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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.
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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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.
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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