Reports Q2 revneue $6B, consensus $5.8B. Cliffs’ Chairman, President, and CEO Lourenco Goncalves said: “Our total steel shipments of more than 4.2 million net tons in the second quarter were a direct result of another record in automotive shipments. This shift to a higher automotive mix led to even higher realized prices than we were expecting, ultimately driving our industry leading quarter-over-quarter EBITDA expansion. Also, with the substantial free cash flow generated in Q2, we were able to reduce our debt by over $550 million during the quarter, while still returning nearly $100 million to shareholders via share buybacks. Differently from several of our competitors, our capex needs — both now and in the next few years — are well-known and low.”
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