Cleveland-Cliffs Inc (CLF) reported a loss for the third quarter, citing weak demand and lower steel prices, particularly impacting its automotive sector exposure. The company lowered its capital expenditure outlook for 2024 but expressed optimism for a rebound in steel demand in early 2025.
Cleveland-Cliffs Inc. (CLF) has secured a four-year labor deal with the United Auto Workers (UAW) at its Dearborn Works operations. The company also reported a decline in its second-quarter earnings and revenues, citing reduced steelmaking revenues and selling prices. Despite the challenges, Cleveland-Cliffs remains optimistic about its cost reduction initiatives and its outlook for the future.
