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 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.
Cleveland-Cliffs (NYSE: CLF) has completed its acquisition of Stelco Holdings, strengthening its position as North America's largest flat-rolled steel producer. The acquisition expands Cliffs' geographical presence in Canada and diversifies its end-markets. Stelco will operate as a wholly-owned subsidiary of Cliffs while maintaining its name and Canadian legacy. CEO Lourenco Goncalves emphasized the acquisition's role in advancing integrated steelmaking and supporting union jobs in North America, highlighting benefits including customer base diversification and cost structure improvements.
Cleveland-Cliffs (NYSE: CLF) has secured the final regulatory approvals required for its acquisition of Stelco Holdings. The company received clearances under the Investment Canada Act and Strategic Innovation Fund, paving the way for the transaction's completion. The closing date has been set for November 1, 2024.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced its schedule for releasing third-quarter 2024 earnings results. The company will disclose the results after the U.S. market closes on Monday, November 4, 2024. Following this, Cleveland-Cliffs will host a live conference call on Tuesday, November 5, 2024, at 8:30 am ET to discuss the results with securities analysts and institutional investors. Interested parties can access the call through the company's website at www.clevelandcliffs.com. The call will also be archived and available for replay on the same website.
Cleveland-Cliffs Inc. (NYSE: CLF) has received a "no-action letter" from the Canadian Competition Bureau, indicating that the Commissioner of Competition does not intend to challenge Cliffs' pending acquisition of Stelco Holdings Inc. This clearance marks the conclusion of all required antitrust reviews for the acquisition. Earlier this week, Cliffs announced the expiration of the U.S. Department of Justice antitrust review period and successfully raised the remaining capital to fund the transaction. Lourenco Goncalves, Cliffs' Chairman, President and CEO, expressed satisfaction with these three important milestones and stated that the company remains on track to close the transaction this quarter, pending the satisfaction of remaining closing conditions.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced the pricing of $1.8 billion in Senior Guaranteed Notes, split equally between 2029 and 2033 maturities. The 2029 Notes will bear interest at 6.875%, while the 2033 Notes will bear interest at 7.375%, both issued at par. The offering, expected to close on October 22, 2024, will fund part of the cash consideration for the Stelco Holdings Inc. acquisition, anticipated to complete in Q4 2024.
The Notes will be guaranteed by Cliffs' material domestic subsidiaries and are subject to a special mandatory redemption if the Stelco acquisition is not completed by April 14, 2025 (extendable to July 14, 2025). The offering is exempt from SEC registration and is only available to qualified institutional buyers and non-U.S. persons under specific exemptions.
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