TimkenSteel CEO Sells Shares; Cleveland-Cliffs, Nucor Unveil Q4 And Full-Year 2023 Results

Top Stories for Jan. 30, 2024:

1. President and CEO of TimkenSteel Corporation TMST, Michael Williams, sold 9,500 shares on Jan. 29 at an average price of $21.02 for roughly $199,725.

2. Cleveland-Cliffs Inc. CLF announced fourth-quarter and full-year 2023 results.

For the fourth quarter, the company reported revenue of $5.1 billion, a net loss of $139 million ($0.31 per share), and $487 million in free cash flow.

For 2023, Cleveland-Cliffs reported revenue of $22 billion, net income of $450 million ($0.78 per share), $1.6 billion in free cash flow and record steel shipments of 16.4 million net tons.

Chairman, President, and CEO Lourenco Goncalves said, "2023 was another great year for Cleveland-Cliffs, in which we accomplished several goals in commercial, operations, finance and human resources. Steel demand remained healthy throughout the entire year, with our most important market – the automotive sector – performing well."

"Even with the UAW labor strike late in Q3 and into Q4, automotive steel demand remained consistently strong, as we anticipated. After it was clear that the strike was not creating any real issues in the marketplace, non-automotive clients de-stocking their inventories betting on lower steel prices were compelled to buy steel at higher prices," he added.

3. The steel and steel products company Nucor Corp NUE announced fourth-quarter and full-year 2023 results.

For the quarter, the company reported earnings of $872.8 million ($3.16 per share), revenue of $7.70 billion and $1.36 billion in EBITDA. For 2023, Nucor reported earnings of $4.91 billion, revenue of $34.71 billion and $7.41 billion in EBITDA.

Nucor expects earnings in the first quarter of 2024 to outperform Q4 2023 and expects capital deployment to increase in 2024, with $3.5 billion in expenditures already planned.

Chair, President and CEO Leon Topalian said, "The Nucor team delivered a strong finish to 2023, which represents the third-most profitable year in our Company's history. Nucor's strategy to grow our core steelmaking capabilities and expand beyond into steel-adjacent business lines continues to deliver strong results."

"Over the past four years, Nucor has generated an average annual ROE of 33% and has returned approximately $9.7 billion to its shareholders through dividends and share repurchases. We remain optimistic that Nucor's best days are ahead of us, with a resilient U.S. economy and steel-intensive megatrends driving increased demand for our products. With our strong balance sheet and broad array of sustainable steel solutions, we believe Nucor is unparalleled with respect to its ability to leverage these market drivers for continued growth," he added.

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