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Cleveland-Cliffs CEO counting on boost from North American auto production (NYSE:CLF)

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  • Cleveland-Cliffs CEO counting on boost from North American auto production (NYSE:CLF)
By: Maryanne M. Macdonald Posted on July 23, 2022

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SlobodanMiljevic/E+ via Getty Photos

Cleveland-Cliffs (NYSE:CLF) closed -8.9% in Friday’s buying and selling soon after missing Q2 earnings estimates, weighed by increased working expenditures and provide chain disruptions.

Q2 net income fell to $601M, or $1.13/share, from $795M, or $1.33/share, in the prior-calendar year period, even as revenues rose 25% Y/Y to $6.34B.

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Cleveland-Cliffs (CLF) mentioned it made 3.6M net tons of metal items in Q2, down from 4.2 million net tons in the yr-back quarter, even though benchmark metal prices averaged ~$1,300/ton in the quarter and $1,200/ton in Q1, but charges have given that slid to $920/ton at present.

The organization expects to see some cost advancements when some of its annual mounted-selling price product sales contracts reset in early October.

In the Q2 earnings meeting simply call, CEO Lourenco Goncalves performed down the danger of a recession and greater fascination prices hurting car demand from customers, declaring source chain challenges and COVID-related generation outages more than the past two several years have remaining the car market undersupplied.

“The automotive market could have created 8M-10M additional motor vehicles than they truly did around the earlier two yrs. Pent-up need for cars and trucks, vans and SUVs has made,” the CEO stated, expecting more automotive volume in H2.

Goncalves also mentioned Cleveland-Cliffs (CLF) will make no additional “mega investments” in the coming decades, bucking his competitors who have announced billions of bucks in planned spending on new mills.

“Our past massive cash project was our Cleveland Works revamp, and we will not have any other cash assignments of this magnitude until eventually at the very least 2025,” Goncalves stated, in accordance to Argus Media.

Just this 7 days, Steel Dynamics introduced strategies to construct a $2.2B aluminum rolling mill in the southeastern U.S.

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