EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 16 - EARNINGS PER SHARE

The following table summarizes the computation of basic and diluted EPS:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share amounts)	2024		2023		2024		2023
Income (loss) from continuing operations	$	(230)	$	274	$	(274)	$	587
Income from continuing operations attributable to noncontrolling interests	(12)		(11)		(33)		(35)
Net income (loss) from continuing operations attributable to Cliffs shareholders	(242)		263		(307)		552
Income from discontinued operations, net of tax	—		1		—		2
Net income (loss) attributable to Cliffs shareholders	$	(242)	$	264	$	(307)	$	554
Weighted average number of shares:
Basic	468		508		478		512
Employee stock plans1	—		1		—		1
Diluted	468		509		478		513
Earnings (loss) per common share attributable to Cliffs shareholders - basic:
Continuing operations	$	(0.52)	$	0.52	$	(0.64)	$	1.08
Discontinued operations	—		—		—		—
	$	(0.52)	$	0.52	$	(0.64)	$	1.08
Earnings (loss) per common share attributable to Cliffs shareholders - diluted:
Continuing operations	$	(0.52)	$	0.52	$	(0.64)	$	1.08
Discontinued operations	—		—		—		—
	$	(0.52)	$	0.52	$	(0.64)	$	1.08
1Excluded from the diluted EPS calculation are anti-dilutive shares related to employee stock plans. For both the three and nine months ended September 30, 2024 2 million shares were excluded. For both the three and nine months ended September 30, 2023 2 million shares were excluded.