Cleveland-Cliffs Predicts Q4 Revenue Miss & EBITDA Loss, CEO Applauds Trump's Tariffs For 2025 Boost

Cleveland-Cliffs Inc. (NYSE:CLF) shares are trading lower Monday after the company reported preliminary results.

For the fourth quarter of 2024, Cleveland-Cliffs expects steel shipments of 3.8 million net tons, with revenues of around $4.30 billion (vs. consensus of $4.49 billion).

Also, the company anticipates an adjusted EBITDA loss of about $85 million in the quarter.

For 2024, steel shipments are expected to reach 15.6 million net tons, with revenues around $19.2 billion (vs. street view of $19.37 billion) and adjusted EBITDA of around $775 million.

Including Stelco, the pro-forma adjusted EBITDA for 2024 is expected to be about $1.2 billion.

Cleveland-Cliffs attributed its weaker results, particularly in fourth-quarter, to subdued demand from the North American automotive sector.

Lourenco Goncalves, Cliffs’ Chairman, President, and CEO, said, ”So far into this new year, we have already seen improvements in our order book, both automotive and non-automotive, and are confident that the manufacturing-friendly items on President Trump’s agenda will have an outsized benefit on Cleveland-Cliffs.”

”This includes the recently announced tariffs on Mexico, Canada, and China and the expectation that there is more to come on steel specifically. Stelco has been a major contributor since day 1 and a substantial portion of our expected synergies are already in motion. Based on their experience in 2018, we expect Stelco will benefit from steel tariffs as well. We look forward to the success in 2025 that all of these developments will ultimately bring.”

“We applaud President Trump for taking decisive action on tariffs. Cleveland-Cliffs is a firm believer in the long-term positive impact that tariffs can play to make America a manufacturing superpower once again.”

Apart from this, Cleveland-Cliffs disclosed its intention to offer $750 million in Senior Guaranteed Notes due 2031, subject to market conditions and other factors.

The company plans to use the net proceeds for general corporate purposes, which includes the repayment of borrowings under its asset-based credit facility.

The company plans to release fourth-quarter and full-year 2024 earnings results on February 24, 2025.

Investors can gain exposure to the stock via SPDR S&P Metals & Mining ETF (NYSE:XME) and VanEck Steel ETF (NYSE:SLX).

Price Action: CLF shares are down 2.64% at $9.97 at the last check Monday.

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