FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Common shares, par value $0.125 per share | CLF | New York Stock Exchange | | Indicate by check mark whether the registrant (1) has filed all reports required to be f ...

Monty Rakusen/DigitalVision via Getty ImagesCleveland-Cliffs (NYSE:CLF) reported a relatively mundane q1’24 as the firm faces some headwinds and geopolitical pressure in the steel markets. As the domestic market gyrates between automotive OEM production and service center orders, China is drawing down steel inventory in an attempt to normalize localized steel prices by selling internationally. Though I anticipate this to have minimal impact on Cleveland-Cliffs’ long-term steel sales premiums through the ...

Cleveland-Cliffs Inc. (CLF) reported a net loss of $53 million or 14 cents per share in the first quarter of 2024, compared with a loss of $42 million or 11 cents a year ago.Adjusted earnings were 18 cents per share against a loss of 11 cents in the same quarter of the previous year. The figure fell short of the Zacks Consensus Estimate of 19 cents.Revenues dropped around 1.8% from the year-ago quarter’s levels to $5,199 million. The top line missed the Zacks Consensus Estimate of $5,293.6 million. Operatio ...

Earnings disappointed, but looking under the hood, the sell-off could be an opportunity.Shares of steelmaker Cleveland-Cliffs (CLF -9.83%) were falling hard in Tuesday trading, down 9.7% as of 2:10 p.m. ET.Investors apparently took exception with Cliffs missing on revenues and earnings per share in its first-quarter results, which were reported last night. However, the miss appears to be due to an unusual issue with one of Cliffs' customer segments, which appears to have been resolved at the end of the quar ...

Cleveland-Cliffs Inc. (NYSE:CLF) Q1 2024 Earnings Conference Call April 23, 2024 8:30 AM ET Company Participants Celso Goncalves - Executive Vice President & Chief Financial Officer Lourenco Goncalves - Chairman, President & Chief Executive Officer Conference Call Participants Lucas Pipes - B. Riley Securities Bill Peterson - JPMorgan Phil Gibbs - KeyBanc Capital Markets Alex Hacking - Citi Tristan Gresser - BNP Parabas Lawson Winder - Bank of America Operator Good morning, ladies and gentlemen. My name is ...

First-Quarter 2024 Earnings Presentation © 2024 Cleveland-Cliffs Inc. All Rights Reserved. FORWARD-LOOKING STATEMENTS This presentation contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry or our businesses, are forward-looking statements. We caution investors that any forward-look ...

Cleveland-Cliffs (CLF) came out with quarterly earnings of $0.18 per share, missing the Zacks Consensus Estimate of $0.19 per share. This compares to loss of $0.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.26%. A quarter ago, it was expected that this mining company would post a loss of $0.07 per share when it actually produced a loss of $0.05, delivering a surprise of 28.57%.Over the last four quarters, the company h ...

EXHIBIT 99.1 NEWS RELEASE Cleveland-Cliffs Reports First-Quarter 2024 Results and Announces New $1.5 Billion Share Repurchase Program During the first quarter of 2024, the Company repurchased 30.4 million CLF common shares, fully utilizing the remaining balance of $608 million under the previously authorized $1 billion share repurchase program. The average stock purchase price for the entire program was $18.79 per share. Following the completion of the program, the Cliffs Board of Directors has authorized a ...

Economic Overview - The inflation rate as of March is 3.5%, leading to concerns about steel stocks due to their cyclical nature and heavy debt loads [1] - Anticipation of at least three rate decreases in 2024 created a favorable market environment in the first quarter, but recent inflation data has shifted sentiment [1] ArcelorMittal (MT) - ArcelorMittal has a significant global presence but carries a heavy debt load, making it vulnerable to economic downturns and high loan rates [2] - The company incurred $715 million in interest charges recently, up from $357 million in December 2021, while U.S. metal sheet prices have fallen to approximately $800/ton [2] - Despite a 153% profit beat in its latest quarterly results and expansion into India's steel market, the heavy debt and recent stock surge suggest it is a stock to sell [3] United States Steel Corporation (X) - U.S. Steel has seen its long-term debt increase from $2.7 billion to $3.9 billion since December 2017, making it more susceptible to market declines [5] - The expected revenue growth rate for U.S. Steel is -5.5% over the next 3 to 5 years, underperforming compared to 82.5% of its peers [5] - High interest rates are expected to limit EPS growth, and older steel mills face challenges in competing with newer facilities [5] Cleveland-Cliffs (CLF) - Cleveland-Cliffs attempted to acquire U.S. Steel for approximately $9 billion, but market skepticism about the merger's success led to volatility in its stock price [7] - The company reported a revenue decline from $23.0 billion to $22.0 billion year-over-year but managed to reduce net debt and achieve significant free cash flow [8] - Despite operational successes, Cleveland-Cliffs has increased its debt to around $3 billion, raising concerns about financial strain in a worsening economy [8]

Core Insights - Cleveland-Cliffs (CLF) is expected to report quarterly earnings of $0.24 per share, a significant increase of 318.2% year-over-year, with revenues projected at $5.31 billion, reflecting a slight increase of 0.2% compared to the previous year [1] - The consensus EPS estimate has been revised down by 10.8% over the last 30 days, indicating a reevaluation by analysts [1] Revenue Estimates - Analysts project 'Revenues- Other Businesses' to reach $141.41 million, a decrease of 16.3% from the prior-year quarter [2] - 'Revenues- Steelmaking- Hot-rolled steel' is estimated at $1.24 billion, showing an increase of 11% year-over-year [2] - 'Revenues- Steelmaking- Cold-rolled steel' is expected to be $660.79 million, reflecting a growth of 3.4% from the previous year [2] - 'Revenues- Steelmaking- Coated steel' is forecasted to be $1.52 billion, indicating a decline of 6.2% year-over-year [3] Volume Estimates - 'Volumes - Steelmaking - Hot-rolled steel' is expected to reach 1,481.31 tons, slightly down from 1,490 tons reported in the same quarter last year [3] - 'Volumes - Steelmaking - Cold-rolled steel' is projected at 599.63 tons, compared to 597 tons in the previous year [3] - 'Volumes - Steelmaking - Coated steel' is estimated at 1,159.00 tons, down from 1,168 tons year-over-year [3] - 'Volumes - Steelmaking - Slab and other steel products' is expected to be 458.28 tons, consistent with the previous year's figure [4] - 'Volumes - Steelmaking - Plate' is forecasted to reach 213.11 tons, an increase from 198 tons year-over-year [4] - 'External Sales Volumes- Steel Products' is estimated at 4,089.04 tons, slightly up from 4,085 tons in the same quarter last year [4] - 'Volumes - Steelmaking - Stainless and electrical steel' is projected at 199.14 tons, compared to 174 tons reported in the previous year [4] Pricing Estimates - The average net selling price per net ton of steel products is expected to be $1,165.04, up from $1,128 year-over-year [3] Stock Performance - Over the past month, Cleveland-Cliffs shares have returned +0.4%, while the Zacks S&P 500 composite has decreased by -1.1% [5] - The company holds a Zacks Rank 3 (Hold), suggesting performance alignment with the overall market in the upcoming period [5]