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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 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.
Cleveland-Cliffs Inc. (NYSE: CLF) reported a fourth-quarter revenue of $2.3 billion for 2020, up from $534 million in Q4 2019, reflecting its acquisition of ArcelorMittal USA. The company recorded a net income of $74 million, with an adjusted EBITDA of $286 million. For the full year, revenues reached $5.4 billion, but a net loss of $81 million was reported, impacted by acquisition-related costs. CEO Lourenco Goncalves highlighted the transformation into North America's largest flat-rolled steelmaker and expects a favorable market outlook for 2021.
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.
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