Cleveland-Cliffs reported mixed first-quarter results on Monday.
Adjusted earnings per share came in at $0.18, improving from a loss of $0.11 in the same period last year. However, the company missed analysts’ estimates of $0.22 per share.
Revenue declined slightly to $5.20 billion from $5.30 billion, falling short of the $5.35 billion consensus estimate.
The company attributed the weaker-than-expected performance to a buyers’ strike from service centers in January and February. As a result, steel product sales volumes fell to 3.9 million net tons from 4.1 million net tons a year earlier.
Despite the volume decline, average selling prices rose to $1,175 per ton from $1,128 per ton.
Cleveland-Cliffs reiterated its outlook for steel shipment volumes of 16.5 million net tons and year-over-year steel unit cost reductions of $30 per net ton.
