logo
Cleveland-Cliffs: Q2 Earnings Snapshot

Cleveland-Cliffs: Q2 Earnings Snapshot

CLEVELAND (AP) — CLEVELAND (AP) — Cleveland-Cliffs Inc. (CLF) on Monday reported a loss of $483 million in its second quarter.
The Cleveland-based company said it had a loss of 97 cents per share. Losses, adjusted for one-time gains and costs, were 50 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 68 cents per share.
The mining company posted revenue of $4.93 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $4.9 billion.
_____
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

NFL to fine about 100 players for selling Super Bowl 59 tickets above face value
NFL to fine about 100 players for selling Super Bowl 59 tickets above face value

New York Post

time12 minutes ago

  • New York Post

NFL to fine about 100 players for selling Super Bowl 59 tickets above face value

The NFL is fining about 100 players and two dozen club employees for violating league policy by selling Super Bowl 59 tickets for above face value, a person with knowledge of the details told The Associated Press on Friday. The person, speaking to the AP on condition of anonymity because of the ongoing investigation, said the players who resold their tickets will have to pay a fine of 1 1/2 times the face value they paid. They also won't be permitted to buy tickets for the next two Super Bowls unless they are playing in the game. Club employees who violated the policy will be fined two times face value. The NFL is fining about 100 players and two dozen employees over the reselling of Super Bowl 59 tickets above face value. Icon Sportswire via Getty Images In a memo sent to teams and obtained by the AP, NFL head of compliance Sabrina Perel said the league was still completing its investigation. 'Our initial investigation has determined that a number of NFL players and coaches, employed by several NFL Clubs, sold Super Bowl tickets for more than the ticket's face value in violation of the Policy.' 'This long-standing League Policy, which is specifically incorporated into the Collective Bargaining Agreement, prohibits League or Club employees, including players, from selling NFL game tickets acquired from their employer for more than the ticket's face value or for an amount greater than the employee originally paid for the ticket, whichever is less.' Players involved in the incident will be barred from attending the next two Super Bowls, unless they're playing in the games. Icon Sportswire via Getty Images 'We are in the process of completing our investigation into this matter, but the investigation has revealed that club employees and players sold their tickets to a small number of 'bundlers' who were working with a ticket reseller to sell the Super Bowl tickets above face value.' According to the CBA, players on all 32 teams can purchase two tickets for the Super Bowl. 'In advance of Super Bowl LX, we will be enhancing the mandatory compliance training regarding the Policy for all League personnel, which will emphasize the specific requirements of the Policy and the broader principle that no one should profit personally from their NFL affiliation at the expense of our fans,' Perel said in the memo. 'We will also increase the penalties for future violations of this Policy. All clubs must ensure their personnel understand and comply with this policy. Additional details regarding the enhanced compliance measures will be provided in early fall.' The Philadelphia Eagles beat the Kansas City Chiefs on Feb. 9 in a Super Bowl rematch from two years ago.

Could this California company challenge SpaceX's Falcon 9? What to know about Rocket Lab
Could this California company challenge SpaceX's Falcon 9? What to know about Rocket Lab

USA Today

time12 minutes ago

  • USA Today

Could this California company challenge SpaceX's Falcon 9? What to know about Rocket Lab

