Cleveland-Cliffs Q3 Earnings: Revenue, EPS Miss On 'Weaker Demand And Pricing,' Shares Slide

Cleveland-Cliffs Inc (NYSE:CLF) reported financial results for the third quarter after the bell on Monday. Here’s a rundown of the report.

Q3 Revenue: $4.57 billion, versus estimates of $4.77 billion

Q3 EPS: Loss of 33 cents, versus estimates for a loss of 27 cents

Steel shipments totaled 3.8 million net tons in the third quarter, consisting of 36% hot-rolled, 28% coated, 17% cold-rolled, 4% plate, 4% stainless and electrical and 11% other, including slabs and rail.

Cleveland-Cliffs said it ended the quarter with $3.8 billion in total liquidity.

“In Q3, weaker demand and pricing drove tighter margins, and ultimately led us to temporarily idle our Cleveland #6 blast furnace,” said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs.

“We achieved our lowest ...