Cleveland-Cliffs Non-GAAP EPS of $1.31 misses by $0.05, revenue of $6.3B beats by $170M

Jul. 22, 2022 7:02 AM ETCleveland-Cliffs Inc. (CLF)By: Gaurav Batavia, SA News Editor122 Comments
  • Cleveland-Cliffs press release (NYSE:CLF): Q2 Non-GAAP EPS of $1.31 misses by $0.05.
  • Revenue of $6.3B (+26.0% Y/Y) beats by $170M.
  • Second-quarter Adjusted EBITDA of $1.1 billion
  • Based on the current 2022 futures curve, which implies an average hot-rolled coil steel index price of $850 per net ton for the remainder of the year, the Company would expect its full-year 2022 average selling price to be approximately $1,410 per net ton. This incorporates the Company's expectation of substantial increases in fixed price contracts resetting on October 1, 2022.

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