reports
Cleveland-Cliffs Announces “Buy American” Automotive Incentive Program...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today announced a company-wide “Buy American” incentive for its nearly 30,000 employees. During the calendar year 2025, any Cleveland-Cliffs employee who purchases or leases a new American-built vehicle with substantial Cliffs’ steel content will receive a $1,000 cash bonus in connection with the purchase. Lourenco Goncalves, Cliffs’ Chairman, President and CEO said: “We are pleased to do our part to support President Trump’s long-term vision of bringing manufacturing back to the United States. In order to be a global superpower a...
Cleveland-Cliffs Souper Bowl Food Drive Donates 415,000 Pounds of Non-...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it held its fifth annual Souper Bowl Food Drive across 50 of its operations and offices to address food insecurity in the local communities where the Company operates. Cleveland-Cliffs’ employees collected an astounding 415,000 pounds of non-perishable food items during the one-week food drive held in February 2025. In conjunction with the food donations, Cleveland-Cliffs, The Cleveland-Cliffs Foundation and Stelco Holdings have also made cash contributions totaling $270,000 to support the selected 45 food dist...
Cleveland-Cliffs Reports Full-Year and Fourth-Quarter 2024 Results
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today reported full-year and fourth-quarter results for the period ended December 31, 2024. Full-Year Consolidated Results Full-year 2024 consolidated revenues were $19.2 billion, compared to the prior year's consolidated revenues of $22.0 billion. For the full-year 2024, the Company recorded a GAAP net loss of $708 million, or $1.57 per diluted share, with adjusted net loss2 of $351 million, or $0.73 per diluted share. This compares to 2023 net income of $450 million, or $0.78 per diluted share, with adjusted net income2 of ...
Cleveland-Cliffs Inc. Announces Upsizing and Pricing of $850 Million o...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) announced today that it has upsized and priced $850 million aggregate principal amount of Senior Guaranteed Notes due 2031 (the “Notes”) in an offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Notes will bear interest at an annual rate of 7.500% and will be issued at par. The Notes will be guaranteed on a senior unsecured basis by Cliffs’ material direct and indirect wholly-owned domestic subsidiaries, other than certain excluded subsidiaries. The Notes o...
Cleveland-Cliffs Inc. Announces Proposed Offering of $750 Million of S...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) announced today that it intends to offer to sell, subject to market and other conditions, $750 million aggregate principal amount of Senior Guaranteed Notes due 2031 (the “Notes”) in an offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Notes will be guaranteed on a senior unsecured basis by Cliffs’ material direct and indirect wholly-owned domestic subsidiaries, other than certain excluded subsidiaries. Cliffs intends to use the net proceeds from the No...
Cleveland-Cliffs Provides Preliminary Fourth-Quarter and Full-Year 202...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today announced its preliminary fourth-quarter and full-year 2024 financial results for the period ended December 31, 2024. The Company completed its acquisition of Stelco Holdings Inc. (“Stelco”) on November 1, 2024. Due to the accounting integration associated with the acquisition, only selected preliminary financial information is available at this time. The Company plans to announce its complete fourth-quarter and full-year 2024 earnings results after the U.S. market close on February 24, 2025. The below selected financial resu...
Moody's Ratings changes Cleveland-Cliffs' outlook to negative; affirms...
Moody's Ratings (Moody's) changed Cleveland-Cliffs Inc.'s (Cliffs) ratings outlook to negative from stable. At the same time, we affirmed the company's Ba2 Corporate Family Rating (CFR), Ba2-PD Probability of Default Rating (PDR), Ba3 guaranteed senior unsecured notes rating and B1 senior unsecured ...
Cleveland-Cliffs to Announce Full-Year and Fourth-Quarter 2024 Earning...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) will announce its full-year and fourth-quarter 2024 earnings results after the U.S. market close on Monday, February 24, 2025. 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, February 25, 2025, 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 a leading North America-based steel ...
Cleveland-Cliffs to Host Press Conference with Lourenco Goncalves at i...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) will hold a press conference today at its Butler Works plant in Butler, Pennsylvania, featuring Chairman, President, and CEO Lourenco Goncalves. The event marks the five-year anniversary of Cleveland-Cliffs' acquisition of AK Steel. At the time of the acquisition five years ago, Cliffs made the strategic commitment to defend U.S. national security by preserving operations and jobs at Butler Works, where it produces the grain-oriented electrical steel critical for the supply of electricity to the country. The press conference will a...
