Cleveland-Cliffs sees FY24 capital expenditures $675M-$725M

Cleveland-Cliffs (CLF) sees FY24 capex similar to FY23 . Sees $500M benefit to FY24 adjusted EBITDA from cost reductions. Sees FY24 steel shipments 16.5M net tons. Says was company D in stated proxy files by U.S. Steel (X) last week. Says Nippon Steel (NPSCY) acquisition of U.S. Steel has uncertain path to close. Says M&A deals invloving unions and labor agreements are not cookie cutter. Says Cleveland-Cliffs’ final proposal valued U.S. Steel at $60 per share. Says offer included remedies to decrease antitrust regulatory risk. Says current deal with Nippon has political risks given supply chain and national security. Says generated more cash in 2023 than in 2022 despite lower EBITDA. Says plans to be even more aggressive with share buybacks. Says buybacks are the number one priority going forward. Comments and guidance taken from Q4 earnings conference call.