reports
Cleveland-Cliffs Announces Shareholder Approval of Arrangement to Acqu...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) is pleased to announce that the holders of common shares (the “Shareholders”) of Stelco Holdings Inc. (TSX: STLC) (“Stelco”) voted in favor of, and overwhelmingly approved, the special resolution (the “Arrangement Resolution”) regarding the previously announced indirect acquisition of Stelco by Cliffs at a special meeting of the Shareholders held earlier today (the “Stelco Meeting”). The Arrangement Resolution received support of 99.97% of the total votes cast for the Arrangement Resolution. The transaction is expected t...
Cleveland-Cliffs Reaffirms Commitment to Middletown Works Decarbonizat...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) remains fully committed toward the transformational project underway at its Middletown Works integrated facility in Middletown, Ohio. As previously disclosed, Cliffs was selected for award negotiations for up to $500 million in total funding from the Department of Energy toward the replacement of its Middletown blast furnace with a Direct Reduced Iron (DRI) Plant and two Electric Melting Furnaces (EMF). The Company continues to be in active negotiations with the Department of Energy related to the award-specifc terms and...
Cleveland-Cliffs Successfully Amends Asset-Based Lending Facility
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) today announced that it successfully amended its $4.75 billion Asset-Based Lending (ABL) facility as part of the financing for the pending acquisition of Stelco Holdings Inc. (“Stelco”). Cliffs has completely replaced Goldman Sachs’ participation with increased commitments from Bank of America, Wells Fargo, J.P. Morgan, Fifth Third, Truist, Capital One, BMO, Huntington, and U.S. Bank. Additionally, PNC, Flagstar, UBS, MUFG, Regions, Barclays, ING, RBC, and First Citizens have also maintained their existing commitments to...
Cleveland-Cliffs Commends President Biden’s Reported Decision to Block...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) applauded the reported decision by President Biden to officially block the foreign takeover of U.S. Steel by Japan’s Nippon Steel. The Company provided the following statement from its Chairman, President and CEO, Lourenco Goncalves: “We commend President Biden and the U.S. government for its reported decision to block foreign ownership of U.S. Steel by Japan’s Nippon Steel. The American steel industry plays a crucial role in safeguarding our national security. President Biden’s courageous move affirms our view that ou...
Cleveland-Cliffs Announces Promotion of Michael Hrosik to Senior Vice ...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) announced today that Michael Hrosik has been named Senior Vice President, Commercial of the organization. The promotion is effective immediately. Mr. Hrosik has over 30 years of steel industry experience in commercial functions, most recently as Vice President, Flat-Rolled Steel Sales for Cliffs. In his new role, Mr. Hrosik will oversee all responsibility for Cliffs’ commercial operations, including sales, marketing, and customer service. His extensive experience, primarily with Cliffs and its legacy companies ArcelorMit...
Cleveland-Cliffs’ New 4-Year Labor Contract with the UAW Ratified at D...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) announced today that its employees represented by the United Auto Workers (UAW) Local 600 have ratified a four-year labor contract for its Dearborn Works operations. The new contract is effective through July 31, 2028, and will cover approximately 1,000 UAW-represented workers at Dearborn. Lourenco Goncalves, Chairman, President and CEO, stated, “This equitable deal with our team at Dearborn is the latest illustration of our strong commitment to a collaborative relationship that benefits our employees and Cliffs as a w...
Cleveland-Cliffs Inc. Announces Upsizing and Pricing of an Additional ...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) announced today that it has upsized and priced an additional $600 million aggregate principal amount of Senior Guaranteed Notes due 2032 (the “Additional Notes”) in an offering (the “Additional Notes Offering”) that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Additional Notes will bear interest at an annual rate of 7.000% and will be issued at a price of 99.25% of their principal amount. The Additional Notes will be guaranteed on a senior unsecured basis by Cliff...
Moody's Ratings states that Cleveland-Cliffs' add-on to its 2032 notes...
Moody's Ratings (Moody's) said that Cleveland-Cliffs Inc.'s ("Cliffs") proposed $500 million add-on to its 7.0% Senior Guaranteed Notes due 2032 will have no impact on its ratings including its Ba2 Corporate Family Rating ("CFR"), Ba2-PD Probability of Default Rating ("PDR"), Ba3 guaranteed senior u...
Cleveland-Cliffs Inc. Announces Proposed Offering of an Additional $50...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) announced today that it intends to offer to sell, subject to market and other conditions, an additional $500 million aggregate principal amount of Senior Guaranteed Notes due 2032 (the “Additional Notes”) in an offering (the “Additional Notes Offering”) that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Additional Notes will be an issuance of Cliffs’ existing 7.000% Senior Guaranteed Notes due 2032 and will be issued as additional notes under the indenture dated as...
Cleveland-Cliffs Reports Second-Quarter 2024 Results
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2024. Second-Quarter 2024 Highlights Revenues of $5.1 billion Steel shipments of 4.0 million net tons Net income of $9 million and adjusted net income1 of $50 million Adjusted EPS1 of $0.11 per diluted share Adjusted EBITDA2 of $323 million Net debt3 decrease of $237 million to $3.4 billion Cash flow from operations of $519 million Free cash flow4 of $362 million Repurchased 7.5 million shares Liquidity of $3.7 billion as of June 30,...
