CLF · Cleveland-Cliffs Inc.
AI read · Good for CLF
The AI's read
Higher steel prices, more shipments, and lower costs lifted adjusted EBITDA from the prior quarter. The fourth-quarter forecast points to another increase, and the company expects to cut debt with cash flow and property-sale proceeds. Sales missed estimates, and Stelco's coating lines will idle because of oversupply. Stelco will shift production toward hot-rolled steel, and Cleveland-Cliffs expects that move to raise profit contributions while keeping total production steady.