Reports Q1 revenue $5.3B, consensus $5.21B. Cliffs’ Chairman, President, and CEO Lourenco Goncalves said: "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. 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. With the final batch of yearly fixed-price contracts — the ones dated April 1st — successfully renewed, our outlook for a significant EBITDA expansion in Q2 remains intact."
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