Cleveland-Cliffs (NYSE:CLF) delivered disappointing fourth-quarter results, with both earnings and revenue falling short of analyst expectations, leading to a more than 7% drop intra-day today.

The steelmaker reported an adjusted loss per share of $0.68, significantly missing the expected loss of $0.46. Revenue came in at $4.3 billion, falling short of the $4.54 billion consensus estimate, reflecting weaker-than-anticipated sales performance.

The company posted an adjusted EBITDA loss of $81 million, wider than the $61 million projected by the analysts. However, it was slightly better than the company's preliminary guidance of an $85 million loss, offering a small silver lining.

Cleveland-Cliffs also burned through $677 million in cash during the quarter, further highlighting ongoing financial pressures.