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

Rhea-AI Summary

Cleveland-Cliffs Inc. (NYSE: CLF) has announced an increase in spot market base prices for carbon hot rolled, cold rolled, and coated steel products by a minimum of $50 per net ton, effective immediately for all new orders. The new minimum base price for hot rolled steel is set at $900 per net ton. Cleveland-Cliffs is North America's largest flat-rolled steel producer and has a significant presence in the iron ore pellet manufacturing sector. The company also serves the automotive industry and operates multiple facilities across the U.S. and Canada.

Positive

• Increase in steel product prices by a minimum of $50 per net ton.
• New minimum base price for hot rolled steel is now $900 per net ton.

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 $50 per net ton, effective immediately with all new orders. Cliffs’ minimum base price for hot rolled steel is now $900 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/20230213005402/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 change for Cleveland-Cliffs steel products?

Cleveland-Cliffs has increased the base prices for all carbon hot rolled, cold rolled, and coated steel products by a minimum of $50 per net ton.

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

The new minimum base price for hot rolled steel from Cleveland-Cliffs is $900 per net ton.

When did Cleveland-Cliffs announce the new steel prices?

Cleveland-Cliffs announced the new steel prices effective immediately with all new orders.

What types of steel products are affected by the price increase?

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

Where is Cleveland-Cliffs primarily located?

Cleveland-Cliffs is headquartered in Cleveland, Ohio, and operates across the United States and Canada.