Cleveland-Cliffs Raises Price for Hot Rolled Steel to $1,200 per net ton

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 $100 per net ton, effective immediately for all new orders. The new minimum base price for hot rolled steel is now set at $1,200 per net ton. As the largest flat-rolled steel producer in North America, Cleveland-Cliffs integrates operations from raw materials to finished steel products, catering primarily to the automotive industry and other diverse markets.

Positive

• Prices for carbon hot rolled, cold rolled, and coated steel products increased by a minimum of $100 per ton, potentially boosting revenue.
• New minimum price for hot rolled steel is now $1,200 per ton, which could enhance profit margins.

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 $100 per net ton, effective immediately with all new orders. Cliffs’ minimum base price for hot rolled steel is now $1,200 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/20230313005231/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 announced?

Cleveland-Cliffs has increased spot market base prices for carbon hot rolled, cold rolled, and coated steel products by a minimum of $100 per ton.

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

The new minimum price for hot rolled steel is $1,200 per ton.

When did Cleveland-Cliffs implement the price increase?

The price increase is effective immediately for all new orders.

What markets does Cleveland-Cliffs serve?

Cleveland-Cliffs serves the automotive industry and a diverse range of other markets with its flat-rolled steel products.