During its earnings release yesterday, Cleveland-Cliffs announced that during the first quarter, the company repurchased 30.4M CLF common shares, fully utilizing the remaining balance of $608M under the previously authorized $1B share repurchase program. The average stock purchase price for the entire program was $18.79 per share. Following the completion of the program, the Cliffs Board of Directors authorized a new share repurchase program for the company to buy back up to $1.5B of its outstanding common shares. The new program does not have a specific expiration date.
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