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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CLF
News
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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