Cleveland-Cliffs Inc. - CLF STOCK NEWS

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.

Cleveland-Cliffs Inc. (NYSE: CLF) announced improved fixed prices for its steel products in 2023 compared to 2022. The company expects an average selling price of around $1,400 per net ton for carbon steel automotive customers, up from $1,300. Fixed-price contracts will account for 40-45% of steel volumes sold. Additionally, lower input costs are anticipated to reduce steelmaking unit costs significantly this year.

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.