Why Cleveland-Cliffs Stock Is Trading Lower Today

Cleveland-Cliffs Inc CLF is trading lower Thursday morning after the company announced worse-than-expected financial results.

Cleveland-Cliffs reported second-quarter earnings of $1.46 per share, which came in below the estimate of $1.55 per share. The company reported quarterly revenue of $5 billion, which came in below the estimate of $5.09 billion. Cleveland-Cliffs expects third-quarter adjusted EBITDA of $1.8 billion.

“The numbers unequivocally confirm our efficiency in operating the new footprint, resulting from the integration of the two major steel companies acquired in 2020 as a single and indivisible mining and steel company," said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs. 

Price Action: Cleveland-Cliffs has traded as high as $24.77 and as low as $5.16 over a 52-week period.

At last check Thursday, the stock was down 3.54% at $20.43.