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Yahoo
4 hours ago
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Cleveland-Cliffs Reports Second-Quarter 2025 Results
CLEVELAND, July 21, 2025--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2025. Second-Quarter Consolidated Results Record steel shipments of 4.3 million net tons Revenues of $4.9 billion GAAP net loss of $470 million, inclusive of $323 million of previously disclosed non-recurring charges related to idled facilities Adjusted net loss1 of $247 million, or $0.50 per diluted share Adjusted EBITDA2 of $97 million, a $271 million improvement quarter-over-quarter Steel unit cost reductions of $15 per net ton compared to the first quarter of 2025 Liquidity of $2.7 billion as of June 30, 2025 Second-quarter 2025 consolidated revenues were $4.9 billion, compared to $4.6 billion in the first quarter of 2025. Included in the second quarter of 2025 results were previously disclosed non-recurring charges and losses totaling $323 million related to recently announced footprint optimization initiatives. For the second quarter of 2025, the Company recorded a GAAP net loss of $470 million and adjusted net loss1 of $247 million, or $0.50 per diluted share. This compares to a first quarter 2025 GAAP net loss of $483 million and adjusted net loss1 of $456 million, or $0.92 per diluted share. For the second quarter of 2025, the Company reported Adjusted EBITDA2 of $97 million, a $271 million improvement compared to the Adjusted EBITDA2 loss of $174 million recorded in the first quarter of 2025. Cliffs' Chairman, President and CEO, Lourenco Goncalves, said: "Our second quarter results demonstrate that the footprint optimization initiatives announced a few months ago are already generating a positive impact on both costs and revenues. Our good cost performance in Q2 will be even further amplified into Q3 and Q4, with further expected improvements in adjusted EBITDA as a result. In Q2 we also further reduced inventories, which drove a meaningful release in working capital during the quarter." Mr. Goncalves continued: "Our return to generating meaningful free cash flow and rapidly reducing debt is in sight. Domestic steel pricing remains strong, we have visibility into our cost reductions, and our order book remains healthy. Very importantly, the end of the five-year contract to supply slabs from Indiana Harbor to one of our competitors comes in less than five months. Due to the abnormally low index-based prices for slabs we have been exposed to in the last few months, this contract became a negative contributor to EBITDA and will not be extended." Mr. Goncalves added: "Cliffs is a major supplier of steel to the automotive manufacturers, and the Trump Administration continues to show strong support to both the domestic steel and the domestic automotive sectors. We have started to see the positive impact that tariffs have on domestic manufacturing, protecting domestic jobs and national security. We expect this trend to continue, promoting the resurgence of the American automotive industry supported by a thriving domestic steel industry." Mr. Goncalves concluded: "Going forward, foreign competitors need to acquire steel capacity within the United States if they want to participate in this desirable market. As a publicly traded America-based company centered on automotive, electrical steels, stainless and plate, Cleveland-Cliffs' assets, business and footprint are uniquely positioned to benefit from this new reality." Steelmaking Segment Results Three Months EndedJune 30, Six Months EndedJune 30, Three MonthsEnded 2025 2024 2025 2024 Mar. 31, 2025 External Sales Volumes - In Thousands Steel Products (net tons) 4,290 3,989 8,430 7,929 4,140 Selling Price - Per Net Ton Average net selling price per net ton of steel products $ 1,015 $ 1,125 $ 998 $ 1,150 $ 980 Operating Results - In Millions Revenues $ 4,771 $ 4,915 $ 9,238 $ 9,942 $ 4,467 Cost of goods sold (4,996 ) (4,770 ) (9,863 ) (9,527 ) (4,867 ) Gross margin $ (225 ) $ 145 $ (625 ) $ 415 $ (400 ) Second-quarter 2025 steel product sales volumes of 4.3 million net tons consisted of 40% hot-rolled, 27% coated, 15% cold-rolled, 5% plate, 3% stainless and electrical, and 10% other, including slabs and rail. Steelmaking revenues of $4.8 billion included $1.5 billion, or 31%, of sales to the infrastructure and manufacturing market; $1.4 billion, or 30%, of sales to the distributors and converters market; $1.2 billion, or 26%, of direct sales to the automotive market; and $600 million, or 13%, of sales to steel producers. Liquidity As of June 30, 2025, the Company has $2.7 billion in total liquidity. Outlook The Company updated previously guided expectations for the full-year 2025, as follows: Capital expenditures of approximately $600 million, from its previous expectation of $625 million Selling, general and administrative expenses of approximately $575 million, from its previous expectation of approximately $600 million Steel unit cost reductions maintained at a reduction of approximately $50 per net ton compared to 2024 Depreciation, depletion and amortization of approximately $1.2 billion, from its previous expectation of approximately $1.1 billion, primarily due to accelerated depreciation from idled facilities Cash Pension and OPEB payments and contributions maintained at approximately $150 million Cleveland-Cliffs Inc. will host a conference call this morning, July 21, 2025, at 8:30 a.m. ET. The call will be broadcast live and archived on Cliffs' website: About Cleveland-Cliffs Inc. Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada. Forward-Looking Statements This release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry or our businesses, are forward-looking statements. We caution investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. Among the risks and uncertainties that could cause actual results to differ from those described in forward-looking statements are the following: continued volatility of steel, scrap metal and iron ore market prices, which directly and indirectly impact the prices of the products that we sell to our customers; uncertainties associated with the highly competitive and cyclical steel industry and our reliance on the demand for steel from the automotive industry; potential weaknesses and uncertainties in global economic conditions, excess global steelmaking capacity and production, prevalence of steel imports, reduced market demand and oversupply of iron ore; severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges of one or more of our major customers, key suppliers or contractors, which, among other adverse effects, could disrupt our operations or lead to reduced demand for our products, increased difficulty collecting receivables, and customers and/or suppliers asserting force majeure or other reasons for not performing their contractual obligations to us; risks related to U.S. government actions and other countries' reactions with respect to Section 232 of the Trade Expansion Act of 1962 (as amended by the Trade Act of 1974), the United States-Mexico-Canada Agreement and/or other trade agreements, tariffs, treaties or policies, as well as the uncertainty of obtaining and maintaining effective antidumping and countervailing duty orders to counteract the harmful effects of unfairly traded imports; impacts of existing and changing governmental regulation, including actual and potential environmental regulations relating to climate change and carbon emissions, and related costs and liabilities, including failure to receive or maintain required operating and environmental permits, approvals, modifications or other authorizations of, or from, any governmental or regulatory authority and costs related to implementing improvements to ensure compliance with regulatory changes, including potential financial assurance requirements, and reclamation and remediation obligations; potential impacts to the environment or exposure to hazardous substances resulting from our operations; our ability to maintain adequate liquidity, our level of indebtedness and the availability of capital could limit our financial flexibility and cash flow necessary to fund working capital, planned capital expenditures, acquisitions, and other general corporate purposes or ongoing needs of our business, or to repurchase our common shares; our ability to reduce our indebtedness or return capital to shareholders within the currently expected timeframes or at all; adverse changes in credit ratings, interest rates, foreign currency rates and tax laws; challenges to successfully implementing our business strategy to achieve operating results in line with our guidance; the outcome of, and costs incurred in connection with, lawsuits, claims, arbitrations or governmental proceedings relating to commercial and business disputes, antitrust claims, environmental matters, government investigations, occupational or personal injury claims, property-related matters, labor and employment matters, or suits involving legacy operations and other matters; supply chain disruptions or changes in the cost, quality or availability of energy sources, including electricity, natural gas and diesel fuel, critical raw materials and supplies, including iron ore, industrial gases, graphite electrodes, scrap metal, chrome, zinc, other alloys, coke and metallurgical coal, and critical manufacturing equipment and spare parts; problems or disruptions associated with transporting products to our customers, moving manufacturing inputs or products internally among our facilities, or suppliers transporting raw materials to us; the risk that the cost or time to implement a strategic or sustaining capital project may prove to be greater than originally anticipated; our ability to consummate any public or private acquisition or divestiture transactions and to realize any or all of the anticipated benefits or estimated future synergies, as well as to successfully integrate any acquired businesses into our existing businesses; uncertainties associated with natural or human-caused disasters, adverse weather conditions, unanticipated geological conditions, critical equipment failures, infectious disease outbreaks, tailings dam failures and other unexpected events; cybersecurity incidents