Welcome to our dedicated page for Cleveland-Cliffs news (Ticker: CLF), a resource for investors and traders seeking the latest updates and insights on Cleveland-Cliffs stock.
Cleveland-Cliffs Inc. (symbol: CLF) is a leading flat-rolled steel producer and manufacturer of iron ore pellets in North America. The company is strategically organized into four operating segments: Steelmaking, Tubular, Tooling and Stamping, and European Operations, but operates primarily through its Steelmaking segment. This organization allows Cleveland-Cliffs to offer a wide range of products and services, meeting the diverse needs of customers in various industries.
Core Business and Operations: Cleveland-Cliffs is vertically integrated, covering the entire steel production process from mining raw materials to producing finished steel products. This includes mined raw materials, direct reduced iron, and ferrous scrap, which are essential for primary steelmaking. Further, the company adds value through downstream finishing, stamping, tooling, and tubing operations.
Key Markets and Geographical Reach: Cleveland-Cliffs serves a wide range of markets with its comprehensive offerings in flat-rolled steel products. Its geographic operations span the United States, Canada, and other countries, with the majority of its revenue generated from the United States. The company is a significant supplier of steel to the automotive industry in North America, underscoring its importance in key industrial sectors.
Financial Condition and Achievements: Cleveland-Cliffs has demonstrated robust financial health and growth through strategic acquisitions and partnerships. The company's financial stability allows it to invest in innovative projects and maintain its competitive edge in the steel and mining industry.
Recent Projects and Developments: The company has continuously expanded its capabilities and market reach through recent projects aimed at enhancing production efficiency and product quality. Cleveland-Cliffs remains at the forefront of sustainable steel production, guided by a commitment to safety and environmental stewardship.
In conclusion, Cleveland-Cliffs Inc. is a pivotal player in the North American steel industry, with a comprehensive, vertically integrated operation that spans from raw material extraction to finished steel products, serving critical markets such as automotive, construction, and more.
Cleveland-Cliffs (NYSE: CLF) has completed its fifth annual Souper Bowl Food Drive, collecting 415,000 pounds of non-perishable food items across 50 operations and offices in February 2025. The initiative, aimed at addressing food insecurity in local communities, also included cash contributions totaling $270,000 from Cleveland-Cliffs, The Cleveland-Cliffs Foundation, and Stelco Holdings to support 45 food distribution organizations.
The company reports that over the past five years, it has contributed more than $3 million to organizations fighting hunger in communities where it operates.
Cleveland-Cliffs (NYSE: CLF) reported challenging financial results for 2024, with full-year consolidated revenues declining to $19.2 billion from $22.0 billion in 2023. The company recorded a GAAP net loss of $708 million ($1.57 per diluted share) and adjusted net loss of $351 million ($0.73 per diluted share), compared to 2023's net income of $450 million.
Fourth-quarter 2024 results showed consolidated revenues of $4.3 billion, down from $5.1 billion in Q4 2023, with a GAAP net loss of $434 million. Adjusted EBITDA for 2024 decreased to $780 million from $1.9 billion in 2023, primarily due to lower steel index pricing.
The company's steelmaking segment reported full-year sales volume of 15.6 million net tons, with automotive customers representing 30% of sales. For 2025, CLF expects steel unit cost reductions of approximately $40 per net ton and capital expenditures of about $700 million.
Cleveland-Cliffs (NYSE: CLF) has successfully priced and upsized its offering of Senior Guaranteed Notes due 2031 to $850 million. The Notes will carry a 7.500% annual interest rate and will be issued at par value. They will be guaranteed on a senior unsecured basis by Cliffs' material direct and indirect wholly-owned domestic subsidiaries.
The Notes offering is expected to close on February 6, 2025, subject to customary closing conditions. The company plans to use the net proceeds for general corporate purposes, including repaying borrowings under its asset-based credit facility. The transaction is leverage neutral, improves liquidity, and converts secured debt to unsecured debt.
The Notes are being offered exclusively to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act, as they are exempt from registration requirements.
Cleveland-Cliffs (NYSE: CLF) has announced plans to offer $750 million in Senior Guaranteed Notes due 2031. The Notes will be offered exclusively to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act of 1933.
The Notes will be backed by guarantees from Cliffs' material direct and indirect wholly-owned domestic subsidiaries, excluding certain subsidiaries. The company plans to use the net proceeds for general corporate purposes, including repaying borrowings under its asset-based credit facility.
The offering is exempt from Securities Act registration requirements, and the Notes cannot be sold in the United States without registration or an applicable exemption from federal and state securities laws.
