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‘I Want Everything.’ The Pugnacious, Arm-Twisting CEO
Lourenco Goncalves used an iron ore company to become one of the US’s largest steelmakers; now he’s trying to buy U.S. Steel.
Lourenco Goncalves. DAVID JUNKIN, RAWPIXEL
By Bob Tita
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Dec. 1, 2023 10:00 am ET
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Veteran Brazilian steel executive Lourenco Goncalves has a booming voice. He’s used it to demand customers buy more steel and to dress down analysts who’ve dared to critique his company’s performance. In the past three years, he’s shouted his way to the top of the U.S. steel industry.
Goncalves, 65, is on the precipice of the boldest move of his career: acquiring 122-year-old United States Steel. If he prevails, the deal would reshape the U.S. steel industry, making
Cleveland-Cliffs CLF 6.41%increase; green up pointing triangle
—an iron ore mining company just a few years ago—the largest domestic steelmaker by volume and the 10th largest in the world.
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Conclusion
In summary, Cleveland-Cliffs Inc (CLF) has had a better performance as of late. Analysts have bullish opinions on the stock, with some viewing it as a “buy” and others as a “hold”. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
https://newsheater.com/2023/11/27/analyzing-the-price-to-earnings-ratio-of-cleveland-cliffs-inc-clf/
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Cleveland-Cliffs Stock Earns Relative Strength Upgrade; Ups Steel Prices
INVESTOR'S BUSINESS DAILY and JULIE MAK
03:08 PM ET 11/17/2023
On Friday, Cleveland-Cliffs (CLF) stock earned an upgrade to its Relative Strength (RS) Rating, from 78 to 83. The steel producer announced last week it's raising prices again for all carbon hot rolled, cold rolled and coated steel products. The base price for hot rolled steel is now $1,000 per net ton.
Is Cleveland-Cliffs Stock A Buy?
While it's not currently an ideal time to jump in, see if the steel producer stock manages to form a chart pattern and break out. Read "Looking For The Next Big Stock Market Winners? Start With These 3 Steps" for more tips.
Top and bottom line growth moved higher in the company's most recent quarter. Earnings were up 86%, compared to -48% in the prior report. Revenue increased from -6% to -1%.
Cleveland-Cliffs stock holds the No. 6 rank among its peers in the Steel-Producers industry group. Grupo Simec ADR (SIM) and TERNIUM ADR (TX) are also among the group's highest-rated stocks.
RELATED NEWS
Steel Producer Cleveland-Cliffs Stock Climbs Into Higher RS Rating Level
11/02/2023 Cleveland-Cliffs shows rising price performance, earning an upgrade to its...
Misinformation. Put it on CNN, MSNBC,ABC, NBC, CBS, GOOGLE, & all the other FAKE NEWS MEDIA.
Show documented proof. Never happen.
So far it looks like a sinking ship. I have it on all my smart TVs, computers, and phones. Works fine.
Needs more how-to videos to compete with YouTube.
Cleveland-Cliffs Announces Price Increase for Hot Rolled, Cold Rolled and Coated Steel Products
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it is increasing current spot market base prices for all carbon hot rolled, cold rolled and coated steel products, effective immediately with all new orders. Cliffs’ minimum base price for hot rolled steel is now $1,000 per net ton.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada.
?
View source version on businesswire.com: https://www.businesswire.com/news/home/20231107837936/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719
Analysts’ Opinion of CLF
Many brokerage firms have already submitted their reports for CLF stocks, with Citigroup repeating the rating for CLF by listing it as a “Buy.” The predicted price for CLF in the upcoming period, according to Citigroup is $22 based on the research report published on September 25, 2023 of the current year 2023
https://newsheater.com/2023/11/06/trading-update-cleveland-cliffs-inc-clf-stock-endures-3-72-monthly-volatility/
Cleveland-Cliffs Announces Price Increase for Hot Rolled, Cold Rolled and Coated Steel Products
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it is increasing current spot market base prices for all carbon hot rolled, cold rolled and coated steel products, effective immediately with all new orders. Cliffs’ minimum base price for hot rolled steel is now $900 per net ton.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada.
?
