Canada
February 3, 2025
Cliffs blames muted auto demand for steep losses in 2024
Written by Stephanie Ritenbaugh
Ahead of its fourth-quarter earnings report, Cleveland-Cliffs’ chief executive said that other than 2020, when COVID-19 hit, “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,” Lourenco Goncalves, Cliffs’ chairman, president, and CEO, said in a preliminary earnings report.
