Cleveland-Cliffs Sees 1Q Revenue of $5.2 Billion, Plans Note Offering
April 11 2023 - 8:38AM
Dow Jones News
By Chris Wack
Cleveland-Cliffs Inc. said Tuesday it expects to see
first-quarter revenue of $5.2 billion and steel shipments of 4.1
million net tons.
The company said its increase in profitability in the first
three months of the year was driven by unit cost reductions.
Analysts polled by FactSet are expecting first-quarter revenue
of $5.2 billion. The company had revenue of $5.04 billion in the
fourth quarter.
Cleveland-Cliffs also said it intends to offer to sell $750
million of senior unsecured guaranteed notes due 2030. The notes
will be guaranteed on a senior unsecured basis by the company's
material direct and indirect wholly owned domestic
subsidiaries.
The company intends to use the proceeds from the notes to repay
a portion of the borrowings under its existing asset-based
revolving credit facility.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
April 11, 2023 08:23 ET (12:23 GMT)
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