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Cleveland-Cliffs Announces Price Increase for Hot Rolled, Cold Rolled and Coated Steel Products
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Cleveland-Cliffs Inc. (NYSE: CLF) has 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. The new minimum base price for hot rolled steel is now $850 per net ton. This adjustment reflects the company's position as the largest flat-rolled steel producer in North America and highlights its comprehensive offerings across various markets, including significant supply to the automotive industry. The price increase comes at a time when market dynamics are shifting, influencing production and pricing strategies.
Positive
Increase in base prices for carbon steel products by at least $50 per net ton.
New minimum base price for hot rolled steel set at $850 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 $850 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.