relating to, disruptions in, or failures of, information technology systems that are managed by us or third parties that host or have access to our data or systems, including the loss, theft or corruption of our or third parties' sensitive or essential business or personal information and the inability to access or control systems; liabilities and costs arising in connection with any business decisions to temporarily or indefinitely idle or permanently close an operating facility or mine, which could adversely impact the carrying value of associated assets, trigger contractual liabilities or termination costs, and give rise to impairment charges or closure and reclamation obligations, as well as uncertainties associated with restarting any previously idled operating facility or mine; our ability to realize the anticipated synergies or other expected benefits of the acquisition of Stelco, as well as the impact of additional liabilities and obligations incurred in connection with the Stelco acquisition; our level of self-insurance and our ability to obtain sufficient third-party insurance to adequately cover potential adverse events and business risks; uncertainties associated with our ability to meet customers' and suppliers' decarbonization goals and reduce our greenhouse gas emissions in alignment with our own announced targets; challenges to maintaining our social license to operate with our stakeholders, including the impacts of our operations on local communities, reputational impacts of operating in a carbon-intensive industry that produces greenhouse gas emissions, and our ability to foster a consistent operational and safety track record; our actual economic mineral reserves or reductions in current mineral reserve estimates, and any title defect or loss of any lease, license, option, easement or other possessory interest for any mining property; our ability to maintain satisfactory labor relations with unions and employees; unanticipated or higher costs associated with pension and other post-employment benefit obligations resulting from changes in the value of plan assets or contribution increases required for unfunded obligations; uncertain availability or cost of skilled workers to fill critical operational positions and potential labor shortages caused by experienced employee attrition or otherwise, as well as our ability to attract, hire, develop and retain key personnel; and potential significant deficiencies or material weaknesses in our internal control over financial reporting. For additional factors affecting the business of Cliffs, refer to Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the U.S. Securities and Exchange Commission. FINANCIAL TABLES FOLLOW CLEVELAND-CLIFFS INC. AND SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED OPERATIONS Three Months EndedJune 30, Six Months EndedJune 30, Three Months Ended (In millions, except per share amounts) 2025 2024 2025 2024 Mar. 31, 2025 Revenues $ 4,934 $ 5,092 $ 9,563 $ 10,291 $ 4,629 Operating costs: Cost of goods sold (5,143 ) (4,930 ) (10,163 ) (9,844 ) (5,020 ) Selling, general and administrative expenses (137 ) (103 ) (270 ) (235 ) (133 ) Restructuring and other charges (86 ) (25 ) (89 ) (129 ) (3 ) Asset impairment (39 ) (15 ) (39 ) (79 ) — Miscellaneous – net (27 ) (13 ) (38 ) (36 ) (11 ) Total operating costs (5,432 ) (5,086 ) (10,599 ) (10,323 ) (5,167 ) Operating income (loss) (498 ) 6 (1,036 ) (32 ) (538 ) Other income (expense): Interest expense, net (149 ) (69 ) (289 ) (133 ) (140 ) Loss on extinguishment of debt — (6 ) — (27 ) — Net periodic benefit credits other than service cost component 43 62 100 122 57 Other non-operating income (expense) (14 ) 1 (23 ) 3 (9 ) Total other expense (120 ) (12 ) (212 ) (35 ) (92 ) Loss before income taxes (618 ) (6 ) (1,248 ) (67 ) (630 ) Income tax benefit 148 15 295 23 147 Net income (loss) (470 ) 9 (953 ) (44 ) (483 ) Net income attributable to noncontrolling interests (13 ) (7 ) (25 ) (21 ) (12 ) Net income (loss) attributable to Cliffs shareholders $ (483 ) $ 2 $ (978 ) $ (65 ) $ (495 ) Earnings (loss) per common share attributable to Cliffs shareholders: Basic $ (0.97 ) $ 0.00 $ (1.97 ) $ (0.13 ) $ (1.00 ) Diluted $ (0.97 ) $ 0.00 $ (1.97 ) $ (0.13 ) $ (1.00 ) CLEVELAND-CLIFFS INC. AND SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL POSITION (In millions) June 30, 2025 December 31,2024 ASSETS Current assets: Cash and cash equivalents $ 61 $ 54 Accounts receivable, net 1,783 1,576 Inventories 4,699 5,094 Other current assets 144 183 Total current assets 6,687 6,907 Non-current assets: Property, plant and equipment, net 9,620 9,942 Goodwill 1,814 1,768 Intangible assets 1,185 1,170 Pension and OPEB assets 453 427 Other non-current assets 712 733 TOTAL ASSETS $ 20,471 $ 20,947 LIABILITIES Current liabilities: Accounts payable $ 1,947 $ 2,008 Accrued employment costs 521 447 Accrued expenses 348 375 Other current liabilities 461 492 Total current liabilities 3,277 3,322 Non-current liabilities: Long-term debt 7,727 7,065 Pension and OPEB liabilities 693 751 Deferred income taxes 612 858 Asset retirement and environmental obligations 613 601 Other non-current