Cleveland-Cliffs Announces Price Increase for Plate Products

Rhea-AI Summary

Cleveland-Cliffs Inc. (NYSE: CLF) has announced a price increase of at least $60 per net ton for its steel plate products, effective immediately for all new, non-contract orders. This includes as-rolled, normalized, and quench and tempered steel plates. The company also reserves the right to re-quote any open offers not confirmed by an order acknowledgment. Cleveland-Cliffs is a leading flat-rolled steel producer and iron ore pellet manufacturer in North America, known for supplying the automotive industry and other diverse markets.

Positive

• Price increase of $60 per net ton may boost revenue.

Negative

• The price increase applies only to new, non-contract orders, which may limit immediate overall sales volume.

CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it is increasing current base prices for its steel plate products by a minimum of $60 per net ton. This price increase includes as-rolled, normalized, and quench and tempered steel plate products, and is effective immediately with all new, non-contract orders. Cliffs also reserves the right to re-quote any open offers not confirmed by a Cliffs order acknowledgment.

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/20230302005580/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 announced by Cleveland-Cliffs (CLF)?

Cleveland-Cliffs announced a price increase of at least $60 per net ton for its steel plate products.

When does the new pricing for Cleveland-Cliffs (CLF) products take effect?

The new pricing takes effect immediately for all new, non-contract orders.

Which products are affected by the price increase from Cleveland-Cliffs (CLF)?

The price increase affects as-rolled, normalized, and quench and tempered steel plate products.

Does Cleveland-Cliffs (CLF) reserve the right to change prices on existing offers?

Yes, Cleveland-Cliffs reserves the right to re-quote any open offers not confirmed by an order acknowledgment.