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

Rhea-AI Summary

Cleveland-Cliffs Inc. (NYSE: CLF) announced an immediate increase in its spot market base prices for all carbon hot rolled, cold rolled, and coated steel products by at least $50 per net ton. This adjustment follows a noticeable rise in both pricing and volume for its automotive steel business, resulting in reduced availability of material for spot sales. The new minimum base price for hot rolled steel has been set at $800 per net ton. Cleveland-Cliffs is the largest flat-rolled steel producer and the largest supplier of steel to the automotive industry in North America, employing approximately 27,000 people across the U.S. and Canada.

Positive

• Price increase of at least $50 per net ton for carbon steel products.
• Minimum base price for hot rolled steel raised to $800 per net ton.
• Increased pricing and volume observed in the automotive steel sector.

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.

To begin 2023, Cliffs has seen increases in both pricing and volume for its automotive steel business, reducing material available to be sold on a spot basis. This latest price increase is in response to this dynamic.

Cliffs’ minimum base price for hot rolled steel is now $800 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 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/20230117005445/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 recent price changes has Cleveland-Cliffs implemented for its steel products?

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

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

The new minimum base price for hot rolled steel is now $800 per net ton.

What factors prompted Cleveland-Cliffs to increase its steel prices?

The price increase was prompted by rising pricing and volume within the automotive steel business, reducing material availability for spot sales.