What's Going On With Cleveland-Cliffs Stock Tuesday?

Cliffs Natural Resources Inc. -1.00% Pre

Cliffs Natural Resources Inc.





-0.12% Pre

Cleveland-Cliffs Inc (NYSE:CLF) shares are trading lower Tuesday after the company reported weak fourth-quarter financial results. Here’s a rundown of the report.

What Happened: Cleveland-Cliffs reported fourth-quarter revenue of $5.11 billion, which missed the consensus estimate of $5.15 billion, according to estimates from Benzinga Pro. The company reported an adjusted earnings loss of 5 cents per share, which missed estimates for a loss of 4 cents per share.

Cash flows from operations came in at $652 million for the fourth quarter. Free cash flow totaled $487 million during the quarter.

“2023 was another great year for Cleveland-Cliffs, in which we accomplished several goals in commercial, operations, finance and human resources. Steel demand remained healthy throughout the entire year, with our most important market – the automotive sector – performing well,” said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs.

“Our position as an American leader in the steel industry has never been stronger.”

Cleveland-Cliffs expects full-year 2024 steel shipment volumes of 16.5 million net tons versus 16.4 million net tons in 2023. The company also anticipates steel unit cost reductions of approximately $30 per net ton. Full-year 2024 capital expenditures are expected to be between $675 million and $725 million.

A conference call is scheduled for Tuesday morning at 8:30 a.m. ET.

See Also: General Motors Vrooms Past Q4 Street Expectations, Sees US EV Business Take Off From Second Half 2024

CLF Price Action: Cleveland-Cliffs shares were down 3.01% at $18.31 at the time of publication, according to Benzinga Pro.

Photo:  Janno Nivergall from Pixabay.

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