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Cleveland-Cliffs ( CLF ) stock sank Tuesday after the steelmaker reported worse fourth-quarter results than expected, with revenue falling and losses widening from the same time last year.

The steelmaker reported $4.33 billion in revenue, down more than 15% year-over-year, for the final three months of 2024. The company also posted an adjusted loss per share of $0.68, much larger than the $0.05 per share adjusted loss in the year-ago quarter. Sales and the adjusted LPS each narrowly missed analyst estimates compiled by Visible Alpha.

CEO Lourenco Goncalves called 2024 "the worst steel demand environment since 2010" excluding the pandemic. The steady decline of U.S. vehicle production and greater steel importing has sent prices to "unsustainably low" levels, Goncalves said.

The results come weeks after Cleveland-Cliffs was reported to be considering a joint bid with Nucor ( NUE ) for U.S. Steel ( X ) after former U.S. President Joe Biden blocked its $14.1 billion acquisition by Japan's Nippon. U.S. Steel, which has rejected offers to be bought by Cleveland-Cliffs previously, and Nippon have sued over the blocking of the deal.

Tariffs Could Boost Cleveland-Cliffs, CEO Says

Goncalves said the fourth quarter should be the worst of Cleveland-Cliffs' results, as built-up inventory and regulatory changes should help it rebound in 2025.

The CEO called U.S. President Donald Trump's proposed tariffs on Canada, China and Mexico , along with specific tariffs on aluminum and steel , a "proper enforcement of our trade laws and a supportive industrial policy prioritizing" U.S. manufacturing. He said the policies "should benefit Cleveland-Cliffs more than others" and said the company is seeing signs of a "dramatic rebound" in the first two months of the year.

Cleveland-Cliffs shares were down more than 7% Tuesday morning, and are down roughly 50% from the same time a year ago.

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