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Cleveland-Cliffs (CLF) Hikes Prices of Carbon Steel Products
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Cleveland-Cliffs Inc.’s (CLF - Free Report) full-owned subsidiary, AK Steel, is increasing the base prices for all carbon flat-rolled steel products by a minimum $40 per ton. The company stated that the price hike is effective immediately for new orders in North America.
Cleveland-Cliffs reported a net loss of $48.6 million or 18 cents in first-quarter 2020, wider than a loss of $22.1 million or 8 cents in the prior-year quarter. Barring one-time items, adjusted earnings came in at 4 cents per share, which beat the Zacks Consensus Estimate of a loss of 18 cents.
Revenues surged 128.7% year over year to $359.1 million. However, the figure trailed the Zacks Consensus Estimate of $367.8 million.
Cleveland-Cliffs’ shares have lost 49.4% in the past year compared with the industry’s 0.7% decline.
On the first-quarter 2020 earnings call, Cleveland-Cliffs stated that if the automotive manufacturers continue to restart production as they have indicated to the company, its operations will normalize throughout the rest of the second quarter.
Management plans to restart hot briquetted iron (HBI) construction as quickly as possible. The company noted that the coronavirus pandemic and related production stoppages have created a significant scarcity of scrap in the marketplace. This has further increased demand and value of its HBI.
Zacks Rank & Key Picks
Cleveland-Cliffs currently carries a Zacks Rank #3 (Hold).
Agnico Eagle has an expected earnings growth rate of 75.3% for 2020. The company’s shares have surged 59.2% in the past year.
Scotts Miracle-Gro has an expected earnings growth rate of 17.7% for fiscal 2020. Its shares have returned 69.5% in the past year.
Barrick has an expected earnings growth rate of 64.7% for 2020. The company’s shares have surged 119.9% in the past year.
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Cleveland-Cliffs (CLF) Hikes Prices of Carbon Steel Products
Cleveland-Cliffs Inc.’s (CLF - Free Report) full-owned subsidiary, AK Steel, is increasing the base prices for all carbon flat-rolled steel products by a minimum $40 per ton. The company stated that the price hike is effective immediately for new orders in North America.
Cleveland-Cliffs reported a net loss of $48.6 million or 18 cents in first-quarter 2020, wider than a loss of $22.1 million or 8 cents in the prior-year quarter. Barring one-time items, adjusted earnings came in at 4 cents per share, which beat the Zacks Consensus Estimate of a loss of 18 cents.
Revenues surged 128.7% year over year to $359.1 million. However, the figure trailed the Zacks Consensus Estimate of $367.8 million.
Cleveland-Cliffs’ shares have lost 49.4% in the past year compared with the industry’s 0.7% decline.
On the first-quarter 2020 earnings call, Cleveland-Cliffs stated that if the automotive manufacturers continue to restart production as they have indicated to the company, its operations will normalize throughout the rest of the second quarter.
Management plans to restart hot briquetted iron (HBI) construction as quickly as possible. The company noted that the coronavirus pandemic and related production stoppages have created a significant scarcity of scrap in the marketplace. This has further increased demand and value of its HBI.
Zacks Rank & Key Picks
Cleveland-Cliffs currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Agnico Eagle Mines Limited (AEM - Free Report) , The Scotts Miracle-Gro Company (SMG - Free Report) and Barrick Gold Corporation (GOLD - Free Report) , all carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Agnico Eagle has an expected earnings growth rate of 75.3% for 2020. The company’s shares have surged 59.2% in the past year.
Scotts Miracle-Gro has an expected earnings growth rate of 17.7% for fiscal 2020. Its shares have returned 69.5% in the past year.
Barrick has an expected earnings growth rate of 64.7% for 2020. The company’s shares have surged 119.9% in the past year.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2019, while the S&P 500 gained and impressive +53.6%, five of our strategies returned +65.8%, +97.1%, +118.0%, +175.7% and even +186.7%.
This outperformance has not just been a recent phenomenon. From 2000 – 2019, while the S&P averaged +6.0% per year, our top strategies averaged up to +54.7% per year.
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