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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
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Rhea-AI Summary
Cleveland-Cliffs Inc. (NYSE: CLF) has announced an increase in the spot market base prices for all carbon hot rolled, cold rolled, and coated steel products by a minimum of $60 per ton. This price adjustment is effective immediately for all new orders. Cleveland-Cliffs is the largest flat-rolled steel producer in North America and the top manufacturer of iron ore pellets in the region. The company serves diverse markets, including being the largest supplier of steel to the automotive industry in North America.
Positive
Price increase of a minimum of $60 per ton for carbon steel products, which may enhance revenue.
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 $60 per ton, effective immediately with all new orders.
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.
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 (CLF) steel products?
Cleveland-Cliffs has increased prices for all carbon hot rolled, cold rolled, and coated steel products by a minimum of $60 per ton, effective immediately for new orders.
When did Cleveland-Cliffs announce the price increase?
The price increase was announced today and is effective immediately.
How does Cleveland-Cliffs rank in the steel industry?
Cleveland-Cliffs is the largest flat-rolled steel producer in North America and the largest manufacturer of iron ore pellets in the region.
Who does Cleveland-Cliffs supply steel to?
Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets.
