Why Cleveland-Cliffs Shares Are Falling

Cleveland-Cliffs Inc (NYSE:CLF) shares are trading lower by 5.5% at $19.79 Friday morning after the company reported worse-than-expected fourth-quarter EPS and sales results.

Cleveland-Cliffs reported quarterly earnings of $1.78 per share which missed the analyst consensus estimate of $2.12. The company reported quarterly sales of $5.35 billion which missed the analyst consensus estimate of $5.73 billion by 7%.

Cleveland-Cliffs also announced the company's board of directors has authorized a new share repurchase program to buy back its outstanding common shares. Under the share repurchase program, Cleveland-Cliffs says the company will have ample flexibility to buy up to a maximum of $1 billion worth of shares, via acquisitions in the open market or privately negotiated transactions.

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Cleveland-Cliffs has a 52-week high of $26.51 and a 52-week low of $12.77.