Forbes on Nostr: How Will A Cooling U.S. Economy Impact Cleveland-Cliffs Q2 Earnings? ========== ...
How Will A Cooling U.S. Economy Impact Cleveland-Cliffs Q2 Earnings?
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Cleveland-Cliffs is expected to report its Q2 2024 results around July 23. Revenue is projected to be $5.4 billion, a decline of about 12% compared to last year. Earnings are expected to be about $0.01 per share. In Q1 2024, total shipments for Cleveland-Cliffs were 3.94 million tons, down 3.5% compared to last year. Average selling prices improved slightly to $1,175 per ton. However, Q2 is expected to be mixed due to weakness in China's property sector and cooling GDP growth in the U.S. The company should see cost reductions in raw materials and coal. CLF stock has underperformed the S&P 500 in recent years. Cliffs and the steel industry face headwinds from a cooling global economy and higher steel manufacturing capacity. However, Cliffs is better insulated from geopolitical uncertainties and has been cutting its leverage. The company's net debt has declined to under $3 billion. CLF stock is valued at about $19 per share, 20% ahead of the current market price.
#Clevelandcliffs #Q2Earnings #SteelIndustry #UsEconomy
https://www.forbes.com/sites/greatspeculations/2024/07/11/how-will-a-cooling-us-economy-impact-cleveland-cliffs-q2-earnings/
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Cleveland-Cliffs is expected to report its Q2 2024 results around July 23. Revenue is projected to be $5.4 billion, a decline of about 12% compared to last year. Earnings are expected to be about $0.01 per share. In Q1 2024, total shipments for Cleveland-Cliffs were 3.94 million tons, down 3.5% compared to last year. Average selling prices improved slightly to $1,175 per ton. However, Q2 is expected to be mixed due to weakness in China's property sector and cooling GDP growth in the U.S. The company should see cost reductions in raw materials and coal. CLF stock has underperformed the S&P 500 in recent years. Cliffs and the steel industry face headwinds from a cooling global economy and higher steel manufacturing capacity. However, Cliffs is better insulated from geopolitical uncertainties and has been cutting its leverage. The company's net debt has declined to under $3 billion. CLF stock is valued at about $19 per share, 20% ahead of the current market price.
#Clevelandcliffs #Q2Earnings #SteelIndustry #UsEconomy
https://www.forbes.com/sites/greatspeculations/2024/07/11/how-will-a-cooling-us-economy-impact-cleveland-cliffs-q2-earnings/