Cleveland-Cliffs downgraded to Sell from Hold at GLJ Research » 08:4607/3107/31/20
GLJ Research analyst…
GLJ Research analyst Gordon Johnson downgraded Cleveland-Cliffs to Sell from Hold with a price target of $2.51, down from $5.32. The company's outlook "conflicts with the data" and its future growth is "pinned to hope," the analyst tells investors.
Cleveland-Cliffs sees pellet shipment in Q3 similar to Q2 » 11:0507/3007/30/20
Comments taken from Q2…
Comments taken from Q2 earnings conference call.
Cleveland-Cliffs CEO: 'I'm interested in Tesla because everyone is interested' » 10:4107/3007/30/20
Cleveland-Cliffs (CLF) CEO Lourenco Goncalves said, "I'm interested in Tesla (TSLA) because everyone else is interested in Tesla."Comments taken from Q2 earnings conference call.
Cleveland-Cliffs 2H20 free cash flow 'probably' around $50M-$100M » 10:3307/3007/30/20
During the Q&A…
During the Q&A portion of the Cleveland-Cliffs Q2 earnings conference call, an analyst asked management if they could expand on the 2H20 free cash flow guidance, providing $50M-$100M as a suggested range. Cleveland-Cliffs CFO Keith Koci said they weren't going to provide an exact range but the analyst was "probably right" with the $50M-$100M range.
Cleveland-Cliffs sees positive free cash flow in 2H20 » 10:2707/3007/30/20
Cleveland-Cliffs CFO Keith Koci said the company sees positive free cash flow and expects and strong second-half. Comments taken from Q2 earnings conference call.
Cleveland-Cliffs CFO says Q2 was 'anomaly' » 10:2307/3007/30/20
Cliffs' Chairman, President, and CEO Lourenco Goncalves said, "over the past few months, the company has shown its resilience as I have spoken about in the past." Goncalves added, the pandemic made the car-buying market into "a consumer-driven market." Comments taken from Q2 earnings conference call.
Cleveland-Cliffs sees CapEx for remainder of year $250M » 07:1407/3007/30/20
Cleveland-Cliffs said in…
Cleveland-Cliffs said in its Q2 earnings release, "The capital spending expectation for the remainder of the year is $250 million, which includes approximately $110 million in remaining HBI spend and $25 million in capitalized interest. The Company expects to generate over $100 million in cash from working capital release during the second half of the year." Regarding business outlook, Mr. Goncalves stated: "Now that nearly all our facilities which were idled during the second quarter have resumed normal operations, during the second half of 2020 we will be able to demonstrate the potential of our new Cleveland-Cliffs footprint. With demand accelerating faster and more consistently than originally expected, we were pleased to record positive adjusted EBITDA during the month of June, way ahead of our initial forecast made earlier in Q2. Also, we expect idle costs to be less than $50 million during the third quarter and minimal in the fourth quarter, which will lead to a significant improvement in unit cost performance. As the market currently stands, we expect to see positive free cash flow in the second half of the year, which includes the capital spending necessary to complete the Toledo HBI project."
Cleveland-Cliffs reports Q2 EPS (31c), consensus (50c) » 07:1307/3007/30/20
Reports Q2 revenue $1.1B,…
Reports Q2 revenue $1.1B, consensus $1.08B. Cliffs' Chairman, President, and CEO Lourenco Goncalves said: "The second quarter was an unusual one, with the full impact of the COVID-19 pandemic hitting our clients. Our main concern then was preserving our liquidity during a time we were not able to ship steel to our clients in all markets we serve, and particularly in our main end-market, the automotive industry. As of today, our clients are back to healthy levels of operation, and our liquidity now sits solidly above the $1.1 billion mark. That happened way ahead of our conservative assumptions, creating a very exciting business prospect for a strong second semester." Mr. Goncalves added: "In any given year, the second quarter is always the time when our iron ore clients replenish their pellet inventories, depleted during the winter. Our success in continuing to sell pellets during this second quarter was also very important to our results, showing a clear differentiation between Cleveland-Cliffs and other companies in our space." Mr. Goncalves concluded: "We are excited, but not surprised, with the potential we are unleashing from the AK Steel footprint. We have already implemented all the synergy initiatives we disclosed at the time of the acquisition, with the updated amount of $151 million coming in much higher than the original target of $120 million in synergies. In the second half of this year we will finish the construction of our HBI plant, creating another highly profitable business for Cleveland-Cliffs in 2021 and beyond. At this time, based on our unique fully integrated and self-sufficient footprint, from iron ore pellets to highly sophisticated carbon and stainless steels and automotive parts, we are laser-focused on growing our business with our traditional automotive clients and on adding new ones from the roster of new manufacturers of electric vehicles, trucks and SUVs."
|Over a week ago|
Cleveland-Cliffs subsidiary raises market base prices for carbon steel products » 14:3207/2107/21/20
Cleveland-Cliffs announced that its wholly-owned subsidiary, AK Steel, is increasing current spot market base prices for all carbon flat-rolled steel hot rolled, cold rolled and coated products by a minimum of $40 per ton, effective immediately with new orders in North America.
Unusually active option classes on open July 13th » 09:4007/1307/13/20
EVRI, CHL, PEP, JPM, CLF, ON, MCD, W, SLV, HD
Unusual total active…
Unusual total active option classes on open include: Everi Holdings (EVRI), China Mobile (CHL), PepsiCo (PEP), JPMorgan (JPM), Cleveland-Cliffs (CLF), ON Semiconductor (ON), McDonald's (MCD), Wayfair (W), iShares Silver Trust (SLV), and Home Depot (HD).