View source version on businesswire.com: https://www.businesswire.com/news/home/20231031380335/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719
Cleveland-Cliffs Reports Strong Demand For Military Steel
By
Robert Tita, Dow Jones Newswires
In a rare disclosure of military steel demand by an America steel executive, Cleveland-Cliffs CEO Lourenco Goncalves says his company "is a big supplier of military steel for the Department of Defense."
Goncalves says conflicts in Ukraine, the Middle East and the potential for a war between China and Taiwan are generating demand for steel used in military hardware.
Cleveland-Cliffs and rival Nucor produce flat-rolled steel plate, which is used in armored vehicles.
"We can't discuss too much," Goncalves tells analysts on a call. "But it has been a very, very important portion of our business here at Cleveland-Cliffs.
Cleveland-Cliffs climbs 8.3%.
CLF
$15.83 USD0.181.15%
Cleveland-Cliffs Recognized by U.S. Department of Energy as a Better Climate Challenge Goal Achiever for GHG Emissions Reduction
Source: Business Wire
The Company Reduced Total Scope 1 and Scope 2 GHG Emissions by 32 Percent from a 2017 Baseline Year
Cleveland-Cliffs announced today that the U.S. Department of Energy (DOE) has recognized the Company as a GHG Emissions Reduction 2023 Goal Achiever through its Better Buildings Initiative and Better Climate Challenge. The Company achieved its first DOE goal by reducing its absolute scope 1 and 2 GHG emissions by 32 percent by year-end 2022 from a 2017 baseline and exceeding its target to reduce by 25 percent by the year 2030.
Cleveland-Cliffs is the only steel company participating in the DOE Better Buildings Initiative to drive leadership in energy innovation and the Better Climate Challenge, an initiative that challenges major industrial partners to cut their greenhouse gas emissions by 50 percent within 10 years. The Company’s commitment covers 46 of its operating facilities.
Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President, and Chief Executive Officer said, “We are a proud member and partner of the U.S. Department of Energy’s Better Plants and Better Climate Challenge programs, and we appreciate the agency’s recognition of our significant achievement. Through these programs, the DOE has become an invaluable partner as we reduce our emissions. Going forward, with the DOE’s plans to fund regional clean hydrogen hubs including two hubs near several of our largest steelmaking plants, we have a real path to further reduce our carbon footprint through the usage of hydrogen.”
Cleveland-Cliffs’ most impactful GHG emissions reductions in 2022 derived from strategic actions that included:
optimized use of hot-briquetted iron (HBI) in its ironmaking furnaces to reduce fuel rates;
optimized scrap consumption;
prioritized operation of efficient equipment and facilities;
increased use of lower carbon fuels; and
upgrades to onsite energy recovery for power generation.
In addition, the DOE selected Cleveland-Cliffs to be a featured partner in the Better Climate Challenge Road Show Season Two, which will launch in December 2023. The program presents innovative solutions for reducing GHG emissions.
For more information about Cleveland-Cliffs’ Better Buildings profile, visit:
https://betterbuildingssolutioncenter.energy.gov/partners/cleveland-cliffs-inc
The U.S. Department of Energy published the “2023 Better Buildings Initiative Progress Report,” which summarizes the achievements of DOE’s Better Buildings public and private sector partners and the results of the Better Climate Challenge.
About Cleveland-Cliffs Inc
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs is also the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada. www.clevelandcliffs.com
?
View source version on businesswire.com: https://www.businesswire.com/news/home/20231026041282/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719
Dow Jones Newswires
Cleveland-Cliffs 3Q Profit Jumps On Lower Costs
Published: Oct. 23, 2023 at 4:46 p.m. ET
By Ben Glickman
Cleveland-Cliffs reported a jump in profit in the third quarter as cost-cutting initiatives took effect.
The Cleveland-based steel producer posted a third-quarter profit of $264 million, or 52 cents a share, compared with $152 million, or 29 cents a share, a year earlier.
Revenue fell to $5.61 billion from $5.65 billion a year ago, beating the $5.58 billion expected by analysts polled by FactSet.
Chief Executive Lourenco Goncalves said the company's unit cost per ton of steel fell in the quarter as cost-cutting measures took effect.
