Cleveland-Cliffs Inc recently revealed its first-quarter financial performance, which included revenue of $5.2 billion. The company reported a net loss of $53 million but showed adjusted net income of $87 million. Additionally, Cleveland-Cliffs Inc announced the completion of a $1 billion share repurchase program, having bought back 30.4 million shares, and introduced a new $1.5 billion share buyback initiative. The firm also disclosed that steel shipments totaled 3.9 million net tons and retired all remaining secured notes to bolster its liquidity position, which stood at $4 billion by the end of March 2024.
Freeport-McMoRan Inc also shared positive outcomes in its first-quarter 2024 results, with net income reaching $473 million. The company reported consolidated sales of 1.1 billion pounds of copper, 568 thousand ounces of gold, and 20 million pounds of molybdenum. Notably, Freeport-McMoRan Inc's Indonesia smelter projects are nearing completion and are slated to commence operations in the second quarter of 2024. Additionally, the company's operating cash flows for the quarter totaled $1.9 billion, with capital expenditures amounting to $1.3 billion. Kathleen L. Quirk is set to take over as CEO on June 11, 2024, succeeding Richard C. Adkerson.
safety, inclusion, and relationships. The award acknowledges suppliers that contribute to GM's objectives of innovation and high-quality vehicle manufacturing. Worthington Steel supplies flat-roll carbon steel coils used in GM's vehicle production facilities in Indiana, Michigan, Ohio, and Mexico.