Cleveland-Cliffs, Nucor Stocks Decline Following Q1 Earnings Misses

Shares of Cleveland-Cliffs and Nucor fell after both companies reported lower-than-expected first-quarter earnings and revenues, with Nucor also anticipating a decrease in Q2 earnings.

• Cleveland-Cliffs reported Q1 revenue of $5.2 billion and earnings per share of 18 cents, both below analyst expectations.
• Nucor's Q1 earnings were $3.46 per share on revenues of $8.14 billion, missing estimates due to lower selling prices and decreased shipments in some segments.
• Both companies have engaged in significant share repurchase programs, with Cleveland-Cliffs authorizing a new $1.5 billion buyback.
• Nucor's outlook for Q2 anticipates a decline in earnings, primarily due to lower average selling prices affecting its steel mills segment.
• Despite the earnings misses, both companies maintain a strong position in the market, with strategic acquisitions and cost reduction plans underway.

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