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2.23%
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Why is Cleveland Cliffs Inc (CLF) Stock down?
We've noticed a 5.04% decline in Cleveland Cliffs Inc (CLF) stock during the 2024-09-11 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
23 Apr, 2024:
Cleveland-Cliffs Inc (CLF) stock fell down by 11.03% following its first-quarter earnings report, which disappointed investors.
- Earnings and Revenue Miss: In the first quarter, Cleveland-Cliffs reported revenue of $5.2 billion, falling short of analyst estimates by $130 million. Adjusted earnings per share came in at $0.18, missing estimates by $0.04.
- Segment Performance and Business Decisions: The company noted strong demand and sales to automotive customers, accounting for 32% of revenue. However, there was a "buyer's strike" among service center customers anticipating price declines. Cleveland-Cliffs also decided to exit the loss-making tin plate business due to dumping by foreign producers, leading to the closure of its Weirton plant.
- Share Repurchases and Debt: Cleveland-Cliffs increased share repurchases, retiring 6% of its shares in the first quarter. The company's board approved a new $1.5 billion share repurchase program. This increased debt, resulting in higher-than-expected interest costs.
- Outlook and Potential Opportunities: CEO Lourenco Goncalves indicated an increase in orders from service center customers and rising spot pricing, which could positively impact future results. With the proposed acquisition of U.S. Steel apparently off the table, the company is focusing on aggressive stock repurchases, potentially retiring another 17% of shares outstanding with the $1.5 billion program.
18 Oct, 2023:
Cleveland-Cliffs Stock (CLF) dropped by 7.70% from $15.59 to $14.39 in the trading on Wednesday October 18, 2023. The reason why CLF stock down today is due to the international agreement. Bloomberg reported U.S. and European Union officials are negotiating an agreement that would either temporarily or permanently remove Trump-era tariffs on European steel.
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