Cleveland-Cliffs (NYSE: CLF), formerly known as Cliffs Natural Resources and one of the largest steelmakers in the United States, dramatically underperformed its peers in the third quarter. To be fair, all of the steel mills faced tough operating conditions, but Cleveland-Cliffs' year-over-year earnings decline was a painful 90% or so.

Management is confident that the fourth quarter will be better. Here's what you need to know.

Steelmaker Cleveland-Cliffs reported sales of $5.7 billion in the third quarter, down from $6 billion a year ago. But earnings per share came in at $0.29, way off from the $2.33 it earned in the same quarter of 2021. A number of industrywide factors influenced the weak showing, including falling demand, rising costs (notably for energy), and attenuating steel prices.

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Source Fool.com