Cleveland-Cliffs Inc. today announced that it successfully amended its $4.75 billion Asset-Based Lending facility as part of the financing for the pending acquisition of Stelco Holdings Inc. . Cliffs has completely replaced Goldman Sachs' participation with increased commitments from Bank of America, Wells Fargo, J.P. Morgan, Fifth Third, Truist [...]
Cleveland-Cliffs Inc. applauded the reported decision by President Biden to officially block the foreign takeover of U.S. Steel by Japan's Nippon Steel. The Company provided the following statement from its Chairman, President and CEO, Lourenco Goncalves: "We commend President Biden and the U.S. government for its reported decision to block foreign [...]
Cleveland-Cliffs Inc. announced today that Michael Hrosik has been named Senior Vice President, Commercial of the organization. The promotion is effective immediately. Mr. Hrosik has over 30 years of steel industry experience in commercial functions, most recently as Vice President, Flat-Rolled Steel Sales for Cliffs. In his new role, Mr. Hrosik [...]
Cleveland-Cliffs Inc. announced today that it intends to offer to sell, subject to market and other conditions, an additional $500 million aggregate principal amount of Senior Guaranteed Notes due 2032 in an offering that is exempt from the registration requirements of the Securities Act of 1933 . The Additional Notes will be an issuance of Cliffs [...]
Cleveland-Cliffs Inc. today reported second-quarter results for the period ended June 30, 2024. Second-Quarter 2024 Highlights Revenues of $5.1 billion Steel shipments of 4.0 million net tons Net income of $9 million and adjusted net income1 of $50 million Adjusted EPS1 of $0.11 per diluted share Adjusted EBITDA2 of $323 million Net debt3 decrease [...]
Cleveland-Cliffs Inc. announced today that it will establish a new electrical distribution transformer production plant in Weirton, West Virginia. This downstream direct investment by Cleveland-Cliffs in Weirton will address the critical shortage of distribution transformers that is stifling economic growth across the United States. Lourenco [...]
Cleveland-Cliffs Inc. is pleased to announce that it has entered into a definitive agreement to acquire Stelco Holdings Inc. . The acquisition confirms Cliffs' commitment and leadership in integrated steel production in North America, and also brings an additional 1,800 United Steelworkers union employees into Cliffs' workforce. Under the terms of [...]
Cleveland-Cliffs Inc. will announce its second-quarter 2024 earnings results after the U.S. market close on Monday, July 22, 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, July 23, 2024, at 8:30 am ET. The call [...]
Cleveland-Cliffs Inc. announced that Lourenco Goncalves, Chairman, President and Chief Executive Officer is hosting Senator Sherrod Brown and leadership from the United Steelworkers, David McCall, USW International President and Donnie Blatt, Director of USW District 1, at its Cleveland Works plant in Ohio on Wednesday, June 26 for a press [...]
Cleveland-Cliffs Inc. announced today that it has set new greenhouse gas emissions reduction targets. The Company's prior commitment to reduce absolute Scope 1 and Scope 2 GHG emissions by 25% by 2030, relative to 2017 levels, has already been successfully achieved well ahead of schedule. Cleveland-Cliffs' new goals set forth below, relative to [...]
Cleveland-Cliffs Inc. today applauded the International Trade Commission's unanimous decision to uphold tariffs on tin mill products from Japan. After recently rejecting tariffs on tin mill products from several countries including China, the ITC correctly declared that Japan is different - Japan is not a fair trade partner with the United States [...]
Cleveland-Cliffs Inc. today reported first-quarter results for the period ended March 31, 2024. First Quarter 2024 Highlights Repurchased 30.4 million shares, or 6% of total outstanding Revenues of $5.2 billion Steel shipments of 3.9 million net tons GAAP net loss of $53 million and adjusted net income1 of $87 million Adjusted EPS1 of $0.18 per [...]
