Cleveland-Cliffs Q1 results miss estimates on hit from buyers strike

Investing.com -- Cleveland-Cliffs reported Monday first-quarter results that missed analyst expectations as the steel maker's performance was hurt by the buyers strike from service centers in January and February.

Cleveland-Cliffs Inc (NYSE: CLF) fell 2.4% in afterhours trading following the report.

For the three months ended Mar. 31, the company reported adjusted earnings of $0.18 per share, compared with a loss of $0.11, on revenue of $5.20B, down from $5.30B, missing estimates for $0.22 a share on revenue of $5.35B.

"Our first quarter results were highlighted by the resiliency of automotive production in the United States, which helped to offset a temporary buyers strike from service centers in January and February," the company said.

Steel product sales volumes fell to 3.9M net tons from about 4.1M a year earlier in Q1, but the average selling prices rose to $1,175 per ton from $1,128 per tone.

The company reiterated its outlook for steel shipment volumes of 16.5 million net tons and year-over-year steel unit cost reductions of about $30 per net ton.

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