Cleveland-Cliffs Inc. announced today the expiration of and final results for its previously announced offer to purchase for cash any and all of its outstanding 6.750% Senior Secured Notes due 2026 . The Tender Offer expired at 5:00 p.m., New York City time, on March 13, 2024 . On March 18, 2024, the Company purchased $639,737,000 in principal [...]
Cleveland-Cliffs Inc. announced today that it has upsized and priced $825 million aggregate principal amount of senior unsecured guaranteed notes due 2032 in an offering that is exempt from the registration requirements of the Securities Act of 1933 . The Notes will bear interest at an annual rate of 7.000% and will be issued at par. The Notes will [...]
Cleveland-Cliffs Inc. announced today the commencement of a tender offer to purchase , subject to certain terms and conditions, any and all of its outstanding 6.750% Senior Secured Notes due 2026 , at the price set forth below. The Tender Offer is scheduled to expire at 5:00 p.m., New York City time, on March 13, 2024 , unless extended or earlier [...]
Cleveland-Cliffs Inc. 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 2032 in an offering that is exempt from the registration requirements of the Securities Act of 1933 . The Notes will be guaranteed on a senior unsecured [...]
The U.S. International Trade Commission this week issued public documents detailing the rationale behind its unanimous negative injury determination in the tin mill products trade case brought by co-petitioners Cleveland-Cliffs and the United Steelworkers . This determination by the ITC negated the implementation of anti-dumping and countervailing [...]
Cleveland-Cliffs Inc. announced today that it will be indefinitely idling its tinplate production plant located in Weirton, West Virginia in April 2024. The need to idle the Weirton plant is a direct result of the unanimous decision issued by all four members of the International Trade Commission negating the implementation of anti-dumping and [...]
Cleveland-Cliffs Inc. today reported full-year and fourth-quarter results for the period ended December 31, 2023. Full-Year Highlights Revenues of $22.0 billion Record steel shipments of 16.4 million net tons, including record automotive shipments Cash flow from operations of $2.3 billion Free cash flow of $1.6 billion3, including approximately [...]
Cleveland-Cliffs Inc. announced today that it has successfully completed a hydrogen injection trial at its Indiana Harbor #7 blast furnace, the largest blast furnace in North America. This represents the second Cleveland-Cliffs blast furnace to utilize hydrogen as a reductant and fuel source, following the successful trial at Middletown Works in [...]
Cleveland-Cliffs Inc. 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 [...]
Cleveland-Cliffs announced today that it has appointed renowned private equity executive, labor and political advisor Ron Bloom to its Board of Directors, effective immediately. With the addition of Mr. Bloom, the Cleveland-Cliffs' Board of Directors is now comprised of eleven members, of which ten are independent directors. After graduating with [...]
Cleveland-Cliffs Inc. today announced that it is increasing current spot market base prices for all carbon hot rolled, cold rolled and coated steel products, effective immediately with all new orders. Cliffs' minimum base price for hot rolled steel is now $1,150 per net ton. About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled [...]
Cleveland-Cliffs Inc. issued the following statement regarding the announced proposed acquisition of U.S. Steel by Nippon Steel. Lourenco Goncalves, Chairman, President of CEO of Cleveland-Cliffs, said, "We identified U.S. Steel as an extremely undervalued company with significant synergy potential when combined with Cleveland-Cliffs, creating a [...]