Cleveland-Cliffs Inc. - CLF STOCK NEWS

Cleveland-Cliffs Inc. (NYSE: CLF) has announced a significant increase in spot market base prices for carbon hot rolled, cold rolled, and coated steel products by at least $100 per net ton. This price adjustment is effective immediately for all new orders, setting the minimum base price for hot rolled steel at $1,100 per net ton. As North America's largest flat-rolled steel producer and iron ore pellet manufacturer, Cleveland-Cliffs serves diverse markets, including a dominant position in the automotive industry.

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. This price hike is effective immediately for all new orders, raising the minimum base price for hot rolled steel to $1,000 per net ton. As the largest flat-rolled steel producer in North America, Cleveland-Cliffs serves a diverse range of markets, including the automotive industry. The company is vertically integrated and employs approximately 27,000 people across operations in the U.S. and Canada.

Cleveland-Cliffs Inc. (NYSE: CLF) reported record full-year revenues of $23.0 billion for 2022, up from $20.4 billion in 2021. However, net income fell to $1.4 billion ($2.55 per diluted share) from $3.0 billion ($5.36 per diluted share) in the previous year. Adjusted EBITDA dropped to $3.2 billion compared to $5.3 billion. The fourth quarter saw a revenue decline to $5.0 billion, resulting in a net loss of $204 million ($0.41 per diluted share). Significant operational changes led to debt reductions exceeding $3 billion and improved automotive contracts. For 2023, the company anticipates a $115 per-ton increase in automotive prices and reduced steelmaking costs.

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 $50 per net ton, effective immediately for all new orders. The new minimum base price for hot rolled steel is set at $900 per net ton. Cleveland-Cliffs is North America's largest flat-rolled steel producer and has a significant presence in the iron ore pellet manufacturing sector. The company also serves the automotive industry and operates multiple facilities across the U.S. and Canada.

Cleveland-Cliffs Inc. (NYSE: CLF) has announced an immediate increase in its spot market base prices for all carbon hot rolled, cold rolled, and coated steel products by at least $50 per net ton. The new minimum base price for hot rolled steel is now $850 per net ton. This adjustment reflects the company's position as the largest flat-rolled steel producer in North America and highlights its comprehensive offerings across various markets, including significant supply to the automotive industry. The price increase comes at a time when market dynamics are shifting, influencing production and pricing strategies.

Cleveland-Cliffs Inc. (NYSE: CLF) is scheduled to announce its fourth-quarter and full-year 2022 earnings on February 14, 2023, before market opening. The company will host a live conference call at 10:00 am ET on the same day for discussion with analysts and investors, accessible through their website. Cleveland-Cliffs, the largest flat-rolled steel producer and iron ore pellet manufacturer in North America, is vertically integrated and serves various markets, including the automotive industry, employing around 27,000 people across the U.S. and Canada.

Cleveland-Cliffs Inc. (NYSE: CLF) has filed antidumping and countervailing duty petitions with the United Steelworkers against imports of unfairly traded tin mill products from eight countries, including China and Germany. The petitions cite a significant surge in imports that threaten domestic sales and profit margins. Notably, dumping margins identified include 130.88% for China and 78.29% for Canada. Cleveland-Cliffs produces about 300,000 net tons of tin mill products annually and emphasizes the need for fair trade practices to protect American jobs and industry viability.

Cleveland-Cliffs Inc. (NYSE: CLF) announced an immediate increase in its spot market base prices for all carbon hot rolled, cold rolled, and coated steel products by at least $50 per net ton. This adjustment follows a noticeable rise in both pricing and volume for its automotive steel business, resulting in reduced availability of material for spot sales. The new minimum base price for hot rolled steel has been set at $800 per net ton. Cleveland-Cliffs is the largest flat-rolled steel producer and the largest supplier of steel to the automotive industry in North America, employing approximately 27,000 people across the U.S. and Canada.

The Great Lakes Clean Hydrogen coalition (GLCH) has received encouragement from the U.S. Department of Energy (DOE) to submit a full hydrogen hub application. This coalition includes Linde (NYSE: LIN), Cleveland-Cliffs (NYSE: CLF), and others. Their project focuses on developing low-carbon hydrogen through electrolysis at the Davis-Besse Nuclear Power Station in Ohio, aiming for a total investment exceeding $2 billion. Half of the funding is requested from the DOE's regional hydrogen hub initiative. The initiative targets decarbonization in steel, aviation, and glass industries while fostering environmental justice and job creation.