Cleveland-Cliffs Inc. is a mining and natural resources company in the United States. The Company is a major supplier of iron ore pellets to the North American steel industry. The company was founded in 1847 and is based in Cleveland, Ohio.
Cleveland-Cliffs shares rose sharply Monday after the steelmaker announced strong preliminary results for the fourth quarter. Cleveland-Cliffs said it anticipates revenue of $2.2 billion to $2.3 billion, quadrupling from the year earlier total and besting the FactSet analyst consensus of $1.97 billion. "With the completion of our second transformational acquisition creating the largest flat-rolled steel producer in North America and the start-up of the most modern and environmentally friendly direct reduction plant in the world, Cliffs enters 2021 with the right size, the right product mix, and the right customer mix for the business environment in which we operate," CEO Lourenco Goncalves said in a statement.
Shares of Cleveland-Cliffs Inc. surged 9.4% in premarket trading Monday, after the steel maker provided an upbeat preliminary fourth-quarter outlook. The company said it expects to report revenue of $2.2 billion to $2.3 billion, up about 320% from a year ago, and well above the FactSet consensus of $1.97 billion. Steel sales volume for the quarter is expected to be 1.9 million net tons. The company expects to report full fourth-quarter results on Feb. 25. "We ended 2020 on a particularly high note," said Chief Executive Lourenco Goncalves. "With the backdrop of a resilient steel pricing environment and the growing number of steel companies competing for an increasingly scarce scrap supply in 2021 and beyond, Cleveland-Cliffs will continue to benefit from our differentiated business mode...
Cleveland-Cliffs Inc. (NYSE: CLF) today announced its preliminary fourth-quarter financial results for the period ended December 31, 2020. The Company completed its acquisition of ArcelorMittal USA on December 9, 2020. Due to the extensive accounting integration associated with the transaction, only selected preliminary financial information is available at this time. The Company will announce its full fourth-quarter 2020 earnings results before the U.S. market open on Thursday, February 25, 2021.