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Cleveland-Cliffs Q1 Loss Narrows; Board Approves Additional Share Buyback

Cleveland-Cliffs Inc. (CLF) on Thursday reported a net loss for the first quarter of $22.1 million, or $0.08 per share, narrower than net loss of $84.3 million or $0.29 per share in the prior-year quarter.

Consolidated revenues for the quarter declined to $157 million from $180 million in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.13 per share for the quarter on revenues of $127.58 million. Analysts' estimates typically exclude special items.

Looking ahead, the company said it expects to generate in excess of $800 million dollars in adjusted EBITDA in 2019.

In November 2018, the company's board of directors had authorized the company to buy back its common shares up to a maximum of $200 million worth of shares.

On April 24, 2019, the board authorized an additional amount of up to $100 million. With that, the company currently has the ability to buy up to an increased amount of about $129 million of its common shares, which results from the additional $100 million of share buyback authorization plus approximately $29 million remaining from the earlier authorization.

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