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Shares of steel manufacturer Cleveland-Cliffs (NYSE:CLF) ticked lower in premarket trade on Tuesday, after the company missed estimate for quarterly earnings, in part due to a buyers strike from service centres, and a loss related to an indefinite idle of the Weirton tinplate facility.
Cleveland-Cliffs’ (CLF) shares were trading -2.54% lower at $20.32 premarket, following first quarter results.
For the three months ended Mar. 31, the miner reported adjusted earnings of $0.18 per share, missing estimates by $0.04, and revenue of $5.2B fell short by $130M.
“Our first quarter results were highlighted by the resiliency of automotive production in the United States, which helped to offset a temporary buyers strike from service centers in January and February,” CEO Lourenco Goncalves said in a statement.
First-quarter steel product sales volumes of 3.9 million net tons were lower than 4.01 million net tons in the year ago period. The company maintained all of its previously guided expectations for the full-year 2024, including steel shipment volumes of 16.5 million net tons.
Cleveland-Cliffs had announced its plans in February to idle the tinplate facility, following a decision by the U.S. International Trade Commission.