liabilities 1,507 1,453 TOTAL LIABILITIES 14,429 14,050 TOTAL EQUITY 6,042 6,897 TOTAL LIABILITIES AND EQUITY $ 20,471 $ 20,947 CLEVELAND-CLIFFS INC. AND SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CASH FLOWS Three Months EndedJune 30, Six Months EndedJune 30, (In millions) 2025 2024 2025 2024 OPERATING ACTIVITIES Net income (loss) $ (470 ) $ 9 $ (953 ) $ (44 ) Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: Depreciation, depletion and amortization 393 228 675 458 Pension and OPEB credits (34 ) (53 ) (82 ) (104 ) Deferred income taxes (150 ) (13 ) (301 ) (21 ) Restructuring and other charges 86 25 89 129 Asset impairments 39 15 39 79 Other 1 22 63 95 Changes in operating assets and liabilities: Accounts receivable, net 24 94 (199 ) 67 Inventories 214 235 ... 396 227 Income taxes 3 (11 ) 10 (12 ) Pension and OPEB payments and contributions (30 ) (30 ) (73 ) (62 ) Payables, accrued employment and accrued expenses (60 ) (6 ) (3 ) (176 ) Other, net 29 4 33 25 Net cash provided (used) by operating activities 45 519 (306 ) 661 INVESTING ACTIVITIES Purchase of property, plant and equipment (112 ) (157 ) (264 ) (339 ) Other investing activities 1 5 8 8 Net cash used by investing activities (111 ) (152 ) (256 ) (331 ) FINANCING ACTIVITIES Proceeds from issuance of senior notes — — 850 825 Repayments of senior notes — (193 ) — (845 ) Repurchase of common shares — (124 ) — (733 ) Borrowings (repayments) under credit facilities, net 122 28 (183 ) 370 Debt issuance costs (1 ) — (14 ) (13 ) Other financing activities (53 ) 2 (86 ) (22 ) Net cash provided (used) by financing activities 68 (287 ) 567 (418 ) Net increase (decrease) in cash and cash equivalents 2 80 5 (88 ) Cash, cash equivalents, and restricted cash at beginning of period 63 30 60 198 Effect of exchange rate changes on cash 3 — 3 — Cash, cash equivalents, and restricted cash at end of period 68 110 68 110 Restricted cash (7 ) $ — (7 ) $ — Cash and cash equivalents at end of period $ 61 $ 110 $ 61 $ 110 1 CLEVELAND-CLIFFS INC. AND SUBSIDIARIESADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE RECONCILIATION In addition to the consolidated financial statements presented in accordance with U.S. GAAP, the Company has presented adjusted net income (loss) attributable to Cliffs shareholders and adjusted earnings (loss) per common share attributable to Cliffs shareholders - diluted. These measures are used by management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the steel industry, showing results exclusive of certain non-recurring and/or non-cash items. The presentation of these measures is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of these measures may be different from non-GAAP financial measures used by other companies. A reconciliation of these consolidated measures to their most directly comparable GAAP measures is provided in the table below. Three Months EndedJune 30, Six Months EndedJune 30, Three MonthsEnded (In millions) 2025 2024 2025 2024 Mar. 31, 2025 Net income (loss) attributable to Cliffs shareholders $ (483 ) $ 2 $ (978 ) $ (65 ) $ (495 ) Adjustments: Idled facilities chargesA (323 ) (40 ) (367 ) (217 ) (44 ) Changes in fair value of derivatives, net (15 ) — (24 ) — (9 ) Currency exchange 48 — 46 — (2 ) Loss on extinguishment of debt — (6 ) — (27 ) — Severance (19 ) (1 ) (20 ) (3 ) (1 ) Other, net (3 ) — 1 (2 ) 4 Income tax effect 76 (1 ) 89 47 13 Adjusted net income (loss) attributable to Cliffs shareholders $ (247 ) $ 50 $ (703 ) $ 137 $ (456 ) Earnings (loss) per common share attributable to Cliffs shareholders - diluted $ (0.97 ) $ 0.00 $ (1.97 ) $ (0.13 ) $ (1.00 ) Adjusted earnings (loss) per common share attributable to Cliffs shareholders - diluted $ (0.50 ) $ 0.11 $ (1.42 ) $ 0.28 $ (0.92 ) A Primarily includes asset impairments, accelerated depreciation, employee-related costs and asset retirement obligation charges 2 CLEVELAND-CLIFFS INC. AND SUBSIDIARIESNON-GAAP RECONCILIATION - EBITDA AND ADJUSTED EBITDA In addition to the consolidated financial statements presented in accordance with U.S. GAAP, the Company has presented EBITDA and Adjusted EBITDA on a consolidated basis. These measures are used by management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the steel industry, showing results exclusive of certain non-recurring and/or non-cash items. The presentation of these measures is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of these measures may be different from non-GAAP financial measures used by other companies. A reconciliation of these consolidated measures to their most directly comparable GAAP measures is provided in the table below. Three Months EndedJune 30, Six Months EndedJune 30, Three MonthsEnded (In millions) 2025 2024 2025 2024 Mar. 31, 2025 Net income (loss) $ (470 ) $ 9 $ (953 ) $ (44 ) $ (483 ) Less: Interest expense, net (149 ) (69 ) (289 ) (133 ) (140 ) Income tax benefit 148 15 295 23 147 Depreciation, depletion and amortization (393 ) (228 ) (675 ) (458 ) (282 ) Total EBITDA $ (76 ) $ 291 $ (284 ) $ 524 $ (208 ) Less: EBITDA from noncontrolling interests 20 15 38 36 18 Idled facilities charges (204 ) (40 ) (248 ) (217 ) (44 ) Changes