Why Cleveland-Cliffs Stock Sank Today [Yahoo! Finance]
Cleveland-Cliffs Inc. (CLF)
Last cleveland-cliffs inc. earnings: 2/20 07:00 am
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US:NYSE Investor Relations:
clevelandcliffs.com/investors/overview/default.aspx
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Source: Yahoo! Finance
Analysts expected the company to report a loss, but its adjusted loss of $0.33 per share was worse than expected. Revenue also came up short, and investors knocked the stock lower by 9% as of 11:10 a.m. ET. Cliffs also announced that it closed the acquisition of Canadian steel company Stelco on Nov. 1. Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free » With today's drop, Cliffs stock is down by 40% so far this year. A drop in demand, most notably in the automotive sector, has led to lower steel prices and hurt the company's margins. Cleveland-Cliffs CEO Lourenco Goncalves is pushing investors to look ahead, though, stating, "We expect steel demand to rebound in early 2025, supported by a number of economic and political factors." Lower automotive demand is particularly painful for Cliffs. Nearly one-third of its product shipments in the third quarter went directly to the automotive sector. The company isn't alone in
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News
- Cleveland-Cliffs (CLF) Stock Sinks As Market Gains: What You Should Know [Yahoo! Finance]Yahoo! Finance
- Cleveland Cliff Stock Down 50% In 2024 To Yearly Low [Forbes]Forbes
- Cleveland-Cliffs Inc. (NYSE: CLF) had its price target lowered by analysts at Citigroup Inc. from $12.50 to $11.00. They now have a "neutral" rating on the stock.MarketBeat
- Insider Ownership Of Cleveland-Cliffs [Yahoo! Finance]Yahoo! Finance
- Cleveland-Cliffs (CLF) Registers a Bigger Fall Than the Market: Important Facts to Note [Yahoo! Finance]Yahoo! Finance
CLF
Earnings
- 11/4/24 - Miss
CLF
Sec Filings
- 11/22/24 - Form 4
- 11/5/24 - Form 10-Q
- 11/4/24 - Form 8-K
- CLF's page on the SEC website