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Cleveland-Cliffs Inc. (symbol: CLF) is a leading flat-rolled steel producer and manufacturer of iron ore pellets in North America. The company is strategically organized into four operating segments: Steelmaking, Tubular, Tooling and Stamping, and European Operations, but operates primarily through its Steelmaking segment. This organization allows Cleveland-Cliffs to offer a wide range of products and services, meeting the diverse needs of customers in various industries.
Core Business and Operations: Cleveland-Cliffs is vertically integrated, covering the entire steel production process from mining raw materials to producing finished steel products. This includes mined raw materials, direct reduced iron, and ferrous scrap, which are essential for primary steelmaking. Further, the company adds value through downstream finishing, stamping, tooling, and tubing operations.
Key Markets and Geographical Reach: Cleveland-Cliffs serves a wide range of markets with its comprehensive offerings in flat-rolled steel products. Its geographic operations span the United States, Canada, and other countries, with the majority of its revenue generated from the United States. The company is a significant supplier of steel to the automotive industry in North America, underscoring its importance in key industrial sectors.
Financial Condition and Achievements: Cleveland-Cliffs has demonstrated robust financial health and growth through strategic acquisitions and partnerships. The company's financial stability allows it to invest in innovative projects and maintain its competitive edge in the steel and mining industry.
Recent Projects and Developments: The company has continuously expanded its capabilities and market reach through recent projects aimed at enhancing production efficiency and product quality. Cleveland-Cliffs remains at the forefront of sustainable steel production, guided by a commitment to safety and environmental stewardship.
In conclusion, Cleveland-Cliffs Inc. is a pivotal player in the North American steel industry, with a comprehensive, vertically integrated operation that spans from raw material extraction to finished steel products, serving critical markets such as automotive, construction, and more.
Cleveland-Cliffs Inc. (NYSE: CLF) is set to announce its fourth-quarter and full-year 2021 earnings results on
Cleveland-Cliffs Inc. (NYSE: CLF) has announced a notice of redemption for all remaining $294 million of its 1.50% Convertible Senior Notes due January 18, 2025. The redemption will take place on January 18, 2022, the earliest allowable date. Noteholders can convert their Notes before this redemption date, with a full cash payment of the principal amount upon redemption or conversion.
This release serves as informational and does not constitute a redemption notice. Detailed procedures for redemption will be provided to registered holders.
Cleveland-Cliffs Inc. (NYSE: CLF) has completed its acquisition of Ferrous Processing and Trading Company (FPT) as of November 17. FPT, a leading ferrous scrap processor in the U.S., processes approximately three million tons of scrap annually. This acquisition aims to enhance Cliffs' position in the prime scrap market through its established industrial steel consumer relationships. CEO Lourenco Goncalves emphasized the transformative potential of this acquisition in increasing scrap offtake and expanding business operations.
Cleveland-Cliffs Inc. (NYSE: CLF) has partnered with the U.S. Department of Energy as part of the Better Climate Challenge initiative. The company aims to achieve a 25% reduction in greenhouse gas emissions by 2030 from 2017 levels, utilizing best practices and technical assistance from the DOE. CEO Lourenco Goncalves emphasized the company's commitment to improving its environmental impact through initiatives like increased use of hot briquetted iron (HBI) in blast furnaces and prime scrap utilization. Cleveland-Cliffs is the largest flat-rolled steel producer in North America.
Cleveland-Cliffs Inc. (NYSE: CLF) welcomed the Biden Administration's new steel Section 232 arrangement with the European Union. This tariff rate quota aims to protect U.S. steel companies from increased imports. CEO Lourenco Goncalves emphasized the importance of maintaining strong Section 232 measures for national security. Cleveland-Cliffs has invested over $1 billion since 2017 in a cutting-edge direct reduction plant in Toledo, Ohio, which produces low CO2 hot briquetted iron. This agreement acknowledges the environmental leadership of the U.S. steel industry.
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
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.
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