Top Stories for Feb. 15, 2024:
1. Morgan Stanley analyst Carlos De Alba downgraded United States Steel Corporation X from Overweight to Equal-Weight and raised his price target from $40 to $51.
Analyst Carlos De Alba also downgraded Cleveland-Cliffs CLF from Overweight to Equal-Weight and lowered his price target from $21.50 to $20.
2. Cleveland-Cliffs announced the indefinite idling of its tinplate production plant in Weirton, West Virginia, due to the International Trade Commission (ITC) rejecting proposed special tariffs and subsidies on tin mill products by the Department of Commerce in April 2024.
Approximately 900 employees affected by the decision will have the option to relocate to other facilities within the company or receive severance packages.
Cleveland-Cliffs’ Chairman, President, and Chief Executive Officer Lourenco Goncalves expressed frustration, stating, “In what was our final effort to maintain tinplate production here in America, we proved that we are forced to operate on an uneven playing field, and that the deck was stacked in favor of the importers.”
3. Reliance Steel & Aluminum Co. RS rebranded to Reliance Inc. and reported fourth-quarter and full-year 2023 results.
The company achieved a second-highest annual EPS at $22.64, with fourth-quarter EPS of $4.70. It also generated $1.67 billion in annual cash flow from operations and completed the acquisition of Cooksey Iron & Metal Company and announced an upcoming acquisition of American Alloy Steel, Inc.
Finally, the company’s rebranding to Reliance, Inc. signifies its expansion beyond metal, while maintaining its core business model and values.
4. Hecla Mining Company HL reported fourth-quarter and full-year 2023 results.
The company revealed its second-highest silver reserves at 238 million ounces and silver sales of $720.2 million, emphasized a U.S. patent for its Underhand Closed Bench (UCB) mining method, and celebrated strong performance across its operations.
5. Director of Dakota Gold Corp. DC Robert Quartermain acquired 10,000 shares at an average price of $2.00 for a total of roughly $20,000.
Now Read: BlackRock’s $2.6 Trillion Asset Manager: ‘On Aggregate, The Economy Is In Good Shape’
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