Cleveland-Cliffs Inc. - CLF STOCK NEWS

Cleveland-Cliffs reported record third-quarter results for the period ending September 30, 2021, with consolidated revenues reaching $6.0 billion, a significant increase from $1.6 billion in the same quarter last year. The company achieved a net income of $1.3 billion, or $2.33 per diluted share, compared to $2 million a year prior. Year-to-date, revenues totaled $15.1 billion and net income was $2.1 billion. The strong performance is attributed to increased sales and strategic acquisitions, including Ferrous Processing and Trading Company.

Cleveland-Cliffs Inc. (NYSE: CLF) has announced its definitive agreement to acquire Ferrous Processing and Trading Company (FPT) for approximately $775 million. FPT is a leading ferrous scrap processor, holding about 15% of the U.S. merchant prime scrap market, processing roughly three million tons annually. The acquisition, expected to close in Q4 2021, aims to enhance CLF's access to prime scrap and support its environmental initiatives. The deal will solidify CLF's market position as it plans to leverage existing customer relationships to grow in the automotive and industrial sectors.

Cleveland-Cliffs Inc. (NYSE: CLF) has successfully ratified a three-year labor contract with UAW Local 3044, covering approximately 350 employees at its Rockport Works operation. The contract, effective from October 1, 2021 to September 30, 2024, emphasizes the company’s commitment to good-paying jobs and a strong partnership with labor unions. CEO Lourenco Goncalves highlighted the importance of the union workforce in American manufacturing and expressed confidence that the agreement will maintain competitive cost structures in flat-rolled steel while ensuring equitable terms for both parties.

Cleveland-Cliffs Inc. (NYSE: CLF) will announce its third-quarter 2021 earnings on October 22, 2021, before the U.S. market opens. A conference call for analysts and investors will be held at 10:00 AM ET the same day, accessible via the company's website. Cleveland-Cliffs is North America's largest flat-rolled steel producer and iron ore pellet manufacturer, serving diverse markets, especially the automotive industry. The company employs approximately 25,000 people across the U.S. and Canada.

Cleveland-Cliffs Inc. (NYSE: CLF) has announced the promotion of three executives effective September 1, 2021, to enhance its operational leadership. Clifford T. Smith becomes EVP & President of Cleveland-Cliffs Steel, overseeing operations across multiple segments. Keith A. Koci is now EVP & President of Cleveland-Cliffs Services, focusing on procurement and expanding the scrap recycling business. Celso L. Goncalves has been appointed as CFO, responsible for the financial organization. These changes are aimed at supporting the company’s strategic goals in a transformed market landscape.

Cleveland-Cliffs Inc. (NYSE: CLF) announced the success of its COVID-19 Vaccination Incentive Program, launched in July. The program incentivized employees with up to $3,000 to get vaccinated, achieving a vaccination rate of 75% among nearly 19,000 employees in 45 days, compared to a starting rate of 35%. Significant vaccination rates at facilities like Indiana Harbor (78%) exceeded local county averages. CEO Lourenco Goncalves praised the program, urging other companies to follow suit to combat the pandemic effectively.

Cleveland-Cliffs Inc. (NYSE: CLF) announced the ratification of a new three-year labor contract by employees represented by UAW Local 600 for its Dearborn Works operations, covering around 1,000 workers. The contract is effective retroactively from August 1, 2021, to July 31, 2024. CEO Lourenco Goncalves emphasized the company's commitment to good-paying union jobs and noted that their partnership with unions helps maintain competitive costs in flat-rolled steel production. Cleveland-Cliffs is the largest flat-rolled steel producer in North America.

Cleveland-Cliffs Inc. (NYSE: CLF) has successfully redeemed all Series B Participating Redeemable Preferred Stock held by an ArcelorMittal S.A. affiliate for approximately $1.2 billion, or $21.18 per common share, equivalent to about 58 million common shares. This move, funded through existing liquidity, reduces the Company’s diluted share count by 10% on a pro-forma basis. CEO Lourenco Goncalves labeled the transaction 'highly accretive,' suggesting it benefits shareholders more than a conventional share buyback, citing the total cash spent as lower than the expected free cash flow for the quarter.