The Great Lakes Clean Hydrogen Hub coalition has submitted a full application for federal funding from the $8 billion U.S. Department of Energy program to support the creation of regional clean hydrogen hubs under the Infrastructure Investment and Jobs Act. Great Lakes Clean Hydrogen Hub Coalition aims to help major industries across Midwest decarbonize. GLCH's full application details a $2 billion plan to create a clean [...]
Cleveland-Cliffs Inc. announced today that it has reached a tentative agreement with the International Association of Machinists and Aerospace Workers 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 [...]
SunCoke Energy, Inc. and Cleveland-Cliffs Inc. have agreed to a 12-year extension of their existing contract, under which SunCoke will provide 1.22 million tons of metallurgical coke annually to Cleveland-Cliffs from its Indiana Harbor cokemaking facility located in East Chicago, Indiana. The key provisions of the extension agreement are similar to the existing agreement. "This contract renewal affirms the long-term [...]
Cleveland-Cliffs Inc. announced today that it has closed its previously priced offering of $750 million aggregate principal amount of senior unsecured guaranteed notes due 2030 , 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 [...]
Cleveland-Cliffs Inc. announced today that it has priced $750 million aggregate principal amount of senior unsecured guaranteed notes due 2030 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 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 [...]
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 2030 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 basis by the Company's material direct and indirect wholly-owned domestic [...]
Cleveland-Cliffs Inc. 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 EBITDA1 of approximately $200 million Lourenco Goncalves, Cliffs' Chairman, President, and CEO said: "Confirming our previous guidance [...]
Cleveland-Cliffs Inc. will announce its first-quarter 2023 earnings results after the U.S. market close on Monday, April 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, April 25, 2023, at 10:00 am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and [...]
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 by a minimum of $100 per net ton, effective immediately with all new orders. Cliffs' minimum base price for hot rolled steel is now $1,300 per net ton. About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in [...]
Cleveland-Cliffs Inc. today applauded the U.S. International Trade Commission's unanimous affirmative preliminary determination on all countries in response to antidumping and countervailing duty petitions on tin and chromium coated sheet steel products filed by Cleveland-Cliffs and the United Steelworkers . This affirmative preliminary determination relates to petitions seeking antidumping duties on U.S. imports of tin [...]
Cleveland-Cliffs Inc. today announced that it is increasing current base prices for its steel plate products by a minimum of $60 per net ton. This price increase includes as-rolled, normalized, and quench and tempered steel plate products, and is effective immediately with all new, non-contract orders. Cliffs also reserves the right to re-quote any open offers not confirmed by a Cliffs order acknowledgment. About [...]
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 by a minimum of $50 per net ton, effective immediately with all new orders. Cliffs' minimum base price for hot rolled steel is now $850 per net ton. About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in [...]
