Why Cleveland-Cliffs Stock Dropped 15% Today
Shares of steelmaker Cleveland-Cliffs (NYSE: CLF) dropped 14.7% Thursday after the company reported its fourth-quarter and full-year 2020 earnings. Like other companies in the sector, Cleveland-Cliffs had a good fourth quarter and expects an even better first quarter of 2021.
But net income of only $74 million on sales of $2.3 billion fell short for investors. Larger competitor Nucor (NYSE: NUE) reported Q4 earnings of almost $400 million, for example, on sales of $5.26 billion. Nucor also subsequently provided guidance, saying first-quarter net income should more than double the previous quarter amid strong demand and pricing.
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Source Fool.com
