Cleveland-Cliffs Inc. (CLF) stated that it will establish a new electrical distribution transformer production plant in Weirton, WV. This strategic investment aims to alleviate the significant shortage of distribution transformers that is currently hindering economic growth across the United States.Cleveland-Cliffs will repurpose its Half Moon Warehouse in Weirton to produce three-phase distribution transformers, which are used in electric power distribution systems. The total capital investment for this pr ...

Cleveland-Cliffs Inc. (NYSE:CLF) Q2 2024 Earnings Conference Call July 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 Lawson Winder - Bank of America Carlos De Alba - Morgan Stanley Philip Gibbs - KeyBanc Capital Markets Operator Good morning, ladies and gentlemen. My name is Daryl, and I am your conference facilitato ...

Cleveland-Cliffs Inc.’s (CLF) second-quarter 2024 adjusted earnings were 11 cents per share, down from 69 cents in the prior-year quarter. The Zacks Consensus Estimate was pegged at break-even for the quarter.Revenues fell 14.9% to $5,092 million in the quarter. The top line missed the Zacks Consensus Estimate of $5,199.9 million.Operational HighlightsThe company reported Steelmaking revenues of roughly $4.9 billion in the second quarter, down around 15.4% year over year. Average net selling price per net t ...

NEWS RELEASE Cleveland-Cliffs Reports Second-Quarter 2024 Results CLEVELAND—July 22, 2024—Cleveland-Cliffs Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2024. Second-Quarter 2024 Highlights Second-quarter 2024 revenues were $5.1 billion, compared to $5.2 billion in the first quarter of 2024. For the second quarter of 2024, the Company recorded GAAP EPS of $0.00 per diluted share to Cliffs shareholders and adjusted EPS of $0.11 per diluted share. Included in the GAAP re ...

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 ...