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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) 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.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced its intention to offer $1.6 billion in Senior Guaranteed Notes, split equally between notes due in 2029 and 2033. The offering is exempt from SEC registration requirements and the notes will be guaranteed by Cliffs' major domestic subsidiaries. The proceeds are intended to partially finance the cash consideration for the previously announced Stelco Holdings Inc. acquisition, expected to close in Q4 2024.
The offering is not contingent on the Stelco acquisition's completion. However, if the acquisition is not consummated by April 14, 2025 (extendable to July 14, 2025) or if Cliffs terminates the arrangement, the notes will be subject to a special mandatory redemption at 100% of the initial issue price plus accrued interest. The notes are being offered only to qualified institutional buyers and non-U.S. persons under specific exemptions.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced a significant milestone in its pending acquisition of Stelco Holdings Inc. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) has expired, clearing a major regulatory hurdle for the transaction. This development marks a important step towards finalizing the acquisition, which is anticipated to close in the fourth quarter of 2024, subject to other customary closing conditions and approvals.
Lourenco Goncalves, Cliffs' Chairman, President and CEO, expressed excitement about this progress, highlighting the transformative nature of the Stelco acquisition. He emphasized that this move will enhance Cleveland-Cliffs' resilience and geographic diversification in the highly competitive global market.
Cleveland-Cliffs (NYSE: CLF) is set to host key U.S. government officials at its Coatesville, Pennsylvania steel plant on October 11. Visitors include U.S. Trade Representative Katherine Tai, Acting Labor Secretary Julie Su, and Congresswoman Chrissy Houlahan, along with USW District 10 Director Bernie Hall.
The visit follows USTR's recent decision on increased Section 301 tariffs on Chinese imports and an ongoing investigation into unfair trade practices in the Chinese shipbuilding sector. Cleveland-Cliffs Coatesville specializes in steel plate production for military and commercial shipbuilding.
CEO Lourenco Goncalves will host a fireside chat with the dignitaries, which will be live-streamed on the company's YouTube channel at 11:00 a.m. ET. The event aims to showcase the partnership between Cleveland-Cliffs and the USW in producing advanced steel plate for critical industries.
Cleveland-Cliffs Inc. (NYSE: CLF) announced that Stelco Holdings Inc. (TSX: STLC) shareholders overwhelmingly approved the special resolution for Cliffs' indirect acquisition of Stelco. The resolution received 99.97% support from total votes cast. The transaction is expected to close in the fourth quarter of 2024, subject to remaining conditions. Upon closing, Stelco will become a wholly-owned subsidiary of Cliffs.
Lourenco Goncalves, Cliffs' Chairman, President, and CEO, expressed enthusiasm for the strong shareholder support and the potential benefits for both Canada and the United States. The acquisition aims to create a stronger North America-based steel producer in collaboration with Stelco and the USW in Canada.
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