Shares of steelmakers Cleveland-Cliffs Inc (NYSE:CLF) and Nucor Corp (NYSE:NUE) are moving lower Tuesday on the heels of the companies’ first-quarter financial results. Here’s what you need to know.
What Happened With CLF: After the market close on Monday, Cleveland-Cliffs reported first-quarter revenue of $5.2 billion, which missed the consensus estimate of $5.346 billion, according to Benzinga Pro. The company reported adjusted earnings of 18 cents per share, which missed analyst estimates of 22 cents per share. Steel shipments came in at 3.9 million net tons in the first quarter.
Cleveland-Cliffs noted it repurchased 30.4 million shares in the first quarter. The company's board ...