11.88 +0.04 (0.34%)
After hours: 7:36PM EDT
|Bid||0.00 x 3000|
|Ask||0.00 x 4000|
|Day's Range||11.55 - 11.86|
|52 Week Range||5.60 - 13.10|
|Beta (3Y Monthly)||2.38|
|PE Ratio (TTM)||7.99|
|Earnings Date||Oct 19, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||13.33|
Cleveland-Cliffs (CLF) has come a long way with respect to its debt levels. The company’s change in management in 2014 and its focus on debt reduction have somewhat allayed investors’ concerns. During the Q2 2018 earnings call, Cleveland-Cliffs maintained that bringing its net debt below $1 billion is its second priority, after the focus on the HBI (hot-briquetted iron) plant.
Analysts’ EBITDA estimates reflect their expectations for a company’s future profitability. Analysts usually derive these estimates from revenue projections, margin assumptions, or cost projections.
Wall Street analysts expect Cleveland-Cliffs (CLF) to generate revenue of $731 million in the third quarter, which implies a rise of 4.7% YoY (year-over-year). This expectation is the result of the company’s guidance for higher volumes along with higher spot HRC (hot-rolled coil) prices prevailing in the market compared to last year’s corresponding period. As we discussed earlier in this series, CLF expects higher volumes in the third quarter.
The VanEck Vectors Steel ETF (NYSEArca: SLX) was mostly steady Monday even after a major Wall Street bank downgraded domestic steel stocks, citing supply concerns. “Credit Suisse on Monday downgraded the ...
Along with volumes, realized revenues are among the most important components that drive a commodity company’s top line. Realized prices also help assess market sentiment, as they derive from existing market prices.
Cleveland-Cliffs (CLF) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
Cleveland-Cliffs (CLF) reported volumes of ~6 million long tons for its US (DIA) iron ore (or USIO) division for Q2 2018. The volumes during the quarter reflect a YoY (year-over-year) increase of 38%. The primary reasons for the increase in volumes were increased customer demand and change in the method of sales recognition.
The volatile steel sector has yet to obtain the stamp of approval from sell-side firms despite expectations that President Donald Trump's tariffs could lend support. Ahead of the third-quarter reporting ...
On October 15, Credit Suisse downgraded the US steel sector to a “market weight” from an “overweight” rating. Credit Suisse downgraded Nucor (NUE) and Cleveland Cliffs (CLF). Several other brokerages have also taken bearish views on US steel stocks.
Cleveland-Cliffs (CLF) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Cleveland-Cliffs Inc. announced today that its employees represented by the United Steelworkers at its Tilden and Empire mines in Michigan, and its United Taconite and Hibbing Taconite mines in Minnesota ratified a new 4-year labor contract.
U.S. Steel Corporation (X) is scheduled to release its third-quarter earnings results on November 1. The stock has received “buy” or higher ratings from eight analysts, while six analysts have given it “hold” ratings. The remaining two analysts polled by Thomson Reuters on October 9 have given it “sell” or equivalent ratings.
The third-quarter earnings season is fast approaching. Steel Dynamics (STLD) will be the first major steel company to release its quarterly performance on October 17. This release will be followed by Nucor’s (NUE) earnings release on October 18.
Moody's Investors Service ("Moody's") upgraded Cleveland-Cliffs Inc's (Cliffs) Corporate Family Rating (CFR) and Probability of Default Rating to B1 and B1-PD from B2 and B2-PD respectively. The senior secured guaranteed notes were upgraded to Ba2 from Ba3, the senior unsecured guaranteed notes were upgraded to B1 from B2 and the senior unsecured notes were upgraded to B3 from Caa1. The speculative grade liquidity rating was upgraded to SGL-1 from SGL-2.
As we noted previously in this series, US steel prices have peaked. We could see them gradually taper down as domestic steel production rises and the Trump administration defines the Section 232 exemptions.
According to an October 1 Bloomberg article, citing an Australian government report, steel “production in China will peak in 2018 and then shrink next year as local demand drops.” This isn’t the first time that concerns over peak Chinese steel demand have cropped up.
Cleveland-Cliffs Inc. announced today that, as of the close of business on October 5, 2018, it has redeemed in full, as set forth in notices of redemption issued on September 5, 2018, all of its outstanding 5.90% senior notes due March 2020 and 4.80% senior notes due October 2020.
As we noted previously in this series, the markets are concerned that US steel prices have peaked. Steel prices, like other commodities, eventually depend on supply-and-demand dynamics. The construction, automotive, and energy industries are the leading steel consumers.
Deutsche Bank recently downgraded U.S. Steel Corporation (X) from a “buy” to a “hold.” The brokerage also lowered its price target from $47 to $35. According to Deutsche Bank, US steel prices have peaked.
Cleveland-Cliffs (CLF) announced the closure of the sale of its Asia-Pacific iron ore assets to Mineral Resources on August 28. Through this final step, its direct exposure to the volatile seaborne iron ore market is over. The company’s exit from the direct seaborne iron ore business is expected to reduce its stock’s volatility. The company is primarily a US-based (DIA)(IVV) iron ore pellet producer and should be valued as such. However, the seaborne iron ore prices impact Cleveland-Cliffs indirectly.
Steel prices are a major driver of steelmakers’ earnings and revenues. According to S&P Global Platts, US (SPY)(IVV) hot rolled coil (or HRC) prices have fallen 2.7% from their July average to $893 per short ton. While prices have corrected recently, the overall momentum in steel prices has remained strong.