Top Stories for April 23, 2024:

1. Cleveland-Cliffs Inc CLF reported first-quarter results, including revenue of $5.2 billion, a net loss of $53 million and adjusted net income of $87 million. 

Adjusted EBITDA reached $414 million, marking a significant year-over-year and quarter-over-quarter improvement.

The company announced the completion of a previous $1 billion share repurchase program, having bought back 30.4 million shares. It also introduced a new $1.5 billion share buyback initiative. 

Steel shipments totaled 3.9 million net tons and the firm retired all remaining secured notes to enhance its liquidity position, which stood at $4 billion at the end of March 2024.

2. Freeport-McMoRan Inc FCX reported strong first-quarter 2024 results with copper sales and unit net cash costs surpassing estimates from January 2024 and the first quarter of 2023. 

Net income reached $473 million, with consolidated sales of 1.1 billion pounds of copper, 568 thousand ounces of gold and 20 million pounds of molybdenum. 

Indonesia smelter projects are close to completion and expected to start in the second quarter of 2024. 

The company’s operating cash flows totaled $1.9 billion and capital expenditures were $1.3 billion for the quarter. 

Kathleen L. Quirk will become CEO on June 11, 2024, succeeding Richard C. Adkerson.

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3. Worthington Steel Inc WS was honored as a General Motors Co GM Supplier of the Year for the third time, previously winning in 2020 and 2021. 

GM recognized 86 suppliers for their 2023 performance, emphasizing three core values: safety, inclusion and relationships. The award celebrates suppliers who contribute to GM's goals of innovation and high-quality vehicle production. 

Worthington Steel provides flat-roll carbon steel coils used in GM’s vehicle production across facilities in Indiana, Michigan, Ohio and Mexico.

4. Metals Acquisition Ltd MTAL released its Resource and Reserve Statement and three-year production guidance for the CSA Copper Mine, highlighting significant growth in resources and mine life. 

Key updates include an extended mine life of 11 years up to 2034, a 67% increase from last year, and a 64% increase in contained copper to 0.5 million tons. 

The measured and indicated mineral resources have risen to 229,000 tons of copper, with an additional 184,000 tons classified as inferred. 

These enhancements occurred just 10 months post-acquisition, with continued drilling aimed at further expanding resources.

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