In the third quarter, the company reported total revenues of $4.6 billion, compared to $5.1 billion in the second quarter of 2024. The third quarter adjusted EBITDA was $124 million, compared to $323 million in the second quarter of 2024. Total steel shipments reached 3.8 million net tons in this quarter down from 4.1 million net tons in the same period last year.
Cleveland-Cliffs lowered its full-year 2024 expected capital expenditures range by $50 million to $600 to $650 million from its previous expectation of $650 to $700 million.
“In Q3, weaker demand and pricing drove tighter margins, and ultimately led us to temporarily idle our blast furnace No.6 in Cleveland. We achieved our lowest unit cost since 2021, exceeding our already aggressive cost reduction targets, but that was not enough to offset the negative impact of two of our top four automotive clients who continue to underperform their own expectations. Due to our high exposure to the automotive sector, Cliffs was more affected than our competitors,” said Lourenco Goncalves, CEO of the company. In addition, Goncalves noted that blast furnace No.6 is expected to restart in early 2025, when demand is anticipated to improve.