SUFFOLK, VA / ACCESSWIRE / August 25, 2023 / U.S. Steel looks like it's up for sale - the major mill is now considering competing offers from both Cleveland Cliffs and Esmark Inc and there are rumors that ArcelorMittal SA is considering making a bid for the major steel manufacturer, too. As the industry could be headed toward consolidation, Greenwave Technology Solutions (NASDAQ:GWAV) is undertaking an aggressive expansion strategy to ramp up its capacity and meet the growing demands of major...
Cleveland-Cliffs Inc. (NYSE: CLF) (“Cleveland-Cliffs” or “Cliffs”) today announced receipt of the assignment of the United Steelworkers’ (USW) right to bid under their Basic Labor Agreement with United States Steel Corporation (NYSE:X) (“U.S. Steel”). With this exclusive assignment, Cliffs is the only realistic buyer able to acquire the totality of U.S. Steel. Furthermore, Cliffs has agreed to assume, upon closing of a transaction, all of the agreements between U.S. Steel and the...
Cleveland-Cliffs Inc. (NYSE: CLF) (“Cleveland-Cliffs” or “Cliffs”) is publicly announcing a previously private offer that it had presented to the Board of the United States Steel Corporation (NYSE:X) (“U.S. Steel”) on July 28, 2023. That offer, which was reiterated in writing to the U.S. Steel Board on August 11, 2023, proposed acquiring 100% of the outstanding stock of U.S. Steel for a per share value of $17.50 in cash and 1.023 shares of Cliffs stock. On July 28, 2023, this implied...
Cleveland-Cliffs Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2023. Selected financial results for the second quarter of 2023 include: Revenues of $6.0 billion Steel shipments of 4.2 million net tons Net income of $356 million Adjusted EBITDA 1 of $775 million Cash flow from operations of $887 million Free cash flow 2 of $756 million Net debt 3 down to $3.9 billion Total liquidity of $3.8 billion, highest in Company history Second-quarter 2023 revenues...
Cleveland-Cliffs Inc. (NYSE: CLF) will announce its second-quarter 2023 earnings results after the U.S. market close on Monday, July 24, 2023. 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, July 25, 2023, at 8:30 am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and available for replay at that address. About Cleveland-Cliffs Inc....
Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it applauds the preliminary determination reached by the U. S. Department of Commerce that producers of Tin Mill Products from China benefit from significant countervailable government subsidies. The subsidy rate for Baoshan Iron and Steel is 542.55 percent and for Jingtang Iron and Steel is 89.02 percent. The rate of 89.02 percent applies to all other exporters. In addition, Commerce announced that it was initiating an investigation of...
Cleveland-Cliffs Inc. (NYSE: CLF) announced today it has reached a new three-year labor agreement with the United Auto Workers (UAW) for Coshocton Works, to become effective July 31, 2023. The agreement is tentative, pending ratification by UAW local union membership, and will cover approximately 330 UAW-represented workers. Lourenco Goncalves, Chairman, President and CEO, stated, “We are pleased to reach a new labor agreement with the UAW for our employees at Coshocton Works. Coshocton is a...