Cleveland-Cliffs sees Q1 adjusted EBITDA performance greater than Q422

"After successfully achieving an $80 per ton quarter-over-quarter reduction in Steelmaking unit costs during the fourth quarter, the Company expects to achieve a further sequential decline of $50 per ton during the first quarter of 2023, and even further reductions into the second and third quarters of 2023," noted the company in a stsatement. The Company expects its Adjusted EBITDA performance in the first quarter of 2023 to exceed its Adjusted EBITDA performance in the fourth quarter of 2022. Additionally, the Company put forth the following expectations for the full-year 2023: Steel shipment volumes of approximately 16M net tons, compared to 14.8M net tons in 2022; Capital expenditures of $700 to $750M, compared to $943M in 2022; Cash contributions related to pension and OPEB plans of approximately $100 million, compared to approximately $200Min 2022; and Federal cash tax refunds of approximately $140M.