By Connor Hart
Cleveland-Cliffs widened its loss and logged lower sales in the fourth quarter, though the company guided for what Chief Executive Lourenco Goncalves called a dramatic rebound in 2025, boosted by supportive industrial policy being implemented by President Trump.
"We can already see the early signals of this rebound in automotive pull, index pricing, and our overall order book," he said.
The Ohio-based steelmaker on Monday guided for steel-unit cost reductions of approximately $40 per net ton in 2025, as well as capital expenditures of about $700 million. It didn't provide a revenue or profit outlook.
In its quarter ended Dec. 31, Cliffs posted a net loss of $447 million, or 92 cents a share, compared with $155 million, or 31 cents a share, a year earlier.
On an adjusted basis, the company notched a loss of 68 cents a share. Analysts surveyed by FactSet expected a per-share loss of 61 cents a share.
Revenue fell 15% to $4.33 billion, in line with Cliff's preliminary fourth-quarter expectations, which were released earlier this month.
Steel shipments totaled 3.8 million net tons in the fourth quarter, also in line with the company's preliminary report.
Goncalves said the company's 2024 results were a consequence of the worst steel demand environment since 2010, excluding the years affected by the Covid-19 pandemic.
Shares fell 3.2%, to $10.79, in after-hours trading.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
February 24, 2025 17:35 ET (22:35 GMT)
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