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Shares of steelmaker Cleveland-Cliffs (NYSE: CLF) fell lower in premarket trading Tuesday after the company missed its quarterly earnings estimate, partly due to a strike by buyers at service centers, and a loss related to indefinite downtime of the Weirton tinplate plant.
Cleveland-Cliffs (CLF) shares were trading -2.54% lower to $20.32 pre-market, after first quarter results.
For the three months ended March 31, the miner reported adjusted earnings of $0.18 per share, missing estimates by $0.04, and revenue of $5.2 billion missed $130 million.
“Our first-quarter results were highlighted by the resilience of U.S. auto production, which helped offset a temporary strike by service center buyers in January and February,” CEO Lourenco Goncalves said in a statement.
Steel product sales volumes in the first quarter of 3.9 million net tons were lower than 4.01 million net tons in the same period a year earlier. The company maintained all previously set expectations for full-year 2024, including steel shipment volumes of 16.5 million net tons.
Cleveland-Cliffs announced its plans in February to close the tinplate plant, following a decision by the US International Trade Commission.