Cleveland-Cliffs Inc. (CLF) is slated to release second-quarter 2024 results after the closing bell on Jul 22. While CLF is expected to have benefited from lower steelmaking unit costs and healthy overall volumes, lower steel prices are likely to have weighed on its performance.The Zacks Consensus Estimate for second-quarter 2024 earnings has been revised 100% downward in the past 60 days. The consensus estimate suggests break-even earnings per share. The Zacks Consensus Estimate for revenues is currently p ...

Cleveland-Cliffs Inc. (CLF) has announced a definitive agreement to acquire Stelco Holdings Inc., reinforcing CLF's dedication to integrated steel production in North America. This acquisition will bring 1,800 United Steelworkers ("USW") union employees into CLF's workforce.Under the deal, Stelco shareholders will receive C$60 in cash and 0.454 shares of Cleveland-Cliffscommon stock per Stelco common share (or C$10 per share as of Jul 12, 2024), totaling C$70 per Stelco share.The acquisition values Stelco a ...

Cleveland-Cliffs (NYSE:CLF) stock is on the move Monday after the flat-rolled steel producer announced its acquisition of Stelco (OTCMKTS:STZHF) for C$3.4 billion.This will have Cleveland-Cliffs paying C$70 per share for the Canadian steel company. This represents an 87% premium of the stock’s closing price on Friday. Its also a 37% premium to its 52-week high.Cleveland-Cliffs chairman, president and CEO Lourenco Goncalves said the following about the purchase of Stelco.“Stelco is a company that respects th ...

Core Viewpoint - Cleveland-Cliffs (CLF) is expected to report a year-over-year decline in earnings due to lower revenues, with a consensus outlook indicating a break-even quarterly earnings per share (EPS) and revenues of $5.24 billion, down 12.5% from the previous year [1][2]. Group 1: Earnings Expectations - The consensus EPS estimate has been revised down by 65.96% over the last 30 days, reflecting a bearish sentiment among analysts regarding the company's earnings prospects [2]. - The Most Accurate Estimate for Cleveland-Cliffs is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -200%, indicating a negative outlook for the upcoming earnings report [5][6]. Group 2: Historical Performance - In the last reported quarter, Cleveland-Cliffs was expected to post earnings of $0.19 per share but delivered $0.18, resulting in a surprise of -5.26% [7]. - Over the past four quarters, the company has beaten consensus EPS estimates two times, suggesting some volatility in its earnings performance [7]. Group 3: Predictive Indicators - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3; however, Cleveland-Cliffs currently holds a Zacks Rank of 4, making it difficult to predict an earnings beat [4][6]. - The predictive power of Earnings ESP is significant primarily for positive readings, and a negative Earnings ESP does not necessarily indicate an earnings miss [4]. Group 4: Market Reaction - The stock price may react positively if the actual results exceed expectations, while a miss could lead to a decline in stock value [1]. - Other factors beyond earnings results may also influence stock movement, indicating that an earnings beat alone may not guarantee a positive market reaction [8].

Cleveland-Cliffs Inc (NYSE:CLF) is acquiring Canadian steel company Stelco Holdings in a $2.5 billion deal, adding 1,800 United Steelworkers (USW) union employees to its workforce. Following the news, CLF is trading 2.2% lower before the opening bell. Coming off its third-straight weekly gain, Cleveland-Cliffs stock is on track to open below $16 after popping above the level on Friday for the first time since early June. The security is also on track to fall back below recently reclaimed support at its 40-d ...

Cleveland-Cliffs Inc. (CLF) shares have lost 23.1% in the past three months, significantly underperforming the Zacks Mining – Miscellaneous industry’s increase of 2%. The bearishness is partly due to the underlying challenges in the steel industry as reflected by the significant retreat in U.S. steel prices driven by a combination of demand slowdown and oversupply, which have triggered a downward revision in CLF’s earnings estimates.Technical indicators show that CLF has been trading below the 200-day simpl ...

The Cleveland-Cliffs steel plant in Riverdale on Feb. 17, 2023. Newly released data from the U.S. ... [+] Environmental Protection Agency show air pollution from Chicago and 120 of its suburbs contributes more to smog violations in other states than any other county. (E. Jason Wambsgans/Chicago Tribune/Tribune News Service via Getty Images)TNSCleveland-Cliffs, a vertically integrated steel mill operator, is poised to report its Q2 2024 results around July 23. We expect revenue to come in at $5.4 billion, ma ...

Cleveland-Cliffs (CLF) closed at $15.40 in the latest trading session, marking a +1.45% move from the prior day. The stock outpaced the S&P 500's daily gain of 1.02%. At the same time, the Dow added 1.09%, and the tech-heavy Nasdaq gained 1.18%.The mining company's stock has climbed by 0.33% in the past month, exceeding the Basic Materials sector's loss of 3.78% and lagging the S&P 500's gain of 4.44%.Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upco ...

Monty Rakusen/DigitalVision via Getty Images My Thesis I've been covering Cleveland-Cliffs Inc. (NYSE:CLF) stock since June 2021, and all along I've been bullish on the stock for many reasons. The last time - in March 2024 - I argued that CLF had some reasons for margin expansion in the medium term, being driven by strong management (in my opinion) that prioritized buybacks and debt reduction. I advocated for buying the stock, which seemed undervalued in light of its superior projected growth rates in F ...

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