Cleveland-Cliffs (NYSE:CLF) posted a weaker-than-expected set of Q3 2022 results. Revenue fell by 5% year-over-year to $5.7 billion, and earnings per share stood at $0.30, down from $2.45 in the year-ago period.
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The company is witnessing softening demand and sequentially weaker pricing. Over Q3, total external sales volumes declined by about 13% year-over-year to 3.635 million net tons.
CLF stock has declined by about 5% since the earnings release on Tuesday.
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