Cleveland-Cliffs Expects FY24 Steel Shipment Volumes Of 16.5M Net Tons Vs. 16.4M Net Tons In 2023; Expects Q1 Adjusted EBITDA Performance To Meaningfully Exceed Q/Q
Portfolio Pulse from Benzinga Newsdesk
Cleveland-Cliffs anticipates an increase in steel shipment volumes for FY24 to 16.5 million net tons compared to 16.4 million net tons in 2023. The company also expects its Q1 adjusted EBITDA to significantly surpass the previous quarter's performance.
January 29, 2024 | 9:09 pm
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Cleveland-Cliffs expects higher steel shipment volumes in FY24 and a substantial increase in Q1 adjusted EBITDA compared to the previous quarter.
The positive outlook for FY24 shipments and Q1 adjusted EBITDA suggests potential revenue growth and improved profitability, which are likely to be viewed favorably by investors. This could lead to a short-term increase in CLF's stock price as the market reacts to the optimistic projections.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100