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Cleveland-Cliffs Inc. - CLF STOCK NEWS

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. (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.

News

Cleveland-Cliffs Announces Proposed Offering of $750 Million of Senior Unsecured Guaranteed Notes

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Cleveland-Cliffs Inc. (NYSE: CLF) plans to offer $750 million of senior unsecured guaranteed notes due 2032 to repurchase its outstanding 6.750% Senior Secured Notes due 2026. The offering is exempt from registration requirements, targeting qualified institutional buyers and non-U.S. persons.
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Cleveland-Cliffs and the United Steelworkers Union Jointly Comment on the Tin Mill Products Final Report Released by the ITC

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The U.S. International Trade Commission issued a negative injury determination in the tin mill products trade case brought by Cleveland-Cliffs and USW, leading to the continuation of unfair trade practices. Lourenco Goncalves highlighted U.S. Steel's lack of cooperation as a key factor in the negative outcome, impacting the domestic industry and workers.
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Cleveland-Cliffs to Idle Weirton Tinplate Facility Following Unfavorable ITC Ruling

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Cleveland-Cliffs Inc. (NYSE: CLF) announces the indefinite idling of its tinplate production plant in Weirton, West Virginia due to the ITC's rejection of anti-dumping duties. Approximately 900 employees impacted with relocation opportunities or severance packages. Despite evidence of dumping and subsidization, the ITC's decision has led to this outcome. Cliffs maintains its 2024 sales volume guidance of 16.5 million tons.
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Cleveland-Cliffs Reports Full-Year and Fourth-Quarter 2023 Results

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Cleveland-Cliffs Inc. (NYSE: CLF) reported full-year and fourth-quarter results for the period ended December 31, 2023. The company achieved revenues of $22.0 billion, record steel shipments of 16.4 million net tons, cash flow from operations of $2.3 billion, and free cash flow of $1.6 billion. The year-end net debt was $2.9 billion, and net pension and OPEB liabilities were reduced to $586 million. However, full-year 2023 consolidated revenues decreased compared to 2022, with a goodwill impairment charge totaling $125 million. Adjusted EBITDA was $1.9 billion, down from $3.2 billion in 2022. The fourth quarter of 2023 saw a net loss of $139 million, with adjusted net loss of $25 million. The company recorded cash flows from operations of $652 million and reduced net debt by approximately $500 million during the quarter. The outlook for 2024 includes expected steel shipment volumes of 16.5 million net tons and steel unit cost reductions of approximately $30 per net ton.
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Cleveland-Cliffs Completes Successful Blast Furnace Hydrogen Injection Trial at Indiana Harbor #7 Blast Furnace

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Cleveland-Cliffs Inc. (NYSE: CLF) has completed a successful hydrogen injection trial at its Indiana Harbor #7 blast furnace, marking a significant achievement in their future GHG reduction efforts. The company is ahead of the curve in using cutting edge technology to decarbonize while maintaining efficiency and high-quality steel production. Cliffs' hydrogen gas supplier, Linde, played a critical role in the successful execution of this major trial.
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Cleveland-Cliffs Applauds Department of Commerce’s Final Determinations on Antidumping and Countervailing Duties for Tin Mill Products

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Cleveland-Cliffs Inc. (NYSE: CLF) applauds the Department of Commerce’s Final Antidumping and Countervailing Determinations on tin mill products from several trade partners. The investigation found Canada, Germany, Korea, and China guilty of dumping tin mill products in the U.S. market. Cleveland-Cliffs will continue to work with the USW to advocate for an affirmative final injury determination by the International Trade Commission. Chairman, President & CEO, Lourenco Goncalves, expressed appreciation for the Department of Commerce's diligent investigation and emphasized the company's commitment to correcting unfair trade practices in the tin mill products industry.
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Cleveland-Cliffs to Announce Full-Year and Fourth-Quarter 2023 Earnings Results on January 29 and Host Conference Call on January 30

