Cleveland-Cliffs Inc Stock Price, News & Analysis

Cleveland-Cliffs has reached a tentative agreement with the International Association of Machinists and Aerospace Workers (IAM) Local 1943 for a new four-year contract covering approximately 2,100 employees at its Middletown Works steelmaking operations, effective May 15, 2023. CEO Lourenco Goncalves emphasized that this agreement reflects a strong relationship with union partners, which is considered vital for future success. The Middletown Works operation produces various carbon and stainless steels, primarily for the automotive industry. The agreement is pending ratification by IAM local union memberships.

Cleveland-Cliffs is North America's largest flat-rolled steel producer and iron ore pellet manufacturer, with around 27,000 employees in the U.S. and Canada.

Cleveland-Cliffs Inc. (NYSE: CLF) reported first-quarter 2023 results, showing revenues of $5.3 billion and steel shipments of 4.1 million net tons. The company experienced a GAAP net loss of $42 million, or $0.11 per diluted share. This is an improvement from a loss of $204 million in the previous quarter. Adjusted EBITDA rose to $243 million compared to $123 million in Q4 2022. Direct automotive sales accounted for 36% of steelmaking revenues. Cliffs’ liquidity stands at $3.1 billion, aided by a recent $750 million Senior Unsecured Notes offering. The company has reduced its full-year capital expenditure outlook to $675-$725 million. A conference call is scheduled for April 25, 2023, to discuss these results further.

Cleveland-Cliffs Inc. (NYSE: CLF) has successfully closed the offering of $750 million in senior unsecured guaranteed notes due 2030, featuring a 6.75% annual coupon. The net proceeds will be allocated to reducing borrowings under the company's asset-based revolving credit facility.

This transaction is designed to be leverage and interest expense neutral, indicating it won't impact the company's financial leverage or increase interest costs. Cleveland-Cliffs is recognized as the largest flat-rolled steel producer and iron ore pellet manufacturer in North America, holding a key position in supplying steel to the automotive sector and other markets.

Cleveland-Cliffs Inc. (NYSE: CLF) has priced $750 million in senior unsecured guaranteed notes due 2030 with a 6.75% interest rate. The offering, exempt from registration under the Securities Act, is set to close on April 14, 2023. Proceeds will be utilized to reduce borrowings under its revolving credit facility, maintaining a leverage-neutral stance. After the offering, the company will have over $2 billion in callable debt, which it aims to decrease through cash flow generation. Cleveland-Cliffs remains the largest flat-rolled steel producer in North America, with a vertically integrated operation from raw materials to primary steelmaking.

Cleveland-Cliffs Inc. (NYSE: CLF) plans to offer $750 million in senior unsecured guaranteed notes due 2030, exempt from Securities Act registration requirements. The proceeds will be utilized to repay part of its existing asset-based revolving credit facility. The notes will be guaranteed by the company's significant domestic subsidiaries, excluding certain ones. This offering is limited to qualified institutional buyers.

Cleveland-Cliffs is the leading flat-rolled steel producer and iron ore pellet manufacturer in North America, operating since 1847 and employing around 27,000 people across the U.S. and Canada. The company is vertically integrated and serves various markets, including the automotive industry.

Cleveland-Cliffs Inc. (NYSE: CLF) has released its preliminary financial results for Q1 2023, reporting steel shipments of 4.1 million net tons and revenues of approximately $5.2 billion. Adjusted EBITDA is expected to be around $200 million, significantly higher than Q4 2022. CEO Lourenco Goncalves attributed this increase in profitability to unit cost reductions and the effect of price hikes for contracts with automotive and non-auto clients. The company anticipates that Q2 EBITDA will exceed Q1 by a multiple. Full earnings results will be disclosed on April 24, 2023, with a conference call on April 25, 2023, at 10:00 am ET.

Cleveland-Cliffs Inc. (NYSE: CLF) will announce its first-quarter 2023 earnings results after the U.S. market close on Monday, April 24, 2023. A conference call for investors and analysts will be held on Tuesday, April 25, 2023, at 10:00 am ET, available for live broadcast and replay on the company's website. Cleveland-Cliffs is the largest flat-rolled steel producer and manufacturer of iron ore pellets in North America, employing approximately 27,000 people. The company serves various markets, including a significant share in the automotive sector.