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Cleveland-Cliffs (CLF) Announces Ratification of New Labor Deal
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Cleveland-Cliffs Inc. (CLF - Free Report) has stated that its employees, represented by the United Auto Workers ("UAW") Local 600, approved a four-year labor deal for its Dearborn Works operations. The new deal is in effect until Jul 31, 2028, and will cover about 1,000 UAW-represented workers at Dearborn.
This equitable agreement at Dearborn is an example of the company's strong commitment to a collaborative relationship that benefits both employees and CLF as a whole. The company has strengthened its partnership with the UAW for another four years, CLF noted.
Cleveland-Cliffs’ adjusted earnings for the second quarter of 2024 were 11 cents per share, down from 69 cents in the prior year quarter. Revenues declined 14.9% to $5,092 million in the quarter. The company recorded steelmaking revenues of around $4.9 billion in the second quarter, a 15.4% decrease year on year.
The average net selling price per net ton of steel products was $1,125 in the second quarter, down around 10.3% year over year. External sales volumes for steel products were roughly 4 million net tons, down around 5.1% year over year.
Shares of Cleveland-Cliffs have lost 16% over the past year compared with a 0.2% decline of its industry.
Image Source: Zacks Investment Research
CLF, on its second-quarter call, lowered its projected capital expenditures for 2024 to $650-$700 million from $675-$725 million expected earlier. Furthermore, its goal of reducing steel unit costs by about $30 per net ton year over year is on track.
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Eldorado Gold Corporation (EGO - Free Report) and Agnico Eagle Mines Limited (AEM - Free Report) .
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 153.7% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.32 per share, indicating a year-over-year rise of 131.6%. EGO, a Zacks Rank #1 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 103.4% in the past year.
Agnico Eagle Mines currently carries a Zacks Rank #2 (Buy). AEM beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.7%. The company's shares have soared 71.7% in the past year.
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Cleveland-Cliffs (CLF) Announces Ratification of New Labor Deal
Cleveland-Cliffs Inc. (CLF - Free Report) has stated that its employees, represented by the United Auto Workers ("UAW") Local 600, approved a four-year labor deal for its Dearborn Works operations. The new deal is in effect until Jul 31, 2028, and will cover about 1,000 UAW-represented workers at Dearborn.
This equitable agreement at Dearborn is an example of the company's strong commitment to a collaborative relationship that benefits both employees and CLF as a whole. The company has strengthened its partnership with the UAW for another four years, CLF noted.
Cleveland-Cliffs’ adjusted earnings for the second quarter of 2024 were 11 cents per share, down from 69 cents in the prior year quarter. Revenues declined 14.9% to $5,092 million in the quarter. The company recorded steelmaking revenues of around $4.9 billion in the second quarter, a 15.4% decrease year on year.
The average net selling price per net ton of steel products was $1,125 in the second quarter, down around 10.3% year over year. External sales volumes for steel products were roughly 4 million net tons, down around 5.1% year over year.
Shares of Cleveland-Cliffs have lost 16% over the past year compared with a 0.2% decline of its industry.
Image Source: Zacks Investment Research
CLF, on its second-quarter call, lowered its projected capital expenditures for 2024 to $650-$700 million from $675-$725 million expected earlier. Furthermore, its goal of reducing steel unit costs by about $30 per net ton year over year is on track.
Cleveland-Cliffs Inc. Price and Consensus
Cleveland-Cliffs Inc. price-consensus-chart | Cleveland-Cliffs Inc. Quote
Zacks Rank & Key Picks
CLF currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Eldorado Gold Corporation (EGO - Free Report) and Agnico Eagle Mines Limited (AEM - Free Report) .
Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 153.7% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Eldorado’s current-year earnings is pegged at $1.32 per share, indicating a year-over-year rise of 131.6%. EGO, a Zacks Rank #1 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 103.4% in the past year.
Agnico Eagle Mines currently carries a Zacks Rank #2 (Buy). AEM beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.7%. The company's shares have soared 71.7% in the past year.