Cleveland-Cliffs, Inc. (NYSE:CLF) Q3 2023 Earnings Conference Call October 24, 2023 8:30 AM ET
Company Participants
Lourenco Goncalves - Chairman, President, and Chief Executive Officer
Celso Goncalves - Executive Vice President and Chief Financial Officer
Conference Call Participants
Lucas Pipes - B. Riley Securities
Carlos De Alba - Morgan Stanley
Timna Tanners - Wolfe Research
Bill Peterson - J.P. Morgan
Tristan Gresser - BNP Paribas
Operator
Good morning, ladies and gentlemen. My name is Daryl, and I am your conference facilitator today. I would like to welcome everyone to Cleveland-Cliffs’ Third Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.
The company reminds you that certain comments made on today's call will include predictive statements that are intended to be made as forward-looking within the Safe Harbor protections of the Private Securities Litigation Reform Act of 1995. Although the company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially. Important factors that could cause results to differ materially are set forth in reports on Forms 10-K and 10-Q and news releases filed with the SEC, which are available on the company's website.
Today's conference call is also available and being broadcast at clevelandcliffs.com. At the conclusion of the call, it will be archived on the website and available for replay. The company will also discuss results excluding certain special items. Reconciliation for Regulation G purposes can be found in the earnings release, which was published this morning.
At this time, I would like to introduce Lourenco Goncalves, Chairman, President, and Chief Executive Officer.
Lourenco Goncalves
Thank you, Daryl and thanks to everyone for joining us this morning. Before Celso starts the discussion of our Q3 results, I want to provide another brief disclaimer. Back in August, we announced a potential exciting and transformational opportunity for Cleveland-Cliffs. Since then, restrictions have been put in place on what we can say or disclose, and therefore, for the time being, we cannot discuss the issue. So before you start wondering why you'll not hear anything about it, that's why.
With that out of the way, I'll turn the call over to Celso.
Celso Goncalves
Hi. Good morning, everyone. In Q3, we generated revenues of $5.6 billion, adjusted EBITDA of $614 million, and GAAP earnings per share of $0.52. Total shipments reached 4.1 million net tons, and despite the UAW strike impacting three of our clients in the automotive sector. Aggregate shipments to all of our automotive clients collectively were higher in Q3 than in Q2. Steel shipments from Cleveland-Cliffs to the automotive sector in Q3 were actually a quarterly record.