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Cleveland-Cliffs (CLF) Raises Financial Outlook for Q2 & FY21

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Cleveland-Cliffs Inc. (CLF - Free Report) raised its financial guidance for the second quarter and full-year 2021 based on its recent 2021 financial forecast.

The company now expects second-quarter and full-year adjusted EBITDA of $1.3 billion and $5 billion, respectively. This compares to the prior estimates of roughly $1.2 billion for the second quarter and around $3.5 billion for the full year.

The forecast for full-year is based on current contractual business and the conservative assumption that the US HRC index price averages $1,175 per net ton for the rest of the year.

Shares of Cleveland-Cliffs have rallied 255% in a year compared with 51.2% rise of the industry.

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In the first quarter, the company’s adjusted earnings came in at 35 cents per share that beat the Zacks Consensus Estimate of 33 cents. It also recorded revenues of $4,049 million, beating the Zacks Consensus Estimate of $3,820.8 million.

The company reported Steelmaking revenues of $3.9 billion for the first quarter and average net selling price per net ton of steel products was $900 for the quarter.

Zacks Rank & Key Picks

Cleveland-Cliffs currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the basic materials space are Nucor Corporation (NUE - Free Report) , Olin Corporation (OLN - Free Report) and Cabot Corporation (CBT - Free Report) .

Nucor has a projected earnings growth rate of around 260% for the current year. The company’s shares have surged 131.7% 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.

Olin has an expected earnings growth rate of around 506.7% for the current year. The company’s shares have skyrocketed 278.5% in the past year. It currently sports a Zacks Rank #1.

Cabot has an expected earnings growth rate of around 126% for the current fiscal. The company’s shares have surged 61.8% in the past year. It currently carries a Zacks Rank #1.

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