in fair value of derivatives, net (15 ) — (24 ) — (9 ) Currency exchange 48 — 46 — (2 ) Loss on extinguishment of debt — (6 ) — (27 ) — Severance (19 ) (1 ) (20 ) (3 ) (1 ) Other, net (3 ) — 1 (2 ) 4 Total Adjusted EBITDA $ 97 $ 323 $ (77 ) $ 737 $ (174 ) EBITDA from noncontrolling interests includes the following: Net income attributable to noncontrolling interests $ 13 $ 7 $ 25 $ 21 $ 12 Depreciation, depletion and amortization 7 8 13 15 6 EBITDA from noncontrolling interests $ 20 $ 15 $ 38 $ 36 $ 18 View source version on Contacts MEDIA CONTACT: Patricia PersicoSenior Director, Corporate Communications(216) 694-5316 INVESTOR CONTACT: James KerrDirector, Investor Relations(216) 694-7719 Error al recuperar los datos Inicia sesión para acceder a tu cartera de valores Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos Error al recuperar los datos
Yahoo
4 hours ago
- Business
- Yahoo
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. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on CLF at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Cleveland-Cliffs to Post Q2 Earnings: What's in Store for the Stock?
Cleveland-Cliffs Inc. CLF is slated to release second-quarter 2025 results before the opening bell on July has a trailing fourth-quarter negative earnings surprise of roughly 9.7%, on average. It delivered a negative earnings surprise of around 17.9% in the last reported quarter. CLF is expected to have benefited from higher volumes in the second quarter. Higher steel prices are also likely to have aided its performance, offset by an uptick in unit CLF stock has lost 38.1% in the past year compared with the Zacks Steel Producers industry's 26.4% decline. Image Source: Zacks Investment Research Let's see how things are shaping up for the upcoming announcement. What Do CLF's Revenue Estimates Say? The Zacks Consensus Estimate for second-quarter consolidated revenues for Cleveland-Cliffs is currently pegged at $4,899.2 million, which suggests a year-over-year decline of 3.8%. Factors to Watch For CLF Stock CLF is expected to have benefited from an uptick in steel prices in the second quarter. U.S. steel prices have recovered following a sharp decline in 2024 due to a slowdown in end-market demand and oversupply of steel. The Trump administration's imposition of a 25% tariff on all steel imports into the United States in March 2025 led to a surge in benchmark hot-rolled coil (HRC) prices to a peak of nearly $950 per short ton. The administration's early June doubling of steel tariffs to 50% and the consequent steel mill price hikes triggered a further spike in HRC prices. Higher selling prices are likely to have aided CLF's performance in the quarter to be reported. Our estimate for the average net selling price per net ton of steel products is $1,020, indicating a roughly 4.1% increase from the prior quarter. The company is also expected to have gained from higher volumes in the June quarter, aided by higher volumes in automotive and contributions from the Stelco buyout. Volumes are expected to have been driven by higher demand. Our estimate for external sales volumes for steel products stands at 4.2 million net tons, suggesting a 1.4% sequential rise and a 5.3% year-over-year increase. The benefits of higher prices and volumes are likely to have been partly offset by increased steelmaking unit costs in the second quarter. While CLF is expected to benefit significantly from a reduction in costs in the second half of 2025 mainly driven by the idling of underperforming assets, costs are likely to have increased in the second quarter. The company sees a $5 per ton increase in unit costs in the second quarter from the first quarter. Cleveland-Cliffs Inc. Price and EPS Surprise Cleveland-Cliffs Inc. price-eps-surprise | Cleveland-Cliffs Inc. Quote What Our Model Unveils for CLF Stock Our proven model does not conclusively predict an earnings beat for Cleveland-Cliffs this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that's not the case ESP: Earnings ESP for CLF is -4.60%. The Zacks Consensus Estimate for the second quarter is currently pegged at a loss of 67 cents. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Rank: CLF currently carries a Zacks Rank #3.(Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) Basic Materials Stocks That Warrant a Look Here are some companies in the basic materials space you may want to consider as our model shows they have the right combination of elements to post an earnings beat this quarter:Agnico Eagle Mines Limited AEM, scheduled to release earnings on July 30, has an Earnings ESP of +7.18% and carries a Zacks Rank #1. You can see the complete list of today's Zacks #1 Rank stocks consensus estimate for AEM's earnings for the second quarter is currently pegged at $ Mining Corporation B, slated to release earnings on Aug. 11, has an Earnings ESP of +0.42% and carries a Zacks Rank #2 at consensus mark for B's second-quarter earnings is currently pegged at 48 cents. Kinross Gold Corporation KGC, scheduled to release earnings on July 30, has an Earnings ESP of +15.34%.The Zacks Consensus Estimate for KGC's earnings for the second quarter is currently pegged at 27 cents. KGC currently carries a Zacks Rank #1. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report Kinross Gold Corporation (KGC) : Free Stock Analysis Report Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report Barrick Mining Corporation (B) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Guardian
