Steel producer Cleveland-Cliffs Inc (NYSE:CLF) could highlight how tariffs helped the American manufacturing sector when the company reports third-quarter financial results before market open on Monday, Oct. 20.
• See how CLF stock is doing here.
Earnings Estimates: Analysts expect Cleveland-Cliffs to report third-quarter revenue of $4.90 billion, up from $4.57 billion in last year’s third quarter, according to data from Benzinga Pro.
The company beat analyst estimates for revenue in the second quarter, but has missed estimates in six of the past seven quarters.
Analysts expect Cleveland-Cliffs to report a loss of 48 cents per share in the third quarter, compared to a loss of 33 cents per share in last year’s third quarter.
The company beat analyst estimates for earnings per share in the second quarter, but has missed analyst estimates in three of the last four quarters and in seven of the past 10 quarters overall.
Read Also: Looking At Cleveland-Cliffs’s Recent Unusual Options Activity
Key Items to Watch: Several analysts have raised their price targets on the steel company ahead of earnings, which could be related to the company’s strong outlook after second-quarter results and management commentary on tariffs.
Here are some recent analyst ratings on Cleveland-Cliffs and their price targets:
- JPMorgan: Maintained Neutral rating, raised price target from $10 to $13
- Goldman Sachs: Maintained Buy rating, raised price target from $12.85 to $14.50
- Bank of America Securities: Maintained Neutral rating, raised price target from $9.50 to $12.50
- Wells Fargo: Maintained Equal-Weight rating, raised price target from $10 to $11
Cleveland-Cliffs reported record steel shipments in the second quarter and highlighted that recent operational efforts were paying off with cost reductions.
CEO Lourenco Goncalves said the company’s order book was healthy during the second-quarter financial results, while also providing some thanks to President Donald Trump for the positive impact tariffs were having on the company.
“Cliffs is a major supplier of steel to the automotive manufacturers, and the Trump Administration continues to show strong support to both the domestic steel and the domestic automotive sectors,” Goncalves said.
The Cleveland-Cliffs CEO said tariffs were having a positive impact on U.S. manufacturing and the country’s steel industry with the company to benefit as a domestic company providing steel to many sectors.
Goncalves said foreign competitors in the steel sector would need to establish a presence in the U.S. to have access to sectors and avoid tariffs.
While some companies are seeing negative impacts from tariffs, Cleveland-Cliffs is one of the few examples of companies thanking the Trump administration and showing how the tariffs could help revenue growth.
Analysts and investors will be watching third-quarter results to see if tariffs helped results and if management remains bullish going forward.
CLF Price Action: Cleveland-Cliffs stock closed Friday down 1.77% to $13.32 versus a 52-week trading range of $5.63 to $14.51. Shares are up 39.6% year-to-date in 2025.
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