$
5,044
$
5,346
$
22,989
$
20,444
Operating costs:
Cost of goods sold
(5,104
)
(4,072
)
(20,471
)
(15,910
)
Selling, general and administrative
expenses
(116
)
(111
)
(465
)
(422
)
Acquisition-related costs
—
(2
)
(4
)
(20
)
Miscellaneous – net
(6
)
(42
)
(110
)
(80
)
Total operating costs
(5,226
)
(4,227
)
(21,050
)
(16,432
)
Operating income (loss)
(182
)
1,119
1,939
4,012
Other income (expense):
Interest expense, net
(71
)
(79
)
(276
)
(337
)
Gain (loss) on extinguishment of debt
1
—
(75
)
(88
)
Net periodic benefit credits other than
service cost component
64
71
212
210
Other non-operating income (loss)
2
1
(4
)
6
Total other expense
(4
)
(7
)
(143
)
(209
)
Income (loss) from continuing
operations before income taxes
(186
)
1,112
1,796
3,803
Income tax expense
(19
)
(214
)
(423
)
(773
)
Income (loss) from continuing
operations
(205
)
898
1,373
3,030
Income from discontinued operations, net
of tax
1
1
3
3
Net income (loss)
(204
)
899
1,376
3,033
Income attributable to noncontrolling
interest
(10
)
(6
)
(41
)
(45
)
Net income (loss) attributable to
Cliffs shareholders
$
(214
)
$
893
$
1,335
$
2,988
Earnings (loss) per common share
attributable to Cliffs shareholders - basic
Continuing operations
$
(0.41
)
$
1.78
$
2.57
$
5.62
Discontinued operations
—
—
—
0.01
$
(0.41
)
$
1.78
$
2.57
$
5.63
Earnings (loss) per common share
attributable to Cliffs shareholders - diluted
Continuing operations
$
(0.41
)
$
1.69
$
2.55
$
5.35
Discontinued operations
—
—
—
0.01
$
(0.41
)
$
1.69
$
2.55
$
5.36
CLEVELAND-CLIFFS INC. AND
SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL POSITION
December 31,
(In millions)
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
26
$
48
Accounts receivable, net
1,960
2,154
Inventories
5,130
5,188
Other current assets
306
263
Total current assets
7,422
7,653
Non-current assets:
Property, plant and equipment, net
9,070
9,186
Goodwill
1,130
1,116
Pension and OPEB, asset
356
223
Other non-current assets
777
797
TOTAL ASSETS
$
18,755
$
18,975
LIABILITIES
Current liabilities:
Accounts payable
$
2,186
$
2,073
Accrued employment costs
429
585
Other current liabilities
934
903
Total current liabilities
3,549
3,561
Non-current liabilities:
Long-term debt
4,249
5,238
Pension liability, non-current
473
578
OPEB liability, non-current
585
2,383
Deferred income taxes
590
112
Other non-current liabilities
1,267
1,329
TOTAL LIABILITIES
10,713
13,201
TOTAL EQUITY
8,042
5,774
TOTAL LIABILITIES AND EQUITY
$
18,755
$
18,975
CLEVELAND-CLIFFS INC. AND
SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CASH
FLOWS
Three Months Ended
December 31,
Year Ended
December 31,
(In millions)
2022
2021
2022
2021
OPERATING ACTIVITIES
Net income (loss)
$
(204
)
$
899
$
1,376
$
3,033
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation, depletion and
amortization
246
233
1,034
897
Amortization of inventory step-up
—
32
—
161
Deferred income taxes
(120
)
210
90
767
Pension and OPEB credits
(51
)
(44
)
(132
)
(103
)
Loss (gain) on extinguishment of debt
(1
)
—
75
88
Impairment of long-lived assets
—
—
29
1
Other
47
59
122
138
Changes in operating assets and
liabilities, net of business combination:
Receivables and other assets
285
444
177
(722
)
Inventories
412
(577
)
64
(1,370
)
Income taxes
87
(135
)
(22
)
(136
)
Pension and OPEB payments and
contributions
(30
)
(64
)
(204
)
(343
)
Payables, accrued expenses and other
liabilities
(182
)
80
(186
)
374
Net cash provided by operating
activities
489
1,137
2,423
2,785
INVESTING ACTIVITIES
Purchase of property, plant and
equipment
(227
)
(232
)
(943
)
(705
)
Acquisition of FPT, net of cash
acquired
—
(761
)
(31
)
(761
)
Acquisition of ArcelorMittal USA, net of
cash acquired
—
—
—
54
Other investing activities
18
28
38
33
Net cash used by investing activities
(209
)
(965
)
(936
)
(1,379
)
FINANCING ACTIVITIES
Series B Redeemable Preferred Stock
redemption
—
—
—
(1,343
)
Proceeds from issuance of common
shares
—
—
—
322
Repurchase of common shares
(30
)
—
(240
)
—
Proceeds from issuance of debt
—
—
—
1,000
Debt issuance costs
—
(3
)
—
(20
)
Repayments of debt
(3
)
(26
)
(1,358
)
(1,372
)
Borrowings under credit facilities
1,099
1,609
5,749
5,962
Repayments under credit facilities
(1,325
)
(1,729
)
(5,494
)
(5,889
)
Other financing activities
(51
)
(17
)
(166
)
(130
)
Net cash used by financing activities
(310
)
(166
)
(1,509
)
(1,470
)
Net increase (decrease) in cash and cash
equivalents
(30
)
6
(22
)
(64
)
Cash and cash equivalents at beginning of
period
56
42
48
112
Cash and cash equivalents at end of
period
$
26
$
48
$
26
$
48
1 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.
EBITDA and Adjusted EBITDA are non-GAAP financial measures that
management uses in evaluating operating performance. 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
December 31,
Year Ended
December 31,
(In millions)
2022
2021
2022
2021
Net income (loss)
$
(204
)
$
899
$
1,376
$
3,033
Less:
Interest expense, net
(71
)
(79
)
(276
)
(337
)
Income tax expense
(19
)
(214
)
(423
)
(773
)
Depreciation, depletion and
amortization
(246
)
(233
)
(1,034
)
(897
)
Total EBITDA
$
132
$
1,425
$
3,109
$
5,040
Less:
EBITDA from noncontrolling interests
$
17
$
15
$
74
$
75
Gain (loss) on extinguishment of debt
1
—
(75
)
(88
)
Acquisition-related expenses and
adjustments
—
(47
)
(1
)
(197
)
Asset impairment
—
—
(29
)
—
Other, net
(9
)
(9
)
(29
)
(27
)
Total Adjusted EBITDA1
$
123
$
1,466
$
3,169
$
5,277
EBITDA of noncontrolling interests
includes the following:
Net income attributable to noncontrolling
interests
$
10
$
6
$
41
$
45
Depreciation, depletion and
amortization
7
9
33
30
EBITDA of noncontrolling interests
$
17
$
15
$
74
$
75
2 CLEVELAND-CLIFFS INC. AND
SUBSIDIARIES NON-GAAP RECONCILIATION - FREE CASH FLOW
Free cash flow is a non-GAAP measure
defined as operating cash flows 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
December 31,
Year Ended
December 31,
(In millions)
2022
2021
2022
2021
Operating cash flows
$
489
$
1,137
$
2,423
$
2,785
Purchase of property, plant and
equipment
(227
)
(232
)
(943
)
(705
)
Free cash flows
$
262
$
905
$
1,480
$
2,080
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version on businesswire.com: https://www.businesswire.com/news/home/20230213005507/en/
MEDIA CONTACT: Patricia Persico Senior Director,
Corporate Communications (216) 694-5316
INVESTOR CONTACT: James Kerr Manager, Investor Relations
(216) 694-7719
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