Cleveland-Cliffs Raises Price for Hot Rolled Steel to $1,300 per net ton

Rhea-AI Summary

Cleveland-Cliffs Inc. (NYSE: CLF) has announced a price increase for its 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 base price for hot rolled steel is now $1,300 per net ton. This adjustment reflects the company's strategy to enhance market pricing in response to demand dynamics. Cleveland-Cliffs is North America's largest flat-rolled steel producer and iron ore pellet manufacturer, serving various industries, including automotive, with a workforce of approximately 27,000 employees.

Positive

• Price increase of a minimum of $100 per net ton for steel products.
• New base price for hot rolled steel now set at $1,300 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 $100 per net ton, effective immediately with all new orders. Cliffs’ minimum base price for hot rolled steel is now $1,300 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/20230403005210/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 price increase has Cleveland-Cliffs announced for its steel products?

Cleveland-Cliffs announced a minimum price increase of $100 per net ton for carbon hot rolled, cold rolled, and coated steel products.

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

The new base price for hot rolled steel from Cleveland-Cliffs is $1,300 per net ton.

When does the new pricing from Cleveland-Cliffs take effect?

The new pricing from Cleveland-Cliffs takes effect immediately for all new orders.

Who is the largest flat-rolled steel producer in North America?

Cleveland-Cliffs Inc. is the largest flat-rolled steel producer in North America.

How many employees does Cleveland-Cliffs have?

Cleveland-Cliffs employs approximately 27,000 people across its operations in the U.S. and Canada.