Cleveland-Cliffs Announces Price Increase for Carbon Steel Products

Rhea-AI Summary

Cleveland-Cliffs Inc. (NYSE: CLF) has announced an increase in spot market base prices for carbon steel products by at least $75 per ton, effective immediately for new orders in North America. This price adjustment applies to all categories, including hot rolled, cold rolled, and coated steel. Cleveland-Cliffs is recognized as the largest flat-rolled steel producer and iron ore pellet manufacturer in North America, with significant operations in both the United States and Canada, employing approximately 27,000 people.

Positive

• Increased base prices for carbon steel products by at least $75 per ton, potentially enhancing revenue.

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• None.

CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it is increasing current spot market base prices for all carbon steel hot rolled, cold rolled and coated steel products by a minimum of $75 per ton, effective immediately with new orders in North America.

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. We are the largest supplier of steel to the automotive industry in North America and serve a diverse range of other markets due to our comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220824005700/en/

MEDIA CONTACT:

Patricia Persico

Senior Director, Corporate Communications

(216) 694-5316



INVESTOR CONTACT:

James Kerr

Manager, Investor Relations

(216) 694-7719

Source: Cleveland-Cliffs Inc.

FAQ

What is the recent price increase announced by Cleveland-Cliffs Inc. (CLF)?

Cleveland-Cliffs Inc. announced a price increase of at least $75 per ton for all carbon steel products, effective immediately for new orders.

When did Cleveland-Cliffs Inc. (CLF) implement the price increase?

The price increase was announced as effective immediately with new orders.

Which products are affected by Cleveland-Cliffs Inc. (CLF) price increase?

The price increase affects all carbon steel hot rolled, cold rolled, and coated steel products.