Cleveland-Cliffs Announces Price Increase for Hot Rolled, Cold Rolled and Coated Steel Products

Rhea-AI Summary

Cleveland-Cliffs Inc. (NYSE: CLF) has announced a significant increase in spot market base prices for carbon hot rolled, cold rolled, and coated steel products by at least $100 per net ton. This price adjustment is effective immediately for all new orders, setting the minimum base price for hot rolled steel at $1,100 per net ton. As North America's largest flat-rolled steel producer and iron ore pellet manufacturer, Cleveland-Cliffs serves diverse markets, including a dominant position in the automotive industry.

Positive

• Increase in base prices for steel products enhances revenue potential.
• Cleveland-Cliffs maintains its position as the largest flat-rolled steel producer in North America.

Negative

• None.

CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it is increasing current spot market base prices for all carbon hot rolled, cold rolled and coated steel products by a minimum of $100 per net ton, effective immediately with all new orders. Cliffs’ minimum base price for hot rolled steel is now $1,100 per net ton.

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. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its 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/20230227005271/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?

Cleveland-Cliffs announced a price increase of at least $100 per net ton for carbon hot rolled, cold rolled, and coated steel products.

When does the new pricing take effect for Cleveland-Cliffs steel products?

The new pricing effective immediately applies to all new orders.

What is the new minimum base price for hot rolled steel from Cleveland-Cliffs?

The new minimum base price for hot rolled steel is $1,100 per net ton.

How does Cleveland-Cliffs position itself in the North American market?

Cleveland-Cliffs is the largest flat-rolled steel producer and the largest manufacturer of iron ore pellets in North America.