Cleveland-Cliffs Inc. - CLF STOCK NEWS

Cleveland-Cliffs Inc. (NYSE: CLF) has priced $1 billion in Senior Unsecured Guaranteed Notes, consisting of $500 million due in 2029 at 4.625% interest and $500 million due in 2031 at 4.875%. The offering is exempt from SEC registration and will close on February 17, 2021. Proceeds will be used to redeem existing higher-interest notes and to reduce revolving credit facility borrowings. The issuance is guaranteed by the company's significant subsidiaries. Cleveland-Cliffs is the largest flat-rolled steel producer in North America, heavily focused on the automotive sector.

Cleveland-Cliffs Inc. (NYSE: CLF) announced plans to offer senior unsecured guaranteed notes due 2029 and 2031, exempt from registration under the Securities Act. Proceeds will be used to redeem existing notes and reduce borrowings from its credit facility. The offering targets qualified institutional buyers and non-U.S. persons. Cleveland-Cliffs is the largest flat-rolled steel producer and iron ore pellet supplier in North America, bolstered by acquisitions of AK Steel and ArcelorMittal USA, employing approximately 25,000 people across the United States and Canada.

Cleveland-Cliffs Inc. (NYSE: CLF) has launched a public offering of 60 million common shares, with gross proceeds of approximately $326 million from the company's 20 million shares. The Selling Shareholder, ArcelorMittal North America, is offering 40 million shares. The company plans to use the funds to redeem up to $334 million of its 9.875% Senior Secured Notes due 2025 and reduce borrowings on its revolving credit facility. BofA Securities is acting as underwriter, with a 30-day option for an additional 9 million shares.

Cleveland-Cliffs Inc. (NYSE: CLF) has launched an underwritten public offering of 60 million common shares, with 40 million shares from ArcelorMittal North America Holdings LLC and 20 million from the Company. An additional 9 million shares may be purchased by underwriters. The Company will not receive proceeds from the Selling Shareholder's shares. Net proceeds will be used to redeem approximately $334 million of its 9.875% Senior Secured Notes due 2025 and to reduce borrowings under its credit facility.

Cleveland-Cliffs Inc. (NYSE: CLF) has committed to reducing its greenhouse gas emissions by 25% by 2030, focusing on Scope 1 and Scope 2 emissions compared to 2017 levels. The strategic plan outlines five priorities, including using domestically sourced iron ore and investing in carbon capture technology. CEO Lourenco Goncalves highlighted the steel industry's role in combating climate change and emphasized the company's dedication to sustainable operations while supporting jobs in America. Cleveland-Cliffs is now the largest flat-rolled steel producer in North America.

Cleveland-Cliffs Inc. (NYSE: CLF) reported preliminary fourth-quarter 2020 results, highlighting consolidated revenues of approximately $2.2 to $2.3 billion, marking a ~320% year-over-year increase. Adjusted EBITDA reached around $280 to $290 million, a ~150% rise, representing a six-year high. The company’s steel sales volume was 1.9 million net tons. Following its acquisition of ArcelorMittal USA on December 9, 2020, Cleveland-Cliffs anticipates significant contributions from this and its new Hot Briquetted Iron plant, which began operations in December 2020.

Cleveland-Cliffs Inc. (NYSE: CLF) announced over $1 million in donations through The Cleveland-Cliffs Foundation to combat food insecurity in communities across the U.S. and Canada. This support, responding to the increased need due to the pandemic, is expected to provide up to 10 million meals. The company collaborates with 44 food distribution organizations in more than 35 communities, including locations in Ohio, Alabama, and Ontario. CEO Lourenco Goncalves emphasized the company's role in supporting local food banks and encouraged other employers to contribute as well.

Cleveland-Cliffs Inc. (NYSE: CLF) has completed the acquisition of ArcelorMittal USA, establishing itself as the largest flat-rolled steel producer in North America. The transaction is valued at approximately $183 million and enhances the company's operational capabilities and market share, aiming for pro-forma revenues of about $17 billion and adjusted EBITDA of $1.7 billion in 2019. The acquisition also secures 100% ownership of I/N Tek and I/N Kote, contributing a combined $121 million to adjusted EBITDA in 2019. CEO Lourenco Goncalves emphasized the strategic importance of this merger for supporting American manufacturing and infrastructure.

Cleveland-Cliffs Inc. (NYSE: CLF) announced the early termination of the waiting period by the Federal Trade Commission for its acquisition of ArcelorMittal USA. This clearance signals a significant milestone toward finalizing the deal, expected in December 2020. Chairman Lourenco Goncalves expressed optimism about integrating ArcelorMittal USA's operations, emphasizing the potential for improved efficiency and market leadership in flat-rolled steel production in North America. The acquisition remains subject to customary closing conditions.