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Here is why CLF stock rallied on Tuesday, March 30, 2021

Cleveland-Cliffs Inc. (CLF) stock performed well on march 30, 2021. It gained 12.95% on Tuesday in both sessions.

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CLF share prices have increased by 17.20% over the past week, but are up 26.21% over prices posted in the last quarter. Going further back, the stock’s price has tanked 162.80% over the last 6 months but is up 18.41% in year-to-date trading.

Let’s have a look at the recent news about CLF stock.

Scheduling the first-quarter 2021 earnings announcement

On March 30, 2021, Cleveland-Cliffs said that it will announce its first-quarter 2021 earnings results before the U.S. market opens on Thursday, April 22, 2021.

The CLF is expecting

  • Adjusted EBITDA of approximately $500 million for the 1Q of 2021.
  • Adjusted EBITDA of approximately $1.2 billion for the 2Q of 2021.
  • Adjusted EBITDA of approximately $3.5 billion for the full-year 2021.

Previous financial results

On February 25, 2021, Cleveland-Cliffs reported fourth-quarter and full-year results for the period ended December 31, 2020.

Fourth-quarter financial highlights

  • CLF consolidated revenue for the reported quarter was $2.3 billion, compared to prior-year fourth-quarter revenues of $534 million.
  • CLF reported net income of $74 million or $0.14 per diluted share, compared to net income of $63 million, or $0.23 per diluted share, for the fourth quarter in 2019.
  • Adjusted EBITDA1 was $286 million for the reported quarter, compared to $111 million in the fourth quarter of 2019.

Full-Year Financial highlights

  • Full-year 2020 CLF revenues were $5.4 billion, compared to the prior year’s revenues of $2.0 billion.
  • CLF suffered a net loss of $81 million in the year 2020, compared to 2019 net income of $293 million.
  • Adjusted EBITDA was $353 million for the full-year 2020, compared to $525 million in 2019.

About CLF

Cleveland-Cliffs Inc was founded in 1847 as a mine operator. Cleveland-Cliffs has been traditionally recognized as the largest and oldest independent iron ore mining company in the United States. Today, Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America.

CLF stock is lead by Lourenco Goncalves who is Chairman, President, and Chief Executive Officer of Cleveland-Cliffs since August 2014.

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