CLEVELAND-CLIFFS INC. [CLF] has reported a net loss of $450.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $22.0 billion
Based in Cleveland, Ohio, CLEVELAND-CLIFFS INC. operates in the MINING sector.
In the 12 months ended December 31, 2023, Cliffs reported revenues of $21.996 billion, a decrease from the previous period's revenue of $22.989 billion recorded in December 31, 2022, and an increase from $20.444 billion in December 31, 2021.
The cost of goods sold for the same periods was $20.605 billion, $20.471 billion, and $15.910 billion, respectively. Operating income for December 31, 2023, was $677 million, significantly lower than the $1.939 billion reported for December 31, 2022, and the $4.012 billion reported for December 31, 2021.
Net income for the 12 months ended December 31, 2023, was $450 million, compared to $1.376 billion in December 31, 2022, and $3.033 billion in December 31, 2021.
For the earnings per common share, the basic earnings per share for Cliffs shareholders were $0.78 for continuing operations in December 31, 2023, decreased from $2.57 in December 31, 2022, and $5.62 in December 31, 2021. The diluted earnings per share for continuing operations were $0.78 for December 31, 2023, compared to $2.55 in December 31, 2022, and $5.35 in December 31, 2021.
It is noted that all the financial data is in millions as per the currency unit used in the income statement.
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