Reported about 13 hours ago
Cleveland-Cliffs (CLF) shares surged nearly 15% following the steelmaker's report of narrowed losses, driven by cost-cutting measures, new tariffs, and a boost from domestic manufacturing initiatives. The company posted a second-quarter adjusted loss of $0.50 per share, a significant improvement from the previous quarter and better than analysts' expectations. Despite a 3.1% drop in revenue to $4.93 billion, steel shipments reached an all-time high of 4.3 million net tons. CEO Lourenco Goncalves highlighted the positive impact of tariffs on domestic manufacturing, particularly benefiting the automotive sector.
Source: YAHOO