2024-02-04 00:04:56 ET
Summary
- Cleveland-Cliffs provided strong guidance for eFY24 and is expected to experience strong tailwinds from cost-cutting measures and enhanced steelmaking process.
- The US Steel and Nippon merger is still awaiting antitrust approval, and if it falters, Cleveland-Cliffs will bring a new offer to the table, likely at a reduced price.
- Management is refocusing capital allocation from 85/15 to 50/50 debt reduction & share repurchasing, significantly bolstering shareholder value.
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Cleveland-Cliffs Bolsters Shareholder Value