Cleveland-Cliffs Stock Falls After Earnings Beat Estimates. Here’s Why.

Steel maker


had a tough finish to the year as prices for its products fell. Still, quarterly results came in better than expected, but investors Tuesday weren’t giving the company much credit for the quarterly beat.

Cleveland-Cliffs (ticker: CLF) reported a fourth- quarter adjusted loss of 30 cents a share and $123 million in adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, from $5 billion in sales.