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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) has announced the upsizing and pricing of an additional $600 million in Senior Guaranteed Notes due 2032. The Additional Notes will have a 7.000% annual interest rate and be issued at 99.25% of their principal amount. This upsized offering reduces the capital needed for the upcoming Stelco acquisition financing. The Additional Notes Offering is expected to close on August 16, 2024.
The company's pro-forma liquidity is anticipated to be approximately $4.3 billion after the offering's completion. Cliffs plans to use the net proceeds to finance part of the Stelco Acquisition's cash consideration, expected to conclude in Q4 2024. Prior to the acquisition's completion, Cliffs intends to use the proceeds to pay off its outstanding asset-based lending facility balance and for cash on hand.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced its intention to offer an additional $500 million in Senior Guaranteed Notes due 2032. This offering is an extension of the existing 7.000% Senior Guaranteed Notes due 2032, of which $825 million was previously issued. The Additional Notes will be guaranteed by Cliffs' material wholly-owned domestic subsidiaries.
The net proceeds from this offering are intended to finance part of the cash consideration for the previously announced acquisition of Stelco Holdings Inc., expected to complete in Q4 2024. Prior to the acquisition's completion, Cliffs plans to use the proceeds to pay off the outstanding balance of its asset-based lending facility.
The offering is exempt from SEC registration requirements and is only available to qualified institutional buyers and non-U.S. persons outside the United States.
Cleveland-Cliffs Inc. (NYSE: CLF) reported its Q2 2024 results with revenues of $5.1 billion and steel shipments of 4.0 million net tons. The company achieved a net income of $9 million and an adjusted EBITDA of $323 million. Notable highlights include:
- Free cash flow of $362 million
- Net debt decrease of $237 million to $3.4 billion
- Repurchased 7.5 million shares
- Liquidity of $3.7 billion as of June 30, 2024
CEO Lourenco Goncalves emphasized the company's strong performance despite challenging market conditions. Cleveland-Cliffs announced the acquisition of Stelco and plans to repurpose its Weirton tinplate plant to produce transformers, potentially re-employing 600 workers.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced plans to establish a new electrical distribution transformer production plant in Weirton, West Virginia. The $150 million investment, including a $50 million forgivable loan from the state, aims to address the critical shortage of distribution transformers in the United States. The plant is expected to begin operations in the first half of 2026 and will create reemployment opportunities for 600 USW-represented workers from the idled Weirton tinplate mill.
The new facility will utilize American-made Grain Oriented Electrical Steel (GOES) produced by Cleveland-Cliffs at its Butler Works steel mill in Pennsylvania. This investment is expected to generate additional demand for GOES and potentially lead to employment expansion at the Butler Works. The plant will also consume stainless and carbon steel produced by Cliffs in other steel plants across Ohio, Michigan, and Indiana.
Cleveland-Cliffs Inc. (NYSE:CLF) has announced a definitive agreement to acquire Stelco Holdings Inc. (TSX:STLC) for approximately USD $2.5 billion. The deal values Stelco at CAD $70.00 per share, with shareholders receiving CAD $60.00 in cash and 0.454 Cliffs shares per Stelco share. This acquisition expands Cliffs' steelmaking footprint, doubling its exposure to the flat-rolled spot market. The transaction is expected to be immediately accretive to 2024 and 2025 EPS, with estimated annual cost savings of $120 million. Cliffs shareholders will own approximately 95% of the combined company. The deal has received support from the United Steelworkers union and is expected to close in Q4 2024, subject to approvals.
Cleveland-Cliffs (NYSE: CLF) has agreed to acquire Stelco Holdings Inc. (TSX: STLC) for C$70.00 per share, consisting of C$60.00 in cash and 0.454 Cliffs shares. The deal values Stelco at approximately C$3.4 billion, representing an 87% premium to Stelco's closing price on July 12, 2024. Key shareholders holding about 45% of Stelco shares have agreed to support the transaction. The acquisition is expected to close in Q4 2024, subject to regulatory approvals and shareholder vote. Cliffs commits to maintaining Stelco's Canadian operations, increasing production, and preserving its legacy. The deal aims to create synergies and strengthen Cliffs' position in the North American steel market.
Cleveland-Cliffs (NYSE: CLF) will release its second-quarter 2024 earnings results after the U.S. market closes on July 22, 2024. The company will host a conference call to discuss the results on July 23, 2024, at 8:30 am ET. Interested parties can access the live broadcast and subsequent replay on the company's website.
Cleveland-Cliffs (NYSE: CLF) hosted a press conference featuring U.S. Senator Sherrod Brown and USW leadership at its Cleveland Works plant in Ohio. Key speakers included David McCall, USW International President, and Donnie Blatt, Director of USW District 1. The event, aimed at addressing industry-specific issues and company developments, included prepared remarks and a media Q&A session. A full video of the event has been made available on the company's website and YouTube page for public viewing.
Cleveland-Cliffs (NYSE: CLF) will host a press conference at its Cleveland Works plant on Wednesday, June 26, featuring U.S. Senator Sherrod Brown and USW leadership, including President David McCall and Director Donnie Blatt. CEO Lourenco Goncalves will lead discussions on the recently introduced bipartisan legislation aimed at reinstating the 25% tariffs on Mexican steel imports. This 'Stop Mexico’s Steel Surge Act' is designed to protect American manufacturers and steel workers by potentially imposing additional quotas and tariffs as needed. The event will be live-streamed on Cleveland-Cliffs’ YouTube channel at 11:15 a.m. ET, with a replay available afterward.
Cleveland-Cliffs (NYSE: CLF) has announced new greenhouse gas (GHG) emissions reduction targets.
The company, having already achieved its prior goal of a 25% reduction in Scope 1 and Scope 2 GHG emissions by 2030 relative to 2017 levels, now aims to reduce emissions further by 2035 and 2050.
Specifically, Cleveland-Cliffs plans to reduce Scope 1 and Scope 2 GHG emissions intensity per metric ton of crude steel by 30% and Scope 3 emissions by 20% by 2035, with a long-term goal of near net-zero emissions by 2050.
These reductions will be driven by projects in Middletown, OH, and Butler, PA, conducted in cooperation with the U.S. Department of Energy (DOE), along with other operational initiatives.
Capital expenditure plans remain unchanged despite these new targets.
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