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Released April 26, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Cleveland-Cliffs Incorporated (NYSE:CLF) (Cleveland, Ohio) expects its capital expenditures (capex) for 2023 to be in the range of $675 million to $725 million, down from last year's $900 million, executives with the steelmaking firm said Tuesday.
The company has lowered its full-year 2023 capital expenditures expectation from its previous expectation of $700 million to $750 million.
Industrial Info is tracking 79 Cleveland-Cliffs projects, worth $599.5 million, that fall within Industrial Info's assessment of having a high or medium probability of moving forward as planned. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the list of projects.
One project under construction is an electric arc furnace melt shop addition at the Middletown Steel Works in Middletown, Ohio. The addition at the 2.7-million-ton-per-year steel mill will produce steel slab. Subscribers can click here for the project report and click here for the related plant profile.
Cleveland-Cliffs Chief Executive Officer Lourenco Goncalves said during the company's first-quarter earnings conference call that steel shipments were more than 4 million tons for the first quarter, the highest level since the first quarter of 2021.
"In the first quarter, direct sales to automotive clients in our mix increased to 36%, confirming our view that our most important market is strong, and getting stronger," Goncalves said in a press release. "We expect that, throughout 2023, Cleveland-Cliffs should benefit from higher sales volumes to the automotive sector, and also from the increased prices we were able to achieve in our yearly renegotiations with each one of the car manufacturers that have Cleveland-Cliffs as their largest supplier of automotive steel."
Goncalves said the company will be well-prepared to handle the U.S. transition to electric vehicles (EVs) as sought by the Biden administration. Two-thirds of U.S. auto sales will be EVs by 2032, Goncalves added. For more information, see April 13, 2023, article - Biden EPA Seeks to Boost EV Sales by Tightening Vehicle Tailpipe Emission Standards.
The company reported a net loss of $42 million in the just-ended first quarter, compared to a net profit of $814 million in the first quarter of 2022. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter were $264 million, compared with $1.4 billion for the same quarter of 2022. Goncalves said he expects the EBITDA to improve in the second quarter.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
The company has lowered its full-year 2023 capital expenditures expectation from its previous expectation of $700 million to $750 million.
Industrial Info is tracking 79 Cleveland-Cliffs projects, worth $599.5 million, that fall within Industrial Info's assessment of having a high or medium probability of moving forward as planned. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can click here for the list of projects.
One project under construction is an electric arc furnace melt shop addition at the Middletown Steel Works in Middletown, Ohio. The addition at the 2.7-million-ton-per-year steel mill will produce steel slab. Subscribers can click here for the project report and click here for the related plant profile.
Cleveland-Cliffs Chief Executive Officer Lourenco Goncalves said during the company's first-quarter earnings conference call that steel shipments were more than 4 million tons for the first quarter, the highest level since the first quarter of 2021.
"In the first quarter, direct sales to automotive clients in our mix increased to 36%, confirming our view that our most important market is strong, and getting stronger," Goncalves said in a press release. "We expect that, throughout 2023, Cleveland-Cliffs should benefit from higher sales volumes to the automotive sector, and also from the increased prices we were able to achieve in our yearly renegotiations with each one of the car manufacturers that have Cleveland-Cliffs as their largest supplier of automotive steel."
Goncalves said the company will be well-prepared to handle the U.S. transition to electric vehicles (EVs) as sought by the Biden administration. Two-thirds of U.S. auto sales will be EVs by 2032, Goncalves added. For more information, see April 13, 2023, article - Biden EPA Seeks to Boost EV Sales by Tightening Vehicle Tailpipe Emission Standards.
The company reported a net loss of $42 million in the just-ended first quarter, compared to a net profit of $814 million in the first quarter of 2022. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter were $264 million, compared with $1.4 billion for the same quarter of 2022. Goncalves said he expects the EBITDA to improve in the second quarter.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