6 days ago
- Business
- The Guardian
Trump administration dashes hopes of anti-pollution plan for JD Vance's home town
A Biden-era plan to implement a gas-powered blast furnace at a steel mill in Ohio, which would have eliminated tons of greenhouse gases from the local environment year over year and created more than a thousand jobs, has been put on hold indefinitely by the Trump administration. Experts and locals say the setback could greatly affect the health and financial state of those living around the mill. For 13 years, Donna Ballinger has been dealing with blasting noises and layers of dust from coal and heavy metals on her vehicles and house, situated a few hundred yards from the Cleveland-Cliffs-owned Middletown Works steel mill in south-west Ohio. 'I've had sinus infections near constantly. I have COPD [chronic obstructive pulmonary disease],' she says. 'When they've got the big booms going, your whole house is shaking.' So when two years ago, the steel mill successfully trialed a hydrogen gas-powered blast furnace, the first time the fuel had been deployed in this fashion anywhere in the Americas, she was delighted. It cost an estimated $1.6bn, and the Biden administration, through the Inflation Reduction Act (IRA), coughed up $500m to help cover the cost of installing the technology. Replacing a coal-powered furnace would have eliminated 1m tons of greenhouse gases from the local environment every year, according to Cleveland-Cliffs. It would also have saved the company $450m every year through 'efficiency gains and reduced scrap dependency', and created 1,200 construction and 150 permanent jobs in the town of 50,000 residents who have struggled for decades with manufacturing losses. But last month, the Cleveland-Cliffs CEO, Lourenco Goncalves, announced the plan was on hold. He claimed the lack of development in hydrogen fuel – in part a result of the Trump administration's freezing of a host of Biden-era spending plans – and the Federal Reserve's refusal to lower interest rates – also a byproduct of Trump administration policies – had forced the company to throw out the project as initially devised. Plans were leaked in April that the so-called 'department of government efficiency' (Doge) was going to gut grant programs worth $6.3bn meant to help major manufacturing companies transition to cleaner energy resources. This month, the US Senate voted to close the 45V hydrogen clean-energy tax credit eligibility window in January 2028 – five years earlier than originally set. 'It's a setback that they are saying they are going to abandon the hydrogen part of this project, as it is the most exciting part of it,' says Hilary Lewis, steel director at Industrious Labs, an environmental organization promoting decarbonization. 'That the project is going to be changed is a big concern. In large part, we agree with Cleveland-Cliffs, in that when the government abandoned its commitments to clean hydrogen tax credits … it makes it harder for companies to plan their investments.' Cleveland-Cliffs did not respond to the Guardian's requests for comment. The move will probably upend Middletown's hopes of leading a nationwide manufacturing revolution – part of a wider goal that the vice-president and Middletown native JD Vance has claimed to support. Vance's grandfather, Jim, worked at Middletown Works, which makes steel for automobiles, appliances and other industries, and is considered by the vice-president as keeping his family financially afloat when he was a child. 'I blame Cleveland-Cliffs and the government,' says Ballinger, sitting in a car in the driveway of her home as sounds from the steel plant echoed all around. She believes Vance should have done more to keep the hydrogen project alive: 'He should be working with everyone to help it be better for us who have to live in this on a daily basis, to make it healthier for everybody to live. 'It's very upsetting because I'm more worried about everybody's health around here. It's already bad. We were hoping for something that was going to make it better.' Hydrogen has been seen as a potential cornerstone clean-energy replacement for fuel sources in trades such as aerospace, manufacturing and other heavy industries. Three liquid hydrogen plants in Georgia, Tennessee and Louisiana owned by Power Plug, the largest producer in the US, are making about 40 tons a day. The Korean auto manufacturer Hyundai plans to spend $6bn on a hydrogen-integrated steel mill, also in Louisiana. But delays attributed to limited availability of clean energy to power electrolyzers, higher-than-expected production costs and market and political forces have put the rollout of clean hydrogen fuel on the back foot. Power Plug has generated billions of dollars of losses, and government support for advancing blue and green hydrogen – at the state or federal level – is essential to fueling a decarbonization transition, say industry leaders. At $7bn, the Biden-era project to support the development of seven regional clean hydrogen hubs across the US is reportedly in jeopardy, with the Department of Energy in March considering ending four of those projects located in Democratic-leaning states. Taken together, some residents say the moves could have serious health implications for those living close to fossil fuel-powered industrial plants in Middletown and beyond. 