Cleveland-Cliffs (NYSE: CLF) has released preliminary Q4 and full-year 2024 results, including the impact of its Stelco acquisition completed on November 1, 2024. For Q4 2024, the company expects steel shipments of 3.8 million net tons, revenues of $4.3 billion, and an Adjusted EBITDA loss of $85 million.
Full-year 2024 projections include steel shipments of 15.6 million net tons, revenues of $19.2 billion, and Adjusted EBITDA of $775 million. Including Stelco, the 2024 Pro-Forma Adjusted EBITDA is expected to reach $1.2 billion.
The company cited 2024 as the worst year for domestic steel demand since 2010 (excluding 2020's COVID impact), with particularly weak automotive sector demand in H2 2024. However, management reports improved order book trends in early 2025 and expects to benefit from new tariffs on Mexico, Canada, and China.
Cleveland-Cliffs (NYSE: CLF) has scheduled its full-year and fourth-quarter 2024 earnings announcement for Monday, February 24, 2025, after the U.S. market close. The company will host a conference call with securities analysts and institutional investors to discuss the results on Tuesday, February 25, 2025, at 8:30 am ET. Interested parties can access the live broadcast through www.clevelandcliffs.com, where the call recording will also be archived for future replay.
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, Cliffs made a strategic commitment to defend U.S. national security by preserving operations and jobs at Butler Works, where it produces grain-oriented electrical steel critical for the supply of electricity to the country. The press conference will address issues important to Cleveland-Cliffs and the domestic steel industry and will feature opening remarks and a media Q&A session.
The event will be broadcast live on the Company’s YouTube channel, with a replay available after the event.
Event Details:
Date: Monday, January 13, 2025
Time: 1:00 pm ET
Webcast Link: https://www.youtube.com/c/ClevelandCliffsInc
Cleveland-Cliffs (NYSE: CLF) has responded to lawsuits filed by U.S. Steel and Nippon Steel following the U.S. Government's decision to block Nippon Steel's acquisition of U.S. Steel. CEO Lourenco Goncalves characterized these lawsuits against the U.S. Government, USW, and Cleveland-Cliffs as a desperate attempt to deflect blame for their failed deal.
The deal faced significant bipartisan opposition, including from former President Trump and Senators Vance, Rubio, and Hawley, who urged CFIUS to block the sale. The President's final decision followed a year-long national security review, emphasizing the importance of maintaining American control over critical steelmaking infrastructure. The statement highlighted Japan's history of steel overcapacity and harmful dumping practices in the United States.
Notably, U.S. Steel CEO David Burritt sold personal stock at $50.01 on the deal's announcement day, December 18, 2023. Cleveland-Cliffs maintains the lawsuit is baseless and expressed readiness to defend their position in court.
Cleveland-Cliffs (NYSE: CLF) has appointed Jane M. Cronin to its Board of Directors, effective immediately. Cronin, currently Senior Vice President – Finance at The Sherwin-Williams Company, brings extensive experience in finance and accounting from her 35-year tenure at Sherwin-Williams, where she held various leadership positions including Senior VP of Enterprise Finance and Corporate Controller.
Cronin also serves on the board of Transdigm Group Inc., participating in their Audit and Nominating and Corporate Governance Committees. She will join CLF's Audit Committee and fills the vacancy left by the passing of former Board member Janet Miller. With her appointment, Cleveland-Cliffs' Board now consists of ten members, with nine being independent directors.
Cleveland-Cliffs (NYSE: CLF) reported Q3 2024 results with revenues of $4.6 billion and steel shipments of 3.8 million net tons. The company recorded a GAAP net loss of $230 million and adjusted net loss of $156 million, with adjusted EBITDA of $124 million. The quarter was impacted by weaker demand and pricing, leading to tighter margins and the temporary idling of Cleveland #6 blast furnace. The company recently acquired Stelco, which reported Q3 adjusted EBITDA of US$64 million. For 2025, CLF expects lower capital budget and anticipates $70 million in coal cost savings compared to 2024.
FAQ
What is the current stock price of Cleveland-Cliffs (CLF)?
What is the market cap of Cleveland-Cliffs (CLF)?
What does Cleveland-Cliffs Inc. do?
What are the main operating segments of Cleveland-Cliffs Inc.?
Where does Cleveland-Cliffs generate most of its revenue?
Which industries does Cleveland-Cliffs serve?
Is Cleveland-Cliffs involved in sustainable steel production?
What makes Cleveland-Cliffs vertically integrated?
Does Cleveland-Cliffs have a significant presence outside the United States?
How does Cleveland-Cliffs support the automotive industry?
What recent projects has Cleveland-Cliffs undertaken?
How does Cleveland-Cliffs ensure financial stability?
