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Cleveland-Cliffs (CLF) Inks Deal with United Steelworkers
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Cleveland-Cliffs Inc. (CLF - Free Report) reached a tentative agreement with the United Steelworkers (“USW”) for a new 53-months labor contract, effective as of Apr 1, 2021. The new contract will cover roughly 300 USW-represented workers.
Cleveland-Cliffs sees USW as a key partner with more in common than disagreements, which leads to deals done fairly quickly. The new deal provides Cleveland-Cliffs a competitive cost structure for future success. Cleveland-Cliffs looks forward to continue strong partnership with the USW and providing good paying middle class union jobs to its employees, the company noted.
The agreement awaits ratification by USW local union memberships.
Shares of Cleveland-Cliffs have rallied 310.7% in a year compared with 55.9% rise of the industry.
Cleveland-Cliffs, last month, released its updated financial guidance. The company sees first-quarter 2021 adjusted EBITDA of roughly $500 million.
Moreover, adjusted EBITDA for the second quarter has been predicted at roughly $1.2 billion. The company also expects adjusted EBITDA of around $3.5 billion for 2021 assuming that the U.S. hot-rolled coil steel prices average $975 per net ton for the rest of the year.
Cleveland-Cliffs currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Fortescue Metals Group Limited (FSUGY - Free Report) , Nucor Corporation (NUE - Free Report) and Impala Platinum Holdings Limited (IMPUY - Free Report) .
Fortescue has a projected earnings growth rate of 107.8% for the current fiscal. The company’s shares have surged 111.8% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Nucor has an expected earnings growth rate of 135.3% for the current fiscal. The company’s shares have gained 109.8% in the past year. It currently sports a Zacks Rank #1.
Impala has an expected earnings growth rate of 197.6% for the current fiscal. The company’s shares have rallied 185.3% in the past year. It currently flaunts a Zacks Rank #1.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Cleveland-Cliffs (CLF) Inks Deal with United Steelworkers
Cleveland-Cliffs Inc. (CLF - Free Report) reached a tentative agreement with the United Steelworkers (“USW”) for a new 53-months labor contract, effective as of Apr 1, 2021. The new contract will cover roughly 300 USW-represented workers.
Cleveland-Cliffs sees USW as a key partner with more in common than disagreements, which leads to deals done fairly quickly. The new deal provides Cleveland-Cliffs a competitive cost structure for future success. Cleveland-Cliffs looks forward to continue strong partnership with the USW and providing good paying middle class union jobs to its employees, the company noted.
The agreement awaits ratification by USW local union memberships.
Shares of Cleveland-Cliffs have rallied 310.7% in a year compared with 55.9% rise of the industry.
Cleveland-Cliffs, last month, released its updated financial guidance. The company sees first-quarter 2021 adjusted EBITDA of roughly $500 million.
Moreover, adjusted EBITDA for the second quarter has been predicted at roughly $1.2 billion. The company also expects adjusted EBITDA of around $3.5 billion for 2021 assuming that the U.S. hot-rolled coil steel prices average $975 per net ton for the rest of the year.
ClevelandCliffs Inc. Price and Consensus
ClevelandCliffs Inc. price-consensus-chart | ClevelandCliffs Inc. Quote
Zacks Rank & Key Picks
Cleveland-Cliffs currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Fortescue Metals Group Limited (FSUGY - Free Report) , Nucor Corporation (NUE - Free Report) and Impala Platinum Holdings Limited (IMPUY - Free Report) .
Fortescue has a projected earnings growth rate of 107.8% for the current fiscal. The company’s shares have surged 111.8% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Nucor has an expected earnings growth rate of 135.3% for the current fiscal. The company’s shares have gained 109.8% in the past year. It currently sports a Zacks Rank #1.
Impala has an expected earnings growth rate of 197.6% for the current fiscal. The company’s shares have rallied 185.3% in the past year. It currently flaunts a Zacks Rank #1.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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