'So much so that life expectancy in the area of town that is impacted by the pollution is 10 years less than the east end of town that aren't impacted by it. A big part of that, of course, is pollution,' says Scotty Robertson, a pastor who lives several miles from Middletown Works. 'Most of the people impacted by the pollution and the implications of the [Middletown Works] clean-energy project ending are people that live paycheck to paycheck and can only be concerned by making sure they have enough money to pay their bills. There are some people talking about it, but I don't think people will feel the impact until jobs start disappearing.' Suffering losses of $483m in the first quarter of 2025, Cleveland-Cliffs has laid off thousands of workers at facilities across the region in recent months. While no cuts to jobs at Middletown Works have yet been announced, it faces some of the same infrastructural issues as those being idled elsewhere. The city of Middletown previously said that the clean-hydrogen investment would 'position Middletown Works as the most advanced, lowest [greenhouse gas]-emitting integrated iron and steel facility in the world' when it was announced in March 2024. This week, a representative of Middletown declined to respond to questions from the Guardian, including whether Vance should be doing more to help with the health and economic development of his home town. City leadership has been largely split on ways to honor Vance's political rise. Others are clear about what ending the hydrogen aspect of the project will mean for Middletown. A 2024 report by Industrious Labs, using data from the Environmental Protection Agency and other organizations from 2020, found that air pollution in Middletown was responsible for up to 67 premature deaths, more than 20,000 cases of asthma symptoms and more than 6,000 school loss days annually. 'I have seen first-hand the effects of pollution caused by fossil fuels,' says Robertson, who grew up in the coalfields of southern West Virginia and is running for a seat on the Middletown city council in November. 'I think that as time goes on, you'll see more and more the implications of these policies, which are anti-local.'
The Guardian
6 days ago
- Business
- The Guardian
Trump administration dashes hopes of anti-pollution plan for JD Vance's home town
A Biden-era plan to implement a gas-powered blast furnace at a steel mill in Ohio, which would have eliminated tons of greenhouse gases from the local environment year over year and created more than a thousand jobs, has been put on hold indefinitely by the Trump administration. Experts and locals say the setback could greatly affect the health and financial state of those living around the mill. For 13 years, Donna Ballinger has been dealing with blasting noises and layers of dust from coal and heavy metals on her vehicles and house, situated a few hundred yards from the Cleveland-Cliffs-owned Middletown Works steel mill in south-west Ohio. 'I've had sinus infections near constantly. I have COPD [chronic obstructive pulmonary disease],' she says. 'When they've got the big booms going, your whole house is shaking.' So when two years ago, the steel mill successfully trialed a hydrogen gas-powered blast furnace, the first time the fuel had been deployed in this fashion anywhere in the Americas, she was delighted. It cost an estimated $1.6bn, and the Biden administration, through the Inflation Reduction Act (IRA), coughed up $500m to help cover the cost of installing the technology. Replacing a coal-powered furnace would have eliminated 1m tons of greenhouse gases from the local environment every year, according to Cleveland-Cliffs. It would also have saved the company $450m every year through 'efficiency gains and reduced scrap dependency', and created 1,200 construction and 150 permanent jobs in the town of 50,000 residents who have struggled for decades with manufacturing losses. But last month, the Cleveland-Cliffs CEO, Lourenco Goncalves, announced the plan was on hold. He claimed the lack of development in hydrogen fuel – in part a result of the Trump administration's freezing of a host of Biden-era spending plans – and the Federal Reserve's refusal to lower interest rates – also a byproduct of Trump administration policies – had forced the company to throw out the project as initially devised. Plans were leaked in April that the so-called 'department of government efficiency' (Doge) was going to gut grant programs worth $6.3bn meant to help major manufacturing companies transition to cleaner energy resources. This month, the US Senate voted to close the 45V hydrogen clean-energy tax credit eligibility window in January 2028 – five years earlier than originally set. 