Cleveland-Cliffs Announces Its New State-of-the-Art Electrical Transfo...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it will establish a new electrical distribution transformer production plant in Weirton, West Virginia. This downstream direct investment by Cleveland-Cliffs in Weirton will address the critical shortage of distribution transformers that is stifling economic growth across the United States. Lourenco Goncalves, Cleveland-Cliffs' Chairman, President and Chief Executive Officer will host a press conference with West Virginia Governor Jim Justice and other elected officials in Weirton today, July 22. The announceme...
Cleveland-Cliffs Announces the Acquisition of Stelco
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE:CLF) (“Cliffs” or “the Company”) is pleased to announce that it has entered into a definitive agreement to acquire Stelco Holdings Inc. (TSX:STLC) (“Stelco”). The acquisition confirms Cliffs’ commitment and leadership in integrated steel production in North America, and also brings an additional 1,800 United Steelworkers (“USW”) union employees into Cliffs’ workforce. Under the terms of the agreement, Stelco shareholders will receive CAD $60.00 per Stelco common share in cash and 0.454 shares of Cliffs common stock per share of Stelco co...
Cleveland-Cliffs to Announce Second-Quarter 2024 Earnings Results on J...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) will announce its second-quarter 2024 earnings results after the U.S. market close on Monday, July 22, 2024. The Company invites interested parties to listen to a live broadcast of a conference call with securities analysts and institutional investors to discuss the results on Tuesday, July 23, 2024, at 8:30 am ET. The call can be accessed at and will also be archived and available for replay at that address. About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1...
Cleveland-Cliffs Posts Press Conference and Q&A with U.S. Senator Sher...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today hosted U.S. Senator Sherrod Brown (OH) and leadership from the United Steelworkers, David McCall, USW International President and Donnie Blatt, Director of USW District 1, at its Cleveland Works plant in Ohio for a press conference. A full video of the press conference, including both prepared remarks and media Q&A, has been posted on its website at . The video can also be found on the Company’s YouTube page . About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founde...
Cleveland-Cliffs to Host U.S. Senator Sherrod Brown and USW Internatio...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) announced that Lourenco Goncalves, Chairman, President and Chief Executive Officer is hosting Senator Sherrod Brown (OH) and leadership from the United Steelworkers, David McCall, USW International President and Donnie Blatt, Director of USW District 1, at its Cleveland Works plant in Ohio on Wednesday, June 26 for a press conference. Senator Brown’s visit follows the recent bipartisan legislation introduced to stop the dramatic increase in Mexican steel imports. The Stop Mexico’s Steel Surge Act reinstates the 232 tariffs on Mexic...
Cleveland-Cliffs Announces New Greenhouse Gas Emissions Reduction Goal...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has set new greenhouse gas (GHG) emissions reduction targets. The Company’s prior commitment to reduce absolute Scope 1 (direct) and Scope 2 (indirect) GHG emissions by 25% by 2030, relative to 2017 levels, has already been successfully achieved well ahead of schedule. Cleveland-Cliffs’ new goals set forth below, relative to 2023 levels, are all supported by ongoing and planned technological developments to its ironmaking and steelmaking practices: A target to reduce Scope 1 and 2 GHG emissions intensit...
Cleveland-Cliffs Reminds U.S. Steel: You Have No Path to Close
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today addressed the inaccurate allegations published by the U.S. Steel Board on May 21, 2024, regarding its doomed attempt to sell its company to a foreign buyer without Union support. Lourenco Goncalves, Cliffs Chairman, President and Chief Executive Officer, said: “At Cleveland-Cliffs, we only deal with transparency. It is unfortunate that the U.S. Steel Board of Directors is just now realizing that it announced an un-closeable deal and is trying to blame Cliffs for its terrible decision-making. There has been nothing we ha...
Cleveland-Cliffs Applauds International Trade Commission’s Decision to...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today applauded the International Trade Commission’s (ITC) unanimous decision to uphold tariffs on tin mill products from Japan. After recently rejecting tariffs on tin mill products from several countries including China, the ITC correctly declared that Japan is different – Japan is not a fair trade partner with the United States. The United States currently has antidumping orders on 12 steel products from Japan. The largest producer of steel and tin mill products in Japan is Nippon Steel Corporation. Lourenco Goncalves, Cliffs’...
Cleveland-Cliffs to Publish Monthly Hot Rolled Coil Spot Price
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) announced today that, in response to industry trends and feedback from customers, the Company will publish a “Cliffs Hot Rolled Market Price” via letter to all flat-rolled customers on a monthly basis. The price will be published in conjunction with the monthly opening of the Hot Rolled order book, and will be simultaneously published at . Cliffs may also update this price more frequently as market conditions necessitate. Lourenco Goncalves, Cliffs Chairman, President and CEO, said, “We encourage market transparency and have been...
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