What's Going On With Cleveland-Cliffs Stock Today?

Cleveland-Cliffs Inc CLF shares are trading higher Tuesday. The company reported preliminary first-quarter results and proposed an offering. 

What Happened: Cleveland-Cliffs expects first-quarter revenue of approximately $5.2 billion versus estimates of $5.21 billion, according to Benzinga Pro. The company anticipates adjusted EBITDA of approximately $200 million and noted that it expects second-quarter EBITDA to be "multiple times higher" than the first quarter. 

"Confirming our previous guidance, Q1 EBITDA was significantly higher than Q4 EBITDA. The increase in profitability in Q1 was almost entirely driven by the unit cost reductions explained in detail on our last earnings call," said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs.

Cleveland-Cliffs also announced intentions to offer and sell $750 million worth of senior unsecured guaranteed notes due 2030 in an offering. The company expects to use the proceeds to repay a portion of the borrowings under its existing asset-based revolving credit facility.

Cleveland-Cliffs is set to report first-quarter results on April 24. The company will host a conference call to discuss the numbers the following day. 

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CLF Price Action: Cleveland-Cliffs shares were up 1.95% at $18.28 at time of publication, according to Benzinga Pro.

Photo: Janno Nivergall from Pixabay.