Stock Track | Cleveland-Cliffs Plunges as Weak Auto Demand Dents Q3 Results

Stock Track11-06

Shares of Cleveland-Cliffs Inc. (CLF), a leading U.S. steel producer, plummeted by 12.67% on November 5, 2024, after the company reported disappointing financial results for the third quarter of 2024, citing softer demand and pricing conditions, particularly from the automotive sector.

The steelmaker's revenue for the quarter fell to $4.57 billion, missing analyst estimates of $4.77 billion. The company reported a net loss of $0.33 per share, wider than the consensus estimate of a $0.27 loss per share. As a result of the weak demand from the auto industry, Cleveland-Cliffs idled one of two blast furnaces at its Cleveland mill during the quarter.

Lourenco Goncalves, Chairman, President, and CEO of Cleveland-Cliffs, attributed the weaker performance to "weaker demand and pricing" that led to tighter margins. He specifically pointed to "two of its four biggest automotive customers" that continued to underperform their expected demand for steel, which had a significant impact on the company due to its high exposure to the automotive sector.

Goncalves cited high interest rates as a key factor hampering consumer demand for new vehicles, thereby affecting the automotive industry and, consequently, steel demand. He emphasized the need for interest rates to come down to boost consumer spending on vehicles and housing.

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(CLF), a leading U.S. steel producer, plummeted by 12.67% on November 5, 2024, after the company reported disappointing financial results for the third quarter of 2024,...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CLF","symbol_name":"克利夫兰克里夫","start_time":0,"source_url":"","article_id":"1159281071","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1159281071","pubTimestamp":1730855344,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Cleveland-Cliffs Inc. , a leading U.S. steel producer, plummeted by 12.67% on November 5, 2024, after the company reported disappointing financial results for the third quarter of 2024, citing softer demand and pricing conditions, particularly from the automotive sector.The steelmaker's revenue for the quarter fell to $4.57 billion, missing analyst estimates of $4.77 billion. 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