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Clevelandcliffs Inc. (CLF) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Clevelandcliffs Inc.

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CIK: 1584728 Ticker: CLF
EXHIBIT 99.1

clevelandcliffsa06.jpg
NEWS RELEASE
Cleveland-Cliffs Inc. Reports First-Quarter 2019 Results and Announces Additional Share Repurchase Authorization
CLEVELAND—April 25, 2019—
Cleveland-Cliffs Inc. (NYSE: CLF) today reported first-quarter results for the period ended March 31, 2019.
The Company reported consolidated revenues of $157 million, compared to the prior year's first-quarter consolidated revenues of $180 million. Cost of goods sold was $126 million compared to $119 million reported in the first quarter of 2018.
The Company recorded a loss of $22 million, or $0.08 per diluted share, compared to a loss of $84 million, or $0.29 per diluted share, recorded in the prior-year first quarter. For the first quarter of 2019, the Company reported adjusted EBITDA1 of $21 million, compared to the prior year's first quarter adjusted EBITDA1 of $52 million.
 
(In Millions)
 
Three Months Ended
March 31,
 
2019
 
2018
Adjusted EBITDA1
 
 
 
    Mining and Pelletizing
$
47.5

 
$
77.1

    Metallics
(0.8
)
 
(0.3
)
    Corporate
(25.6
)
 
(24.5
)
Total Adjusted EBITDA1
$
21.1

 
$
52.3

During the first quarter, Cliffs repurchased 11.5 million common shares at a cost of $124 million in the aggregate. Since the initiation of the share repurchase program, the Company has repurchased 17 million shares at a cost of $171 million, or $10.11 per share. As of March 31, 2019, Cliffs had 282.8 million shares outstanding.
Lourenco Goncalves, Cleveland-Cliffs' Chairman, President and Chief Executive Officer, said, “With the winter and the first quarter behind us, we enter the three strong quarters of a 2019 that is shaping up to be another multi-year high in adjusted EBITDA for Cleveland-Cliffs. Robust manufacturing activity in the United States, stimulated by a still under-appreciated tax reform and a massive shortage of iron ore and pellets in the international markets, creates a perfect combination to boost Cleveland-Cliffs’ ability to

1
The following information was filed by Clevelandcliffs Inc. (CLF) on Thursday, April 25, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Clevelandcliffs Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Statements Of Condensed Consolidated Financial Position (Parenthetical)
Statements Of Unaudited Condensed Consolidated Cash Flows
Statements Of Unaudited Condensed Consolidated Changes In Equity Statement
Statements Of Unaudited Condensed Consolidated Comprehensive Income
Statements Of Unaudited Condensed Consolidated Financial Position
Statements Of Unaudited Condensed Consolidated Operations
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details Of Accumulated Other Comprehensive Income (Loss) Components) (Details)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Narrative) (Details)
Basis Of Presentation And Significant Accounting Policies (Policies)
Basis Of Presentation And Significant Accounting Policies (Schedule Of Subsidiaries) (Details)
Basis Of Presentation And Significant Accounting Policies (Tables)
Capital Stock
Capital Stock (Details)
Cash Flow Information
Cash Flow Information (Narrative) (Details)
Cash Flow Information (Reconciliation Of Capital Additions To Cash Paid For Capital Expenditures) (Details)
Cash Flow Information (Tables)
Commitments And Contingencies
Commitments And Contingencies (Purchase Commitments) (Details)
Debt And Credit Facilities
Debt And Credit Facilities (Schedule Of Debt Maturities) (Details)
Debt And Credit Facilities (Schedule Of Long-Term Debt) (Details)
Debt And Credit Facilities (Tables)
Debt And Credit Facilities Debt And Credit Facilities (Schedule Of Extinguishment Of Debt) (Details)
Debt And Credit Facilities Debt And Credit Facilities - Borrowing Capacity (Details)
Derivative Instruments
Derivative Instruments (Narrative) (Details)
Derivative Instruments (Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value) (Details)
Derivative Instruments (Schedule Of Derivatives Not Designated As Hedging Instruments) (Details)
Derivative Instruments (Tables)
Discontinued Operations
Discontinued Operations (Schedule Of Disposal Groups, Including Discontinued Operations) (Details)
Discontinued Operations (Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement) (Details)
Discontinued Operations (Tables)
Earnings Per Share
Earnings Per Share (Earnings Per Share Computation) (Details)
Earnings Per Share (Tables)
Earnings Per Share Earnings Per Share (Antidilutive Securities Excluded From Computation) (Details)
Environmental And Mine Closure Obligations
Environmental And Mine Closure Obligations (Asset Retirement Obligation Disclosure) (Details)
Environmental And Mine Closure Obligations (Summary Of Mine Closure Obligations) (Details)
Environmental And Mine Closure Obligations (Tables)
Fair Value Measurements
Fair Value Measurements (Carrying Value And Fair Value Of Financial Instruments Disclosure) (Details)
Fair Value Measurements (Fair Value Of Assets And Liabilities) (Details)
Fair Value Measurements (Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Schedule Of Quantitative Inputs And Assumptions For Level 3 Assets And Liabilities) (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Inventories
Inventories (Schedule Of Inventories) (Details)
Inventories (Tables)
New Accounting Standards
Pensions And Other Postretirement Benefits
Pensions And Other Postretirement Benefits (Estimated Net Periodic Benefit Cost) (Details)
Pensions And Other Postretirement Benefits (Narrative) (Details)
Pensions And Other Postretirement Benefits (Tables)
Property, Plant And Equipment
Property, Plant And Equipment (Narrative) (Details)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment (Value Of Each Of The Major Classes Of Consolidated Depreciable Assets) (Details)
Related Parties
Related Parties (Narrative) (Details)
Related Parties (Summary Of Balance Sheet Presentation) (Details)
Related Parties (Summary Of Other Ownership Interests) (Details)
Related Parties (Summary Of Related Party Transactions Table Disclosure) (Details)
Related Parties (Tables)
Revenue
Revenue (Deferred Revenue) (Details)
Revenue (Narrative) (Details)
Revenue (Tables)
Segment Reporting
Segment Reporting (Narrative) (Details)
Segment Reporting (Schedule Of Segment Reporting Information) (Details)
Segment Reporting (Summary Of Assets By Segment) (Details)
Segment Reporting (Tables)
Stock Compensation Plans
Stock Compensation Plans (Assumptions Utilized To Estimate Fair Value For Performance Share Grants) (Details)
Stock Compensation Plans (Narrative) (Details)
Stock Compensation Plans (Tables)
Subsequent Events
Subsequent Events (Narrative) (Details)
Supplementary Guarantor Information
Supplementary Guarantor Information (Narrative) (Details)
Supplementary Guarantor Information (Supplementary Statements Of Condensed Consolidating Cash Flows) (Details)
Supplementary Guarantor Information (Supplementary Statements Of Condensed Consolidating Financial Position) (Details)
Supplementary Guarantor Information (Supplementary Statements Of Condensed Consolidating Operations And Comprehensive Income) (Details)
Supplementary Guarantor Information (Tables)
Ticker: CLF
CIK: 764065
Form Type: 10-Q Quarterly Report
Accession Number: 0000764065-19-000072
Submitted to the SEC: Thu Apr 25 2019 6:55:33 AM EST
Accepted by the SEC: Thu Apr 25 2019
Period: Sunday, March 31, 2019
Industry: Metal Mining

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