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Stocks having Bumpy Ride for the Day: Cliffs Natural Resources Inc. (NYSE:CLF), Rowan Companies plc (NYSE:RDC)


Cliffs Natural Resources Inc. (NYSE:CLF) persists its position slightly strong in context of buying side, while shares price surged 0.57% during latest trading session.
Cliffs has outperformed the Zacks categorized Mining-Iron industry over the past year. The company’s shares have gained around 563.7% over this period, compared with roughly 315.3% gain recorded by the industry. Moreover, Cliffs entered into multiple contracts with Minnesota Power, a utility division of ALLETE Inc., in May 2016 to purchase power in the long term. The contract will enable Cliffs to enhance its future competitiveness and also improve its cash production costs over the long term. The new contract allows Cliffs to supply up to 10 million long tons of pellets to ArcelorMittal USA. The supplied iron ore will meet the entire requirement at ArcelorMittal’s Indiana Harbor West and Cleveland Works steelmaking facilities, while continuing the current level of pellet supply to ArcelorMittal’s Indiana ....

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Cleveland-Cliffs turned a $74 million profit on $2.3 billion in revenue in fourth quarter


Cleveland-Cliffs made $74 million in profit in the fourth quarter, or 14 cents per share.
That compared to $63 million in net income or 23 cents per share in the same quarter a year earlier.
The Cleveland-based steelmaker, which has swollen in size due to its acquisitions of ArcelorMittal USA and AK Steel, brought in $2.3 billion in revenue in the fourth quarter, as compared to $534 million in revenue in the fourth quarter of 2019. The company pulled in $286 million in earnings before interest, taxes, depreciation and amortization, up from $111 million in EBITDA at the same time the previous year.
“Our strong fourth-quarter results offer just a sample of what we expect to accomplish in 2021, when we will show the full magnitude of the ArcelorMittal USA acquisition as well as the added contribution from our state-of-the-art direct reduction plant, Chairman, President and CEO Lourenco Goncalves said. The integration of the ArcelorMittal USA assets into our portfol ....

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