Welcome to our dedicated page for Cleveland-Cliffs news (Ticker: CLF), a resource for investors and traders seeking the latest updates and insights on Cleveland-Cliffs stock.
Cleveland-Cliffs Inc. (CLF) is North America's largest flat-rolled steel producer and a critical supplier to automotive, construction, and energy industries. This dedicated news hub provides investors and industry professionals with timely updates on corporate developments, financial performance, and market positioning.
Access all official press releases and third-party analyses in one centralized location, including earnings announcements, operational expansions, sustainability initiatives, and strategic partnerships. Our curated collection ensures you stay informed about CLF's vertical integration advantages, from iron ore mining to advanced steel solutions.
Key updates cover production innovations, automotive sector contracts, raw material pricing trends, and environmental stewardship programs. Bookmark this page for streamlined tracking of CLF's role in shaping North American industrial supply chains and its responses to evolving market demands.
Cleveland-Cliffs (NYSE: CLF) has appointed Jane M. Cronin to its Board of Directors, effective immediately. Cronin, currently Senior Vice President – Finance at The Sherwin-Williams Company, brings extensive experience in finance and accounting from her 35-year tenure at Sherwin-Williams, where she held various leadership positions including Senior VP of Enterprise Finance and Corporate Controller.
Cronin also serves on the board of Transdigm Group Inc., participating in their Audit and Nominating and Corporate Governance Committees. She will join CLF's Audit Committee and fills the vacancy left by the passing of former Board member Janet Miller. With her appointment, Cleveland-Cliffs' Board now consists of ten members, with nine being independent directors.
Cleveland-Cliffs (NYSE: CLF) reported Q3 2024 results with revenues of $4.6 billion and steel shipments of 3.8 million net tons. The company recorded a GAAP net loss of $230 million and adjusted net loss of $156 million, with adjusted EBITDA of $124 million. The quarter was impacted by weaker demand and pricing, leading to tighter margins and the temporary idling of Cleveland #6 blast furnace. The company recently acquired Stelco, which reported Q3 adjusted EBITDA of US$64 million. For 2025, CLF expects lower capital budget and anticipates $70 million in coal cost savings compared to 2024.
Cleveland-Cliffs (NYSE: CLF) has completed its acquisition of Stelco Holdings, strengthening its position as North America's largest flat-rolled steel producer. The acquisition expands Cliffs' geographical presence in Canada and diversifies its end-markets. Stelco will operate as a wholly-owned subsidiary of Cliffs while maintaining its name and Canadian legacy. CEO Lourenco Goncalves emphasized the acquisition's role in advancing integrated steelmaking and supporting union jobs in North America, highlighting benefits including customer base diversification and cost structure improvements.
Cleveland-Cliffs (NYSE: CLF) has secured the final regulatory approvals required for its acquisition of Stelco Holdings. The company received clearances under the Investment Canada Act and Strategic Innovation Fund, paving the way for the transaction's completion. The closing date has been set for November 1, 2024.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced its schedule for releasing third-quarter 2024 earnings results. The company will disclose the results after the U.S. market closes on Monday, November 4, 2024. Following this, Cleveland-Cliffs will host a live conference call on Tuesday, November 5, 2024, at 8:30 am ET to discuss the results with securities analysts and institutional investors. Interested parties can access the call through the company's website at www.clevelandcliffs.com. The call will also be archived and available for replay on the same website.
Cleveland-Cliffs Inc. (NYSE: CLF) has received a "no-action letter" from the Canadian Competition Bureau, indicating that the Commissioner of Competition does not intend to challenge Cliffs' pending acquisition of Stelco Holdings Inc. This clearance marks the conclusion of all required antitrust reviews for the acquisition. Earlier this week, Cliffs announced the expiration of the U.S. Department of Justice antitrust review period and successfully raised the remaining capital to fund the transaction. Lourenco Goncalves, Cliffs' Chairman, President and CEO, expressed satisfaction with these three important milestones and stated that the company remains on track to close the transaction this quarter, pending the satisfaction of remaining closing conditions.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced the pricing of $1.8 billion in Senior Guaranteed Notes, split equally between 2029 and 2033 maturities. The 2029 Notes will bear interest at 6.875%, while the 2033 Notes will bear interest at 7.375%, both issued at par. The offering, expected to close on October 22, 2024, will fund part of the cash consideration for the Stelco Holdings Inc. acquisition, anticipated to complete in Q4 2024.
The Notes will be guaranteed by Cliffs' material domestic subsidiaries and are subject to a special mandatory redemption if the Stelco acquisition is not completed by April 14, 2025 (extendable to July 14, 2025). The offering is exempt from SEC registration and is only available to qualified institutional buyers and non-U.S. persons under specific exemptions.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced its intention to offer $1.6 billion in Senior Guaranteed Notes, split equally between notes due in 2029 and 2033. The offering is exempt from SEC registration requirements and the notes will be guaranteed by Cliffs' major domestic subsidiaries. The proceeds are intended to partially finance the cash consideration for the previously announced Stelco Holdings Inc. acquisition, expected to close in Q4 2024.
The offering is not contingent on the Stelco acquisition's completion. However, if the acquisition is not consummated by April 14, 2025 (extendable to July 14, 2025) or if Cliffs terminates the arrangement, the notes will be subject to a special mandatory redemption at 100% of the initial issue price plus accrued interest. The notes are being offered only to qualified institutional buyers and non-U.S. persons under specific exemptions.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced a significant milestone in its pending acquisition of Stelco Holdings Inc. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) has expired, clearing a major regulatory hurdle for the transaction. This development marks a important step towards finalizing the acquisition, which is anticipated to close in the fourth quarter of 2024, subject to other customary closing conditions and approvals.
Lourenco Goncalves, Cliffs' Chairman, President and CEO, expressed excitement about this progress, highlighting the transformative nature of the Stelco acquisition. He emphasized that this move will enhance Cleveland-Cliffs' resilience and geographic diversification in the highly competitive global market.
Cleveland-Cliffs (NYSE: CLF) is set to host key U.S. government officials at its Coatesville, Pennsylvania steel plant on October 11. Visitors include U.S. Trade Representative Katherine Tai, Acting Labor Secretary Julie Su, and Congresswoman Chrissy Houlahan, along with USW District 10 Director Bernie Hall.
The visit follows USTR's recent decision on increased Section 301 tariffs on Chinese imports and an ongoing investigation into unfair trade practices in the Chinese shipbuilding sector. Cleveland-Cliffs Coatesville specializes in steel plate production for military and commercial shipbuilding.
CEO Lourenco Goncalves will host a fireside chat with the dignitaries, which will be live-streamed on the company's YouTube channel at 11:00 a.m. ET. The event aims to showcase the partnership between Cleveland-Cliffs and the USW in producing advanced steel plate for critical industries.
