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The company generated $5.3 Billion during Q1 2023.
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CLF stock lost 5% on Thursday.
Iron ore mining is getting difficult with time while also making it hard for the companies involved in its extractions. Shares of Cleveland-Cliffs Inc (NYSE: CLF), a mining company, plummeted by 5% yesterday, closing at $14.26. Though the market was expected to recover after the covid-19 pandemic, Russia-Ukraine war hit the global economy hard.
New Covid Variants May Hamper Growth
Recently, the company revealed their Q1 2023 financials revealing they had generated $5.3 Billion during the period. A major part of their steel-making revenue came directly from automotive sales. The sector is a core driver for sales from where they can benefit from in the future considering potential growth in vehicle demand. Genz is also making a shift towards electric vehicles to meet net zero carbon emissions. This would boost the demand for raw materials used in manufacturing.
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