Cleveland-Cliffs CEO says 'our shares are undervalued' after Q4 earnings

Cleveland-Cliffs Inc (NYSE: CLF) is trading down in extended hours on Monday after reporting weaker-than-expected revenue for its fourth financial quarter.

Cleveland-Cliffs guidance for fiscal 2024

The iron-ore and steel making company now forecasts $675 million to $725 million in capital expenditures for fiscal 2024.

Despite coming in shy of revenue expectations in the recently concluded quarter, Cleveland-Cliffs is confident that its adjusted EBITDA will improve sequentially in Q1. Lourenco Goncalves – its chief executive said in a press release today:

Cleveland-Cliffs ended the year with record steel shipments of 16.4 million net tons. In December, Invezz reported that the New York listed firm is willing to pay over $40 a share to acquire United States Steel Corporation.

Cleveland-Cliffs Q4 earnings snapshot

• Lost $155 million versus the year-ago $214 million
• Per-share loss also narrowed from 41 cents to 31 cents
• Adjusted loss printed at 5 cents as per the press release
• Revenue climbed over 1.0% year-on-year to $5.11 billion
• Consensus was 5 cents loss and $5.16 billion in revenue

Note that Cleveland-Cliffs Inc ended last year with a record $4.5 billion liquidity. Its CEO Goncalves also said on Monday: