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Cleveland-Cliffs Inc. is a leading vertically integrated steel producer and iron ore pellet manufacturer based in North America. The company’s operations span the entire steel production lifecycle, from mining raw materials to producing high-quality flat-rolled steel products and delivering downstream finishing services. This vertical integration enables Cleveland-Cliffs to exercise significant control over its supply chain, ensuring cost efficiency, consistent quality, and resilience against market fluctuations. The company’s comprehensive offerings cater to a wide range of industries, including automotive, construction, energy, manufacturing, and consumer goods, making it a pivotal player in the North American steel market.
Core Business and Operating Segments
Cleveland-Cliffs operates through one reportable segment—Steelmaking—yet its business is organized into four distinct operating segments: Steelmaking, Tubular, Tooling and Stamping, and European Operations. The Steelmaking segment is the cornerstone of its business, encompassing the production of flat-rolled steel, iron ore pellets, direct reduced iron (DRI), and ferrous scrap. This segment supports downstream operations, such as stamping, tooling, and tubing, which add value to its steel products by tailoring them to specific customer needs.
The company’s vertical integration is a key differentiator, as it sources raw materials like iron ore and scrap internally, processes them into steel, and delivers finished products to end markets. This structure not only reduces dependency on external suppliers but also enhances operational efficiency and cost management. Additionally, Cleveland-Cliffs’ focus on flat-rolled steel products positions it as a critical supplier to the North American automotive industry, where it provides advanced steel solutions for vehicle manufacturing.
Geographic Reach and Market Focus
Headquartered in the United States, Cleveland-Cliffs primarily serves the North American market, with operations spanning the U.S., Canada, and select other regions. The majority of its revenue is derived from the United States, reflecting its strong foothold in the domestic steel industry. The company’s strategic focus on regional markets allows it to align closely with local demand trends, regulatory frameworks, and trade policies, providing a competitive edge over global steel producers.
Key Industries and Applications
Cleveland-Cliffs’ steel products are integral to several critical industries:
- Automotive: The company is a major supplier of flat-rolled steel for vehicle manufacturing, offering advanced steel grades that meet stringent safety, durability, and performance standards.
- Construction: Its steel products are used in infrastructure projects, commercial buildings, and residential construction, supporting the growth of urban and industrial landscapes.
- Energy: Cleveland-Cliffs provides steel solutions for pipelines, wind turbines, and other energy applications, contributing to the transition towards sustainable energy sources.
- Manufacturing: The company’s steel is utilized in the production of machinery, appliances, and other industrial equipment.
Competitive Landscape and Differentiation
In the highly competitive steel industry, Cleveland-Cliffs distinguishes itself through its vertically integrated business model, which provides end-to-end control over production processes. This structure not only enhances cost efficiency but also ensures the consistent quality of its products, a critical factor in industries like automotive and construction. The company also benefits from its focus on flat-rolled steel, a product category in high demand across North America.
Key competitors include global steel producers and regional players, but Cleveland-Cliffs’ strategic focus on the North American market, coupled with its ability to offer customized steel solutions, positions it as a preferred supplier for many industries. Its emphasis on sustainability, including the use of recycled materials and environmentally friendly production methods, further strengthens its market position in an era of increasing environmental consciousness.
Significance in the Industry
Cleveland-Cliffs plays a vital role in the North American steel supply chain, serving as a reliable partner for industries that rely on high-quality steel products. Its vertical integration, regional focus, and diverse product offerings make it a cornerstone of the steel industry, supporting economic growth and infrastructure development across the region. By aligning its operations with the needs of its customers and the demands of a changing market, Cleveland-Cliffs continues to solidify its position as a leader in the steel sector.
Cleveland-Cliffs (NYSE: CLF) has announced a new 'Buy American' incentive program for its workforce of nearly 30,000 employees. The program will offer a $1,000 cash bonus to employees who purchase or lease new American-built vehicles containing substantial Cliffs' steel content during calendar year 2025.
Vehicles manufactured outside the United States or using significant amounts of imported flat-rolled steel will not qualify for the incentive. The company will provide detailed guidance on vehicle eligibility directly to employees.
The initiative aligns with efforts to boost domestic manufacturing and support American-made products. Cleveland-Cliffs will host a joint press conference at its Cleveland Works plant featuring CEO Lourenco Goncalves and U.S. Senator Bernie Moreno to discuss this program.
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.
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