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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) reported a robust Q2 2021, achieving revenues of $5.0 billion, a significant increase from $1.1 billion year-over-year. The company realized a net income of $795 million or $1.33 per diluted share, compared to a loss of $108 million in Q2 2020. Adjusted EBITDA soared to $1.4 billion, rebounding from a loss of $82 million the previous year. The steelmaking segment accounted for most revenues, with notable volume increases and higher average selling prices. Looking ahead, Cliffs forecasts an adjusted EBITDA of about $1.8 billion for Q3 2021 and aims for zero net debt in 2022.
Cleveland-Cliffs (NYSE: CLF) has been named GM Supplier of the Year for the fourth consecutive year, recognized during GM's 29th annual Supplier of the Year Awards on June 22, 2021. This accolade highlights Cleveland-Cliffs' outstanding performance in exceeding GM’s requirements across various metrics, including quality and reliability. GM's recognition reflects the company’s innovative technologies and commitment to sustainability, as emphasized by GM's Vice President, Shilpan Amin. Cleveland-Cliffs, North America’s largest flat-rolled steel producer, serves a diverse market, including the automotive sector.
Cleveland-Cliffs Inc. (NYSE: CLF) updated its financial guidance for 2021, projecting a second-quarter adjusted EBITDA of $1.3 billion and a full-year adjusted EBITDA of $5 billion. This forecast assumes a US HRC index price averaging $1,175 per net ton through the year. The company plans to release its second-quarter earnings on July 22, 2021, and will host a conference call to discuss the results. Cleveland-Cliffs remains the largest flat-rolled steel producer and iron ore pellet manufacturer in North America and serves a diverse range of markets, particularly the automotive industry.
Cleveland-Cliffs Inc. (NYSE: CLF) celebrated the first six months of operation at its Direct Reduction plant in Toledo, Ohio, which has a capacity of 1.9 million metric tons of hot-briquetted iron (HBI) per year. CEO Lourenco Goncalves highlighted a $1 billion investment that enhances productivity and reduces greenhouse gas emissions. The plant employs nearly 160 workers and supports the local economy, as noted by Ohio Governor Mike DeWine. The HBI production is aimed at replacing foreign pig iron and prime scrap, improving cost efficiency in the steel industry.
Cleveland-Cliffs Inc. (NYSE: CLF) plans to redeem its $396 million 5.75% Senior Unsecured Guaranteed Notes due March 2025, with total payments expected to be about $407 million plus interest. The redemption, anticipated by June 30, 2021, is part of Cliffs' strategy to accelerate its deleveraging plan, aiming for zero net debt. CEO Lourenco Goncalves noted strong cash flow and a commitment to reducing debt as a top priority. The redemption will be funded using available liquidity.
Cleveland-Cliffs Inc. (NYSE: CLF) reported first-quarter 2021 revenues of $4.0 billion, a significant increase from $359 million in the prior year. The company achieved a net income of $41 million or $0.07 per diluted share, despite incurring $160 million in charges. Adjusted EBITDA rose to $513 million from $23 million year-over-year. The company increased its full-year adjusted EBITDA guidance to $4.0 billion, anticipating strong demand in various sectors. Total liquidity stands at approximately $1.8 billion.
Cleveland-Cliffs Inc. (NYSE: CLF) announced a tentative agreement with the United Steelworkers (USW) for a new 53-month labor contract effective from April 1, 2021, covering around 300 USW-represented workers. CEO Lourenco Goncalves expressed satisfaction with the agreement, highlighting its fair terms and the company's strong relationship with the USW. He noted that the deal ensures a competitive cost structure for future success. The agreement is pending ratification by USW local union memberships, with no further details available until then.
Cleveland-Cliffs Inc. (NYSE: CLF) will release its first-quarter 2021 earnings results on April 22, 2021, prior to the U.S. market opening. An accompanying conference call for analysts and investors is scheduled for the same day at 10:00 am ET, accessible via www.clevelandcliffs.com. The company anticipates a first-quarter adjusted EBITDA of approximately $500 million, followed by $1.2 billion in Q2 and $3.5 billion for the full year, based on a projected U.S. HRC price of $975 per ton.
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