Cleveland-Cliffs Comments on U.S. Steel’s and Nippon Steel’s Desperat...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) provided the following statement regarding the recent developments related to the United States Government decision to prohibit the unlawful acquisition of the United States Steel Corporation by Nippon Steel of Japan: Lourenco Goncalves, Chairman, President and CEO stated: “As of this morning, Nippon Steel and U.S. Steel continue to play the blame game in a desperate attempt to distract from their own failures. Today’s lawsuits against the U.S. Government, the USW, and Cleveland-Cliffs represent a shameless effort to s...
Cleveland-Cliffs Appoints Jane Cronin to the Board of Directors
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) announced today that it has appointed Jane M. Cronin to its Board of Directors, effective immediately. Ms. Cronin is Senior Vice President – Finance of The Sherwin-Williams Company, a global manufacturer, developer, distributor and seller of paint, coatings and related products. Since joining Sherwin-Williams in 1989, Ms. Cronin held roles of increasing responsibility with her most recent position as Senior Vice President – Enterprise Finance. She also held the positions of Senior Vice President – Corporate Controller,...
Cleveland-Cliffs Reports Third-Quarter 2024 Results
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today reported third-quarter results for the period ended September 30, 2024. Third-Quarter 2024 Highlights Revenues of $4.6 billion Steel shipments of 3.8 million net tons GAAP net loss of $230 million and adjusted net loss1 of $156 million Adjusted EBITDA2 of $124 million Does not include Stelco's third-quarter adjusted EBITDA3 of US$64 million and adjusted EBITDA3 margin of 13% Liquidity of $3.8 billion as of September 30, 2024 Third-quarter 2024 revenues were $4.6 billion, compared to $5.1 billion in the second q...
Cleveland-Cliffs Completes Acquisition of Stelco
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) today announced that it has successfully completed its acquisition of Stelco Holdings Inc. (“Stelco”). The addition of Stelco enhances Cliffs’ position as the largest flat-rolled steel producer in North America, diversifies Cliffs’ end-markets and expands its geographical presence in Canada. Stelco will continue operations as a wholly-owned subsidiary of Cliffs, preserving the name and iconic Canadian legacy of the business. Lourenco Goncalves, Chairman, President and CEO of Cliffs, stated: “Today marks a transformative...
Cleveland-Cliffs Receives Final Approvals for Stelco Acquisition and S...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) today announced that it has received regulatory and program approvals under the Investment Canada Act and Strategic Innovation Fund, the final approvals needed to complete Cliffs’ pending acquisition of Stelco Holdings Inc. (“Stelco”). With these approvals in hand, the acquisition can move to closing. The transaction is currently scheduled to close on November 1, 2024. About Cleveland-Cliffs Inc. Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for ...
Cleveland-Cliffs to Announce Third-Quarter 2024 Earnings Results on No...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) will announce its third-quarter 2024 earnings results after the U.S. market close on Monday, November 4, 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, November 5, 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 a leading North America-based steel producer with focus on value-ad...
Cleveland-Cliffs Receives Canadian Competition Bureau Clearance for th...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) today announced that it has received a "no-action letter" from the Canadian Competition Bureau confirming that the Commissioner of Competition does not intend to challenge Cliffs’ pending acquisition of Stelco Holdings Inc. (“Stelco”). Cliffs remains on track to close the transaction this quarter. Lourenco Goncalves, Cliffs’ Chairman, President and CEO, said, “We have achieved three important milestones this week toward closing the acquisition of Stelco. First, yesterday morning, we announced the expiration of the U.S. ...
Cleveland-Cliffs Inc. Announces Upsizing and Pricing of Senior Unsecur...
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) announced today that it has upsized and priced $900 million aggregate principal amount of Senior Guaranteed Notes due 2029 (the “2029 Notes”) and $900 million aggregate principal amount of Senior Guaranteed Notes due 2033 (the “2033 Notes” and, together with the 2029 Notes, the “Notes”) in an offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The 2029 Notes will bear interest at an annual rate of 6.875% and will be issued at par. The 2033 Notes will bear inter...
Moody's Ratings assigns Ba3 rating to Cleveland-Cliffs' proposed senio...
Moody's Ratings (Moody's) assigned a Ba3 rating to Cleveland-Cliffs Inc.'s ("Cliffs") proposed senior unsecured guaranteed notes. The company plans to issue two tranches of notes at about $800 million each with maturities of 5 years and 8.5 years with the proceeds used to fund a portion of the acqui...
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