Cleveland-Cliffs reports EPS in-line, revs in-line
- Reports Q4 (Dec) loss of $(0.05) per share, excluding non-recurring items, in-line with the FactSet Consensus of ($0.05); revenues rose 1.3% year/year to $5.11 bln vs the $5.16 bln FactSet Consensus.
- "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."
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