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Cleveland-Cliffs (CLF) Gets Rights to Bid for U.S. Steel
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Cleveland-Cliffs Inc. (CLF - Free Report) has announced that it has been granted the exclusive right by the United Steelworkers (USW) to bid under their Basic Labor Agreement with United States Steel Corporation (X - Free Report) . This assignment positions Cleveland-Cliffs as the sole viable purchaser with the capability to acquire the entirety of U.S. Steel. Moreover, CLF has committed that upon the successful completion of a transaction, it will undertake all the obligations outlined in the agreements between U.S. Steel and the USW that pertain to U.S. Steel employees.
In adherence to the collective bargaining agreement with U.S. Steel, any prospective sale of the entire company or assets represented by USW necessitates the support of USW. Through this assignment, the USW's authority to bid on such prospective transactions has been transferred to CLF. The transfer and assignment of USW's rights are exclusively applicable to Cleveland-Cliffs.
Earlier, U.S. Steel's board had declined a proposal from Cleveland-Cliffs for the acquisition. The board cited several grounds for its decision, including Cleveland-Cliffs’ refusal to sign a non-disclosure agreement.
Shares of CLF have declined 17.1% over the past year compared with a 2.4% decline of its industry.
Image Source: Zacks Investment Research
Cleveland-Cliffs’ second-quarter 2023 adjusted earnings of 69 cents per share matched the Zacks Consensus Estimate. Revenues fell 5.6% to $5,984 million in the quarter. The top line, however, beat the Zacks Consensus Estimate of $5,727 million.
Zacks Rank & Key Picks
Cleveland-Cliffs currently carries a Zacks Rank #3 (Hold).
The earnings estimate for CRS’s current year is pegged at $3.36, indicating year-over-year growth of 194%. CRS beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 10%. The company’s shares have rallied 49.5% in the past year.
The consensus estimate for FSTR's current year is pegged at 53 cents, indicating year-over-year growth of 112.5%. FSTR beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 134.5%. The company’s shares have rallied 27.6% in the past year.
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Cleveland-Cliffs (CLF) Gets Rights to Bid for U.S. Steel
Cleveland-Cliffs Inc. (CLF - Free Report) has announced that it has been granted the exclusive right by the United Steelworkers (USW) to bid under their Basic Labor Agreement with United States Steel Corporation (X - Free Report) . This assignment positions Cleveland-Cliffs as the sole viable purchaser with the capability to acquire the entirety of U.S. Steel. Moreover, CLF has committed that upon the successful completion of a transaction, it will undertake all the obligations outlined in the agreements between U.S. Steel and the USW that pertain to U.S. Steel employees.
Cleveland-Cliffs Inc. Price and Consensus
Cleveland-Cliffs Inc. price-consensus-chart | Cleveland-Cliffs Inc. Quote
In adherence to the collective bargaining agreement with U.S. Steel, any prospective sale of the entire company or assets represented by USW necessitates the support of USW. Through this assignment, the USW's authority to bid on such prospective transactions has been transferred to CLF. The transfer and assignment of USW's rights are exclusively applicable to Cleveland-Cliffs.
Earlier, U.S. Steel's board had declined a proposal from Cleveland-Cliffs for the acquisition. The board cited several grounds for its decision, including Cleveland-Cliffs’ refusal to sign a non-disclosure agreement.
Shares of CLF have declined 17.1% over the past year compared with a 2.4% decline of its industry.
Image Source: Zacks Investment Research
Cleveland-Cliffs’ second-quarter 2023 adjusted earnings of 69 cents per share matched the Zacks Consensus Estimate. Revenues fell 5.6% to $5,984 million in the quarter. The top line, however, beat the Zacks Consensus Estimate of $5,727 million.
Zacks Rank & Key Picks
Cleveland-Cliffs currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and L.B. Foster Company (FSTR - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The earnings estimate for CRS’s current year is pegged at $3.36, indicating year-over-year growth of 194%. CRS beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 10%. The company’s shares have rallied 49.5% in the past year.
The consensus estimate for FSTR's current year is pegged at 53 cents, indicating year-over-year growth of 112.5%. FSTR beat the Zacks Consensus Estimate in all the last four quarters, with the average earnings surprise being 134.5%. The company’s shares have rallied 27.6% in the past year.