News & Videos - CLEVELAND-CLIFFS INC.

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...

Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it is increasing current spot market base prices for all carbon hot rolled, cold rolled and coated steel products by a minimum of $50 per net ton, effective immediately with all new orders. Cliffs’ minimum base price for hot rolled steel is now $950 per net ton. About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer...

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has successfully amended and extended its asset-based lending credit facility (ABL). The amendment extends the maturity date of the facility to June 9, 2028 and transitions the benchmark interest rate from LIBOR to SOFR. The borrowing base of the amended ABL now includes the assets of Ferrous Processing & Trading Company (FPT), which was acquired by Cleveland-Cliffs in November 2021. With the increased borrowing base, the overall size of...

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it was named to the Fortune 500 list, once again among the top 200 companies. Cleveland-Cliffs’ 2022 revenue of $23 billion earned Cleveland-Cliffs the ranking of 170 on the list for 2023. The Fortune 500 list ranks companies that are incorporated and operate in the U.S. by total revenues for their respective fiscal years. Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President, and CEO said, “Once again, Cleveland-Cliffs is among...

Cleveland-Cliffs Inc. (NYSE: CLF) issued a statement today regarding the Minnesota Executive Council’s approval of state mineral leases for more than 2,600 acres of iron ore at the Nashwauk mine site in Itasca County, Minnesota. Today’s approval is a final action and Cleveland-Cliffs has now assumed these leases. Cleveland-Cliffs’ Chairman, President and Chief Executive Officer, Lourenco Goncalves, stated, “Today’s approval of these leases by the Minnesota Executive Council resolves...

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has successfully completed a hydrogen (H 2 ) injection trial at its Middletown Works blast furnace. This groundbreaking introduction of hydrogen gas as an iron reducing agent in the blast furnace is the first ever use of this carbon friendly technology in the Americas region. The successful use of hydrogen gas represents a significant step toward the future decarbonization of blast furnaces, which are necessary for the continued service...

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that its employees represented by the International Association of Machinists and Aerospace Workers (IAM) Local 1943 at its Middletown Works steelmaking plant ratified a new 4-year labor agreement. The new agreement is effective on May 15, 2023, and covers approximately 2,100 hourly employees. Lourenco Goncalves, Chairman, President and Chief Executive Officer of Cleveland-Cliffs said, “We are pleased to have concluded the process of...

Cleveland-Cliffs Inc. (NYSE: CLF) issued a statement today related to the Minnesota Department of Natural Resources (DNR) determination that it will ask the Executive Council to approve new leases with Cleveland-Cliffs for state ore near Nashwauk, Minnesota. Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President and Chief Executive Officer, said, “Cleveland-Cliffs and the Minnesota Department of Natural Resources have reached an agreement on a package of State iron ore mineral leases at...

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has reached a tentative agreement with the International Association of Machinists and Aerospace Workers (IAM) Local 1943 on a new 4-year agreement for its Middletown Works steelmaking operation. The contract will be effective on May 15, 2023, and will cover approximately 2,100 hourly employees. Lourenco Goncalves, Chairman, President and Chief Executive Officer of Cleveland-Cliffs said, “The new labor agreement with our valued IAM...

Cleveland-Cliffs Inc. (NYSE: CLF) today reported first-quarter results for the period ended March 31, 2023. Selected financial results for the first quarter of 2023 include: Revenues of $5.3 billion Steel shipments of 4.1 million net tons GAAP net loss of $42 million, or $0.11 per diluted share attributable to Cliffs shareholders Adjusted EBITDA 1 of $243 million 36% of Steelmaking revenues from direct automotive sales First-quarter 2023 revenues were $5.3 billion, compared to $5.0 billion in...

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has closed its previously priced offering of $750 million aggregate principal amount of senior unsecured guaranteed notes due 2030 (the “Notes”), which were priced at 6.75% annual coupon and issued at par. The Company intends to use the net proceeds from the Notes to repay a portion of the borrowings under its existing asset-based revolving credit facility. The transaction is leverage neutral and interest expense neutral. About...

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has priced $750 million aggregate principal amount of senior unsecured guaranteed notes due 2030 (the “Notes”) in an offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Notes will bear interest at an annual rate of 6.75% and will be issued at par. The Notes will be guaranteed on a senior unsecured basis by the Company’s material direct and indirect wholly-owned...

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it intends to offer to sell, subject to market and other conditions, $750 million aggregate principal amount of senior unsecured guaranteed notes due 2030 (the “Notes”) in an offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Notes will be guaranteed on a senior unsecured basis by the Company’s material direct and indirect wholly-owned domestic subsidiaries, other...

Cleveland-Cliffs Inc. (NYSE: CLF) today provided its preliminary first-quarter financial results for the period ended March 31, 2023. Selected financial results expectations for the first quarter of 2023 include: Steel shipments of 4.1 million net tons Revenues of approximately $5.2 billion Adjusted EBITDA 1 of approximately $200 million Lourenco Goncalves, Cliffs’ Chairman, President, and CEO said: “Confirming our previous guidance, Q1 EBITDA was significantly higher than Q4 EBITDA. The...