Cleveland-Cliffs Inc. (CLF) stock is rising in the premarket: What’s Going on?

Cleveland-Cliffs Inc. (CLF) stock was rising in the premarket following the release of third-quarter 2021 financial results. CLF stock price saw a push of 4.16% to reach 22.04 a share at the time of this writing. The stock was gloomy in the previous trade and went low by 2.44% at closing. Let’s take a closer look at recent events of this stock.

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Cleveland-Cliffs Inc., based in Cleveland, Ohio, is operating by producing flat-rolled steel in North America. The company offers flat-rolled steel products to various markets and is involved in the automotive industry by supplying steel. CLF stock has a market cap of $10.574 billion.

Third Quarter 2021 Financial Results:

  • In the third quarter of 2021, CLF stock generated $6.0 billion in consolidated revenues. The revenues for the reported quarter were significantly higher than $1.6 billion revenues in the same tenure of the previous year.
  • Net income for the CLF stock in the reported quarter was $1.3 billion as compared to $2 million in the same quarter of last year. The stock recorded $2.33 net income per diluted share in the third quarter of 2021.
  • Adjusted EBITDA for the CLF stock in the third quarter was $1.9 billion as compared to $126 million adjusted EBITDA in the same quarter of the previous year.
  • Cleveland-Cliffs had total liquidity of approximately $2.2 billion as of October 19, 2021.

Nine Months performance of CLF stock in 2021:

  • In the nine-month period ended September 30, 2021, Cleveland stock recorded $15.1 billion in revenues. The previous year’s same tenure revenues were $3.1 billion.
  • Net income in the first nine months of 2021 was $2.1 billion, or $3.69 per diluted share for the CLF stock. This compares to a net loss of $155 million, or a $0.51 per diluted share in the same period of the previous year.

Steelmaking Performance of CLF stock:

In the third quarter of 2021, Cleveland stock recorded 4.2 million net tons steel product volume. It comprises of 31% coated, 32% hot-rolled, 18% cold-rolled , 4% stainless and electrical , 6% plate and 9% others. The revenues generated from steelmaking were $5.9 billion in the third quarter of 2021. Steelmaking cost of goods sold was $229 million and adjusted EBITDA of the steelmaking segment was $2.0 billion in the reported quarter.

Wrap Up:

Investors are responding positively to the Cleveland-Cliffs after the release of third-quarter 2021 financial results. The recent financial results reflect that company is progressing with time as its profitability continues to increase. If Cleveland stock goes with the same momentum, then it can be a good bet for investors in the long run.