Goncalves said the company saw strong automotive steel shipments, both before and after the United Auto Workers Strike began.
Why Cleveland-Cliffs Stock Is Volatile After-Hours
byRyan Gustafson
October 23, 2023 4:32 PM | 1 min read
"The Best Report Benzinga Has Ever Produced"
Cleveland-Cliffs Inc. (NYSE:CLF) shares are volatile in Monday's after-hours session following the release of the company's third-quarter earnings. Here's the details.
What To Know: The company reported quarterly earnings of 54 cents per share which beat the analyst consensus estimate of 43 cents, a 86.21% increase over earnings of 29 cents per share from the same period last year.
The company reported quarterly sales of $5.61 billion which beat the analyst consensus estimate of $5.58 billion, a 0.85% decrease over sales of $5.65 billion the same period last year.
Cleveland-Cliffs also reported steel product sales volumes of 4.1 million net tons, breaking down to 36% hot-rolled, 30% coated, 14% cold-rolled, 6% plate, 4% stainless and electrical, and 10% other, including slabs and rail.
The company's Chairman, President and CEO Lourenco Goncalves commented on the results, saying, "Q3 2023 was our third consecutive quarter with steel shipments above 4 million tons. We generated over $600 million in free cash flow in the quarter and, as we had announced we would do, we continued to use this strong cash generation to pay down debt and buy back shares."
"With that, our net debt and diluted share count have reached new record lows since our full transformation from a merchant mining to a steel company. Our liquidity is also now at an all-time high."
Cleveland-Cliffs, Nucor raise prices for hot rolled steel products
Oct. 19, 2023 4:21 PM ETCleveland-Cliffs Inc. (CLF), NUEBy: Carl Surran
Cleveland-Cliffs Unusual Options Activity For October 18
byBenzinga Insights
October 18, 2023 1:01 PM | 2 min read
"The Best Report Benzinga Has Ever Produced"
We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with CLF, it often means somebody knows something is about to happen.
So how do we know what this whale just did?
Today, Benzinga's options scanner spotted 11 uncommon options trades for Cleveland-Cliffs.
This isn't normal.
The overall sentiment of these big-money traders is split between 45% bullish and 54%, bearish.
Out of all of the special options we uncovered, 7 are puts, for a total amount of $255,752, and 4 are calls, for a total amount of $151,722.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $13.0 to $40.0 for Cleveland-Cliffs over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Cleveland-Cliffs's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Cleveland-Cliffs's whale activity within a strike price range from $13.0 to $40.0 in the last 30 days.
Cleveland-Cliffs Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
SymbolPUT/CALLTrade TypeSentimentExp. DateStrike PriceTotal Trade PriceOpen InterestVolumeCLFCALLSWEEPBULLISH01/19/24$14.00$61.3K2.1K17CLFPUTSWEEPNEUTRAL11/17/23$18.00$50.8K99211CLFPUTTRADEBEARISH01/19/24$37.00$43.7K00CLFPUTSWEEPBEARISH06/21/24$13.00$39.3K8.3K300CLFPUTTRADEBEARISH11/17/23$18.00$34.6K992170
Where Is Cleveland-Cliffs Standing Right Now?
With a volume of 11,140,305, the price of CLF is down -7.5% at $14.42.
RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
Next earnings are expected to be released in 5 days.
What The Experts Say On Cleveland-Cliffs:
Citigroup upgraded its action to Buy with a price target of $22
Citigroup upgraded its action to Buy with a price target of $22
B. Riley Securities has decided to maintain their Buy rating on Cleveland-Cliffs, which currently sits at a price target of $25.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Cleveland-Cliffs, Benzinga Pro gives you real-time options trades alerts.
Where Is Cleveland-Cliffs Standing Right Now?
With a volume of 11,140,305, the price of CLF is down -7.5% at $14.42.
RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
Next earnings are expected to be released in 5 days.
SEE NEXT POST.
What The Experts Say On Cleveland-Cliffs:
Citigroup upgraded its action to Buy with a price target of $22
Citigroup upgraded its action to Buy with a price target of $22
B. Riley Securities has decided to maintain their Buy rating on Cleveland-Cliffs, which currently sits at a price target of $25.
SEE NEXT POST.