Rocket Lab has increasingly been in the news over mounting anticipation for the first launch of its upcoming Neutron rocket. Rocket Lab, a spaceflight company based in California, has spent years building up a reputation as a reliable launch service provider for small satellites. Now, though, the venture has its sights set on bigger targets: Procuring some of those lucrative government and commercial contracts that have long been the domain of Elon Musk's Texas-based SpaceX. Maybe you've heard about Rocket Lab's diminutive Electron launch vehicle, which the company bills as the second-most active rocket in the U.S. Or maybe you've heard about its next-generation Neutron spacecraft, which could soon be making its inaugural flight from Virginia. Whichever may be the case, here's everything to know for those interested in Rocket Lab and its future plans for spaceflight. What is Rocket Lab? Rocket Lab is a launch service provider and spaceflight company founded in 2006 and based in Long Beach, California. The company operates out of three launch pads at two launch sites, including one in New Zealand and two in Virginia at the Mid-Atlantic Regional Spaceport within NASA's Wallops Flight Facility. Rocket Lab Neutron launch date Rocket Lab has increasingly been in the news over mounting anticipation for the first launch of its upcoming Neutron rocket. The satellite launch vehicle is central to Rocket Lab's plans to shift from small satellite deployments to missions with heavier payloads. But when exactly the Neutron rocket could make its orbital debut has yet to be determined. Rocket Lab continues to work through a checklist of requirements before Neutron can get off the ground for its maiden flight. That includes integrating – or stacking – the rocket stages and getting its commercial launch license from the Federal Aviation Administration, according to the company's first-quarter earnings presentation provided to the USA TODAY Network. The good news? Construction on infrastructure at the launch pad is on schedule, according to the report. Earlier in July, Rocket Lab also announced that the company had awarded a contract to shipbuilder Bollinger Shipyards to support the build of a 400-foot ocean landing platform named "Return On Investment." But the challenge for Rocket Lab will be in transporting the components of the Neutron to the facility, according to the website TechCrunch. The vehicle must be shipped in segments to Rocket Lab's Launch Complex 3 in Virginia, where it will be fully mated as a rocket. Could Neutron challenge SpaceX, Falcon 9? Many space industry analysts have said that Neutron could emerge as a credible challenger to SpaceX's Falcon 9 in the medium-lift launch market. Rocket Lab is developing the Neutron rocket – which already has contracts with the Department of Defense – for commercial, civil and military space operations. That includes satellite constellation deployments, cargo resupply missions to the International Space Station and interplanetary missions. The arena is one that SpaceX, founded by billionaire Elon Musk in 2002, has dominated for years with its Falcon 9 rocket – one of the most active rockets in the world. The Falcon 9 is routinely the rocket of choice to launch NASA astronaut missions to the International Space Station and is the exclusive launch provider for Musk's Starlink satellite deliveries. At 141-feet-tall, Neutron is smaller in stature than SpaceX's two-stage, 230-foot Falcon 9. But like the Falcon 9, Neutron is designed to be reusable so that it can launch more frequently. Its design features an integrated system that brings Neutron's first stage and payload fairings back to Earth as a single stage. Capable of delivering about a 14-ton (more than 28,600 pounds) payload to low-Earth before landing, Neutron is powered by Rocket Lab's newly developed Archimedes engine. Rocket Lab's emergence also comes at a time of mounting public discord between Musk and President Donald Trump. What is Rocket Lab's Electron rocket? Rocket Lab has already spent years reliably launching its smaller Electron rocket to deliver small satellites and other payloads to orbit for civil and commercial contractors. At 59 feet tall, Electron is capable of carrying just 661 pounds of cargo to space, according to Rocket Lab. A version of the rocket is also tailored for Rocket Lab's hypersonic HASTE launches. One of the two launch complexes where Electron can launch is right next door to the Neutron's new launch complex. Since its first orbital launch in January 2018, the Electron has delivered more than 200 satellites to orbit and become one of the most frequently launched U.S. rockets, second only to the Falcon 9, according to Rocket Lab. In June alone, the Electron launched four times on both government and commercial missions, according to Rocket Lab. The most recent mission came June 28 when the Electron launched a single satellite to space for "a confidential commercial customer," Rocket Lab announced in a press release. The mission was the second of two launches from the same launch site in less than 48 hours, a new launch record for the company. Is Rocket Lab a good stock to buy? Whether to invest Unlike SpaceX, Rocket Lab is publicly traded. While Rocket Lab's stock is up 800% over the past year, according to Forbes, the company is not yet profitable. "A lot hinges on Rocket Lab's ability to evolve its revenue model and reach sustained profitability," Sasirekha Subramanian, an equity research content expert, wrote for Forbes. Eric Lagatta is the Space Connect reporter for the USA TODAY Network. Reach him at elagatta@

Africa's richest man retires as chairman of Dangote Cement
Africa's richest man retires as chairman of Dangote Cement

Business Insider

time13 minutes ago

  • Business Insider

Africa's richest man retires as chairman of Dangote Cement

Africa's richest man, Aliko Dangote, has stepped down as Chairman of the Board of Directors at Dangote Cement Plc. Aliko Dangote, Africa's richest man, has resigned as Chairman of Dangote Cement Plc, with Emmanuel Ikazoboh succeeding him. Ikazoboh has extensive experience spanning over 40 years in senior management roles across several African countries. Dangote Cement significantly contributed to Nigeria transitioning from a major global cement importer to Africa's largest exporter. Africa's richest man, Aliko Dangote, has stepped down as Chairman of the Board of Directors at Dangote Cement Plc, marking the end of an era at one of the continent's largest cement producers. In his place, Emmanuel Ikazoboh has been appointed as the new board chairman, according to Premium Times. Ikazoboh, who previously served as an independent non-executive director, brings more than four decades of senior management experience across Nigeria, Côte d'Ivoire, Cameroon, and South Africa. Further details about the leadership change and its implications for the company's strategy are expected in the coming days. In June, Mr. Dangote stepped down as Chairman of Dangote Sugar Refinery Plc, marking the end of two decades of leadership at one of Nigeria's most profitable food companies. The move, according to the company, was 'in line with the principles of good corporate governance and succession planning.' Dangote Cement has played a significant role in transforming Nigeria's economy. In June, Dangote noted that Nigeria, once the second-largest importer of cement globally, now exports more cement than any other African country, thanks to massive local investment in production capacity. Nigerian-based Dangote Cement remains Africa's largest cement producer, with a total installed capacity of 48.6 million metric tonnes per annum (Mt/a) across the continent. Of this, 32.3 Mt/a is located in Nigeria, while the remaining 16.3 Mt/a spans nine other African countries: Tanzania, South Africa, Ethiopia, Cameroon, Republic of Congo, Ghana, Senegal, Zambia, and Sierra Leone.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store