Cleveland-Cliffs stock soars after upbeat revenue outlook
Shares of Cleveland-Cliffs Inc. CLF, 2.55% 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…
From the Biotech Insider archive. This article dates from Jan 25, 2021 and is preserved as first published.
Shares of Cleveland-Cliffs Inc. CLF, 2.55% 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.
4% in premarket trading Monday, after the steel maker provided an upbeat preliminary fourth-quarter outlook.
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 model with self-sufficiency in pellets and HBI. The stock has run up 89.2% over the past three months through Friday, while the S&P 500 SPX, 0.38% has gained 10.9%.
