Cleveland-Cliffs Stock Sinks on Lackluster Q4 Results | Global News Avenue

Cleveland-Cliffs (Clf) On Tuesday, stock manufacturers reported a worse-than-expected fourth-quarter results, with revenue declines and losses growing from the same period last year.

The steel maker reported revenue of $4.33 billion, down more than 15% year-on-year in the last three months of 2024. The company also released adjusted adjusted loss per share at $0.68, much larger than the adjusted loss per share of $0.05. Last quarter. Sales and adjusted LP narrowed analyst estimates, which shows that alpha compiled estimates.

CEO Lourenco Goncalves called 2024 “the worst steel demand environment since 2010”, not including the pandemic. Goncavis said a steady decline in U.S. auto production and larger imports have put prices at “unable low” levels.

The result was a few weeks after Cleveland-Cliffs It is reportedly being considered Bid with the nucleus (New) For American Steel (x) Before the United States President Joe Biden Blocked $14.1 billion Japan’s acquisition. American Steel Denied offer By Cleveland-Cliffs and Nippon Prosecuted Blocking of transactions.

The CEO said tariffs could raise Cleveland Cleveland.

Goncavis said the fourth quarter should be the worst case in Cleveland-Cleveland results, as the established inventory and regulatory changes should help rebound in 2025.

CEO says tariffs proposed by U.S. President Donald Trump Canada, China and Mexicoand specific tariffs Aluminum and steel“Perform appropriately to enforce our trade laws and supportive industrial policies that support U.S. manufacturing.” He said the policies “should benefit Cleveland-Cleveland” and said the company saw signs of a “dramatic rebound” in the first two months of the year.

Cleveland-Cliffs shares fell more than 7% on Tuesday morning, down about 50% from the same period last year.