Cleveland-Cliffs Inc. - CLF STOCK NEWS

Cleveland-Cliffs Inc. (NYSE: CLF) has announced an immediate increase in spot market base prices for all carbon hot rolled, cold rolled, and coated steel products by at least $50 per net ton. The minimum base price for hot rolled steel now stands at $750 per net ton. This decision follows positive market feedback and improved conditions in raw materials and distribution markets, reflecting strong demand and operational efficiency.

Cleveland-Cliffs Inc. (NYSE: CLF) announces the launch of its MOTOR-MAX product line of non-oriented electrical steels aimed at high-speed motors and generators in North America. With rising demand for electric vehicles (EVs), Cleveland-Cliffs positions itself as the only producer of automotive-quality electrical steels in North America. The company emphasizes its environmentally friendly production methods, utilizing direct reduced iron and recycled materials in its electric arc furnaces. This initiative supports the increasing infrastructure needs for EVs, including charging stations.

Cleveland-Cliffs Inc. (NYSE: CLF) announced the completion of its initial research phase funded by the U.S. Department of Energy (DOE) for carbon capture at its Burns Harbor facility in Indiana. An application for the next funding phase was submitted on December 5. The project aims to capture 2.8 million tons of CO2 annually, achieving a carbon capture efficiency of at least 95%. This study will be co-funded by Cleveland-Cliffs and the DOE under the Bipartisan Infrastructure Law, supporting large-scale Carbon Capture and Sequestration technology initiatives.

Cleveland-Cliffs Inc. (NYSE: CLF) has announced an increase in the spot market base prices for all carbon hot rolled, cold rolled, and coated steel products by a minimum of $60 per ton. This price adjustment is effective immediately for all new orders. Cleveland-Cliffs is the largest flat-rolled steel producer in North America and the top manufacturer of iron ore pellets in the region. The company serves diverse markets, including being the largest supplier of steel to the automotive industry in North America.

Olympic Steel Inc. (NASDAQ: ZEUS) congratulates Executive Chairman Michael D. Siegal for receiving the Israeli Presidential Medal of Honor for his contributions to Israel and humanity. With over 40 years at Olympic Steel, Siegal has played pivotal roles in the company’s growth, including its IPO and multiple acquisitions, increasing revenues from $35 million to over $1 billion. He has received numerous accolades, including a Lifetime Achievement Award from the Metals Service Center Institute. Olympic Steel is based in Cleveland, Ohio, and operates 42 facilities across North America.

Cleveland-Cliffs Inc. (NYSE: CLF) reported third-quarter 2022 revenues of $5.7 billion, down from $6.0 billion in Q3 2021. Net income was $165 million, or $0.29 per diluted share, significantly lower than $1.3 billion or $2.33 per share in the previous year. Adjusted EBITDA for Q3 2022 was $452 million, compared to $1.9 billion in Q3 2021. A notable reduction of $1.8 billion in pension/OPEB liabilities was achieved. The company anticipates improved performance from enhanced automotive shipments and reduced operating costs in the upcoming quarters.

Cleveland-Cliffs Inc. (NYSE: CLF) has ratified a new labor agreement with the United Steelworkers (USW), covering approximately 12,000 employees at 13 locations. This four-year contract, effective from September 1, 2022, complements an earlier agreement for 2,000 employees, concluding the renegotiation cycle with contracts valid through September 2026. CEO Lourenco Goncalves emphasized the importance of workforce support in navigating challenges, including the pandemic and business transformation.

Cleveland-Cliffs Inc. (NYSE: CLF) is set to announce its third-quarter 2022 earnings results on October 25, 2022, before the U.S. market opens. A live conference call with analysts and institutional investors will follow at 10:00 am ET on the same day, with an option to replay the call on their website. As North America's largest flat-rolled steel producer and iron ore pellet manufacturer, Cleveland-Cliffs continues to serve diverse markets including the automotive industry, employing around 27,000 people across the U.S. and Canada.

Cleveland-Cliffs Inc. (NYSE: CLF) announced the ratification of new 47-month labor agreements by employees represented by the United Steelworkers (USW) at its Tilden and Empire mines in Michigan, as well as United Taconite and Hibbing Taconite mines in Minnesota. Effective October 1, 2022, these agreements cover approximately 2,000 USW-represented employees. CEO Lourenco Goncalves expressed satisfaction with the agreements, highlighting their fairness and benefits for employees and the company.