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' existing 7.000% Senior Guaranteed Notes due 2032 and will be issued as [...]
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 of $237 million to $3.4 billion Cash flow from operations of $519 million [...]
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 Goncalves, Cleveland-Cliffs' Chairman, President and Chief Executive Officer will [...]
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 the agreement, Stelco shareholders will receive CAD $60.00 per Stelco [...]
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 can be accessed at www.clevelandcliffs.com and will also be archived and [...]
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 conference. Senator Brown's visit follows the recent bipartisan legislation [...]
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 2023 levels, are all supported by ongoing and planned technological [...]
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. The United States currently has antidumping orders on 12 steel products [...]
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 diluted share Adjusted EBITDA2 of $414 million 70% Adjusted EBITDA2 [...]
Cleveland-Cliffs Inc. announced that it is hosting Secretary Jennifer Granholm at its Butler Works plant in Pennsylvania today, April 22nd. The Secretary's visit follows the recent Department of Energy's final transformer efficiency standard rule that will provide for the continued utilization of Grain-Oriented Electrical Steel in virtually all of electrical distribution transformer end markets. Cleveland-Cliffs is the [...]
Cleveland-Cliffs Inc. today applauded the Department of Energy's final transformer efficiency standard rule that will provide for the continued utilization of Grain-Oriented Electrical Steel in virtually all of Cliffs' current distribution transformer end markets. With this revised rule, the DOE acknowledged the fundamental importance of GOES and the essential role played by Cleveland-Cliffs steel plants in Butler, PA and [...]
Cleveland-Cliffs Inc. announced today the release of its Sustainability Report 2023. The Report informs about Cleveland-Cliffs' continued progress on environmental, social and governance performance for 2023, including its achievements in reducing greenhouse gas emissions and decarbonization initiatives. It also includes a Limited Assurance Review issued by Deloitte & Touche LLP. The Sustainability Report 2023 details how [...]
