Iron & steel stock Cleveland-Cliffs Inc (NYSE:CLF) was last seen down 9.1% at $10.13, after the company posted wider-than-expected fourth-quarter losses of 68 cents per share alongside a revenue miss.
Cleveland-Cliffs (CLF) stock sank Tuesday after the steelmaker reported worse fourth-quarter results than expected, with revenue falling and losses widening from the same time last year.
Lower steel products volumes and net selling prices hurt CLF's fourth-quarter performance.
The steel maker reported weaker-than-expected earnings.
Cleveland-Cliffs (CLF) came out with a quarterly loss of $0.68 per share versus the Zacks Consensus Estimate of a loss of $0.65. This compares to loss of $0.05 per share a year ago.
CNBC's Pippa Stevens joins 'Closing Bell Overtime' with Cleveland-Cliffs quarterly results.
While CLF is expected to have benefited from actions to reduce costs, lower prices and weaker volumes are likely to have weighed on its Q4 performance.
In the latest trading session, Cleveland-Cliffs (CLF) closed at $11.98, marking a +1.1% move from the previous day.
Beyond analysts' top -and-bottom-line estimates for Cleveland-Cliffs (CLF), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended December 2024.
Cleveland-Cliffs (CLF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Cleveland-Cliffs (CLF) closed the most recent trading day at $11.48, moving +0.79% from the previous trading session.
President Trump's 25% tariffs on steel and aluminum are expected to benefit Cleveland-Cliffs, Nucor, and US Steel, with Cliffs poised for the largest gains. Cleveland-Cliffs' vertical integration, market leadership, and operational efficiency provide a competitive advantage, making it a compelling investment in the steel sector. CEO Lourenco Gonsalves' leadership and strong union relationships position Cliffs for growth, especially with the acquisition of Stelco and new transformer production.