India, Feb. 3 -- Cleveland-Cliffs Inc. (CLF), a steel maker, on Monday reported a decline in preliminary revenue for the fourth quarter due to muted demand. The company expects new steel tariffs to benefit in 2025.
Lourenco Goncalves, CEO of Cleveland-Cliffs, said: "Other than the Covid-impacted 2020, 2024 was the worst year for domestic steel demand since 2010. As the largest supplier to the automotive industry in North America, we were especially impacted by muted demand from this sector in the second half of the year. This was the primary driver of our weaker results, particularly in the fourth quarter, which we expect to be the trough as we look forward."
For the fourth quarter to December 31, 2024, the company posted revenue of aroun...