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Cleveland-Cliffs Inc. (NYSE: CLF) will announce its full-year and fourth-quarter 2023 earnings results after the U.S. market close on Monday, January 29, 2024. The Company invites interested parties to listen to a live broadcast of a conference call with securities analysts and institutional investors to discuss the results on Tuesday, January 30, 2024, at 8:30 am ET.
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Cleveland-Cliffs Appoints Ron Bloom to its Board of Directors

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Cleveland-Cliffs (CLF) Appoints Renowned Private Equity Executive Ron Bloom to Its Board of Directors
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Cleveland-Cliffs Announces Price Increase for Hot Rolled, Cold Rolled and Coated Steel Products

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Cleveland-Cliffs Inc. (NYSE: CLF) increases spot market base prices for carbon hot rolled, cold rolled, and coated steel products. The minimum base price for hot rolled steel is now $1,150 per net ton.
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Cleveland-Cliffs Comments on Transformative Global Industry Consolidation and Updates Investors on Capital Allocation Priorities

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Cleveland-Cliffs Inc. (NYSE: CLF) issued a statement regarding the proposed acquisition of U.S. Steel by Nippon Steel. Lourenco Goncalves, Chairman, President, and CEO, identified U.S. Steel as undervalued, with significant synergy potential when combined with Cleveland-Cliffs, creating a union-friendly American champion among the top-10 steelmakers globally. Despite U.S. Steel's decision to go with a foreign buyer, Goncalves sees this as validation of the sector's undervaluation, with a multiple re-rating for Cleveland-Cliffs overdue. The company has reached its net debt target of $3.0 billion and plans aggressive share buybacks due to the undervaluation of CLF shares.
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FAQ

What is the current stock price of Cleveland-Cliffs (CLF)?

The current stock price of Cleveland-Cliffs (CLF) is $12.46 as of November 22, 2024.

What is the market cap of Cleveland-Cliffs (CLF)?

The market cap of Cleveland-Cliffs (CLF) is approximately 6.1B.

What does Cleveland-Cliffs Inc. do?

Cleveland-Cliffs Inc. is a leading flat-rolled steel producer and manufacturer of iron ore pellets in North America.

What are the main operating segments of Cleveland-Cliffs Inc.?

The main operating segments are Steelmaking, Tubular, Tooling and Stamping, and European Operations.

Where does Cleveland-Cliffs generate most of its revenue?

The majority of Cleveland-Cliffs' revenue is generated from the United States.

Which industries does Cleveland-Cliffs serve?

Cleveland-Cliffs serves several industries, including automotive, construction, pipe and tube, appliance, container, and machinery.

Is Cleveland-Cliffs involved in sustainable steel production?

Yes, Cleveland-Cliffs is committed to producing safe and sustainable steel, guided by environmental stewardship.

What makes Cleveland-Cliffs vertically integrated?

Cleveland-Cliffs' operations cover the entire steel production process, from mining raw materials to producing finished steel products.

Does Cleveland-Cliffs have a significant presence outside the United States?

Yes, Cleveland-Cliffs operates in Canada and other countries, although its primary revenue comes from the U.S.

How does Cleveland-Cliffs support the automotive industry?

Cleveland-Cliffs is a key supplier of steel to the automotive industry in North America, providing high-quality flat-rolled steel products.

What recent projects has Cleveland-Cliffs undertaken?

Cleveland-Cliffs has undertaken projects aimed at enhancing production efficiency and product quality to expand its capabilities and market reach.

How does Cleveland-Cliffs ensure financial stability?

Cleveland-Cliffs ensures financial stability through strategic acquisitions, partnerships, and a focus on innovation and operational efficiency.

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Cleveland-Cliffs Inc.

NYSE:CLF

CLF Rankings

#1164 Ranked by Market Cap
N/A Ranked by Dividends

CLF Stock Data

6.15B
485.34M
1.6%
70.93%
8.86%
Steel
Metal Mining
Link
United States of America
CLEVELAND