Cleveland-Cliffs and Nucor shares fell due to lower-than-expected Q1 earnings, citing decreased selling prices.
Cleveland-Cliffs and Nucor shares fell on Tuesday following their first-quarter financial results. Cleveland-Cliffs reported revenue of $5.2bn, missing the consensus estimate of $5.346bn, and an adjusted EPS of 18 cents, below analyst estimates of 22 cents. Nucor posted a Q1 EPS of $3.46, $0.21 worse than the consensus estimate of $3.67. Both companies cited decreased selling prices as a driver behind their lower-than-expected earnings.
April 22, 2024
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