Cleveland, OH
Cleveland Cliffs announces new $1.5B share repurchase program
CLEVELAND, OH. (WLUC) – Cleveland Cliffs will be repurchasing $1.5 billion of its common shares.
During its 2024 first-quarter results report on Tuesday, the company announced the new repurchase program. In the last quarter, Cliffs reported repurchasing 30.4 million common shares as part of its 2022 $1 billion share repurchase program.
Cliffs says share buybacks are now the number one capital allocation priority for the company.
“In the last couple of years, we have reduced our diluted share count by over 100 million shares, or 17%, realizing an average purchase price of $18.79 per share on open market purchases – significantly below what we are trading today,” said Celso L. Goncalves, Cleveland Cliffs executive vice president and CFO.
The company also reported revenues of $5.2 billion this quarter, compared to $5.1 billion in the fourth quarter of 2023.
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