The earnings call presented a mixed view with significant achievements in cost reduction and strategic expansions through acquisitions and projects. However, it also highlighted challenges from weak demand and pricing pressures in the steel and automotive markets. The outlook for 2025 is optimistic, but current market conditions have posed significant challenges.

Company Guidance

In the Cleveland-Cliffs Q3 2024 earnings call, the company provided guidance on various metrics and expectations moving forward. The acquisition of Stelco is anticipated to enhance Cleveland-Cliffs' overall EBITDA margin, with projected cost synergies of $120 million within the first year. Q3 results showed an adjusted EBITDA of $124 million, impacted by weaker steel demand and pricing, leading to a reduction in shipments to 3.8 million tons. The company experienced a decline in average selling price by $80 per ton and reduced shipments by 150,000 tons compared to the previous quarter. Looking ahead, Cleveland-Cliffs plans capital expenditures of $600 million for 2025, the lowest since 2020, and expects a $70 million cost improvement from improved coal supply contracts. The company remains optimistic for a demand recovery in 2025, driven by potential interest rate reductions and election outcomes, bolstered by ongoing strategic projects like those at Middletown and Butler, and new operations at Weirton expected by late 2025 or early 2026.

Successful Acquisition of Stelco

Cleveland-Cliffs completed the acquisition of Stelco within the expected timeframe. This acquisition is expected to improve EBITDA margins due to Stelco's low-cost operations and spot sales emphasis.

Cost Reductions Achieved

The company reduced unit costs by over $40 per ton in Q3, exceeding their guidance despite reduced operating rates. SG&A costs and capital spending remained below averages.

Future Growth and Strategic Projects

The company is progressing well with three strategic projects, including the Middletown and Butler efficiency projects and a transformer plant at Weirton.

Positive Market Outlook for 2025

Cleveland-Cliffs is optimistic about 2025 due to expected interest rate reductions, election outcomes, and increased manufacturing onshoring.

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Cleveland-Cliffs (CLF) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CLF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 07, 2025	2024 (Q4)	-0.48 / -	-0.05	―	―	―
Nov 04, 2024	2024 (Q3)	-0.31 / -0.33	0.52	-163.46% (-0.85)
Jul 22, 2024	2024 (Q2)	>-0.01 / 0.11	0.67	-83.58% (-0.56)
Apr 22, 2024	2024 (Q1)	0.22 / 0.18	-0.11	263.64% (+0.29)	―
Jan 29, 2024	2023 (Q4)	-0.05 / -0.05	-0.41	87.80% (+0.36)	―
Oct 23, 2023	2023 (Q3)	0.43 / 0.52	0.29	79.31% (+0.23)	―
Jul 24, 2023	2023 (Q2)	0.69 / 0.67	1.267	-47.12% (-0.60)	―
Apr 24, 2023	2023 (Q1)	-0.20 / -0.11	1.5	-107.33% (-1.61)	―
Feb 13, 2023	2022 (Q4)	-0.34 / -0.41	1.69	-124.26% (-2.10)	―
Oct 25, 2022	2022 (Q3)	0.49 / 0.29	2.33	-87.55% (-2.04)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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CLF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 04, 2024	$13.11	$11.61	-11.44%
Jul 22, 2024	$15.21	$15.88	+4.40%
Apr 22, 2024	$20.85	$18.55	-11.03%
Jan 29, 2024	$18.89	$20.13	+6.56%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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