Cleveland-Cliffs lowers 2024 capital expenditures outlook to $600M-$650M

The company said, “Cliffs lowered its full-year 2024 expected capital expenditures range by $50 million to $600 to $650 million, from its previous range of $650 to $700 million. Additionally, Cliffs expects standalone (excluding Stelco) full-year 2025 capital expenditures to be approximately $600 million, inclusive of strategic growth projects at Middletown, Butler and Weirton. Sustaining capital spend from Stelco is expected to be approximately US$100 million annually.”