$C:F reported a loss of -$0.11 vs est of $0.21.
The steelmaking revenues of $5.1 billion included $1.9 billion, or 36%, of direct sales to the automotive market; $1.3 billion, or 25%, of sales to the infrastructure and manufacturing market; $1.3 billion, or 25%, of sales to the distributors and converters market; and $701 million, or 14%, of sales to steel producers.
$CLF is one of my bigger holdings. Unlike commodity stocks/miners like $FCX, $GOLD, or $VALE; Cleveland-Cliff produces steel or a finished product that they can negotiate prices with to their customers.
The biggest concern I have with $CLF is that 36% of their revenue is from auto car manufactures. Obviously if a recession does hit the USA, no too many people are buying new cars.
The stock os down 1.5% or so AH; but a pretty good earnings all things considered.
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