Friday, July 23, 2021 1:22:25 PM
Jul. 22, 2021 7:25 PM ETCleveland-Cliffs Inc. (CLF)Cleveland-Cliffs Inc. (CLF)By: Carl Surran, SA News Editor
Cleveland-Cliffs (NYSE:CLF) again raised its FY 2021 adjusted EBITDA guidance to $5.5B from earlier estimates of $4B and $5B, helping the stock to recoup nearly all its big morning loss after missing Q2 earnings estimates.
"Demand for steel is very strong across all sectors, and strong demand supports strong prices," Cliffs CEO Lourenco Goncalves said on today's earnings conference call. "Q4 2020 was supposed to be the peak for steel prices, then Q1 2021 and then again in Q2. Well, we are in Q3, and the reality is demand is relentless."
Shares opened deep in the red this morning, apparently on the perception that - based on the company's $5B full-year adjusted EBITDA guidance and the Q3 forecast of $1.8B - would come in at a "conservative" ~$1.3B, given the first six months' total of $1.87B.
On the call, Goncalves also said Cleveland-Cliffs has the lowest carbon footprint of all integrated steelmakers, and other countries' programs to cut emissions from their steel industries amounted to government-supplied "gifts" and "handouts" that give foreign steelmakers an unfair advantage over U.S. producers.
"That's another compelling reason why imports need to be held in check as other countries take advantage of a totally uneven playing field with their much worse environmental performance than ours [with] major government subsidies," the CEO said.
Cleveland-Cliffs is "very well positioned as a fully vertically integrated steel producer, [and] 2020 acquisition activities are beginning to improve margins," Bill Gunderson writes in a bullish analysis posted on Seeking Alpha.
Recent CLF News
- Cleveland-Cliffs Announces Price Increase for Hot Rolled, Cold Rolled and Coated Steel Products • Business Wire • 03/27/2024 01:21:00 PM
- Cleveland-Cliffs Selected to Receive $575 Million in US Department of Energy Investments for Two Projects to Accelerate Industrial Decarbonization Technologies • Business Wire • 03/25/2024 10:12:00 AM
- Cleveland-Cliffs Announces Final Results of Tender Offer • Business Wire • 03/18/2024 01:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 11:38:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 11:37:55 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 11:36:18 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 11:34:39 PM
- Cleveland-Cliffs Announces Price Increase for Hot Rolled, Cold Rolled and Coated Steel Products • Business Wire • 03/07/2024 10:24:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 03/07/2024 05:29:52 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/07/2024 01:14:24 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/07/2024 12:09:33 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/06/2024 09:17:51 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/06/2024 09:15:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/06/2024 09:10:25 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/06/2024 08:59:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/04/2024 10:21:13 PM
- Cleveland-Cliffs Announces Upsizing and Pricing of $825 Million of Senior Unsecured Guaranteed Notes due 2032 • Business Wire • 03/04/2024 08:24:00 PM
- Cleveland-Cliffs Announces Tender Offer for Any and All of its 6.750% Senior Secured Notes due 2026 • Business Wire • 03/04/2024 01:16:00 PM
- Cleveland-Cliffs Announces Proposed Offering of $750 Million of Senior Unsecured Guaranteed Notes • Business Wire • 03/04/2024 01:13:00 PM
- Cleveland-Cliffs and the United Steelworkers Union Jointly Comment on the Tin Mill Products Final Report Released by the ITC • Business Wire • 02/29/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 11:29:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 11:29:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 11:28:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 11:28:25 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 11:27:49 PM
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