'It's a setback that they are saying they are going to abandon the hydrogen part of this project, as it is the most exciting part of it,' says Hilary Lewis, steel director at Industrious Labs, an environmental organization promoting decarbonization. 'That the project is going to be changed is a big concern. In large part, we agree with Cleveland-Cliffs, in that when the government abandoned its commitments to clean hydrogen tax credits … it makes it harder for companies to plan their investments.' Cleveland-Cliffs did not respond to the Guardian's requests for comment. The move will probably upend Middletown's hopes of leading a nationwide manufacturing revolution – part of a wider goal that the vice-president and Middletown native JD Vance has claimed to support. Vance's grandfather, Jim, worked at Middletown Works, which makes steel for automobiles, appliances and other industries, and is considered by the vice-president as keeping his family financially afloat when he was a child. 'I blame Cleveland-Cliffs and the government,' says Ballinger, sitting in a car in the driveway of her home as sounds from the steel plant echoed all around. She believes Vance should have done more to keep the hydrogen project alive: 'He should be working with everyone to help it be better for us who have to live in this on a daily basis, to make it healthier for everybody to live. 'It's very upsetting because I'm more worried about everybody's health around here. It's already bad. We were hoping for something that was going to make it better.' Hydrogen has been seen as a potential cornerstone clean-energy replacement for fuel sources in trades such as aerospace, manufacturing and other heavy industries. Three liquid hydrogen plants in Georgia, Tennessee and Louisiana owned by Power Plug, the largest producer in the US, are making about 40 tons a day. The Korean auto manufacturer Hyundai plans to spend $6bn on a hydrogen-integrated steel mill, also in Louisiana. But delays attributed to limited availability of clean energy to power electrolyzers, higher-than-expected production costs and market and political forces have put the rollout of clean hydrogen fuel on the back foot. Power Plug has generated billions of dollars of losses, and government support for advancing blue and green hydrogen – at the state or federal level – is essential to fueling a decarbonization transition, say industry leaders. At $7bn, the Biden-era project to support the development of seven regional clean hydrogen hubs across the US is reportedly in jeopardy, with the Department of Energy in March considering ending four of those projects located in Democratic-leaning states. Taken together, some residents say the moves could have serious health implications for those living close to fossil fuel-powered industrial plants in Middletown and beyond. 'So much so that life expectancy in the area of town that is impacted by the pollution is 10 years less than the east end of town that aren't impacted by it. A big part of that, of course, is pollution,' says Scotty Robertson, a pastor who lives several miles from Middletown Works. 'Most of the people impacted by the pollution and the implications of the [Middletown Works] clean-energy project ending are people that live paycheck to paycheck and can only be concerned by making sure they have enough money to pay their bills. There are some people talking about it, but I don't think people will feel the impact until jobs start disappearing.' Suffering losses of $483m in the first quarter of 2025, Cleveland-Cliffs has laid off thousands of workers at facilities across the region in recent months. While no cuts to jobs at Middletown Works have yet been announced, it faces some of the same infrastructural issues as those being idled elsewhere. The city of Middletown previously said that the clean-hydrogen investment would 'position Middletown Works as the most advanced, lowest [greenhouse gas]-emitting integrated iron and steel facility in the world' when it was announced in March 2024. This week, a representative of Middletown declined to respond to questions from the Guardian, including whether Vance should be doing more to help with the health and economic development of his home town. City leadership has been largely split on ways to honor Vance's political rise. Others are clear about what ending the hydrogen aspect of the project will mean for Middletown. A 2024 report by Industrious Labs, using data from the Environmental Protection Agency and other organizations from 2020, found that air pollution in Middletown was responsible for up to 67 premature deaths, more than 20,000 cases of asthma symptoms and more than 6,000 school loss days annually. 'I have seen first-hand the effects of pollution caused by fossil fuels,' says Robertson, who grew up in the coalfields of southern West Virginia and is running for a seat on the Middletown city council in November. 'I think that as time goes on, you'll see more and more the implications of these policies, which are anti-local.'
