Cleveland-Cliffs Inc. today reported third-quarter results for the period ended September 30, 2024. Third-Quarter 2024 Highlights Revenues of $4.6 billion Steel shipments of 3.8 million net tons GAAP net loss of $230 million and adjusted net loss1 of $156 million Adjusted EBITDA2 of $124 million Does not include Stelco's third-quarter adjusted [...]
Cleveland-Cliffs Inc. and Stelco Holdings Inc. have agreed to merge in a cash and stock combination. Each share of Stelco Holdings will be exchanged for 0.454 new Cleveland-Cliffs shares and $60.00 CAD cash. The transaction has received shareholder and regulatory approvals and is expected to close on November 1, 2024, subject to customary closing [...]
Cleveland-Cliffs Inc. today announced that it has received regulatory and program approvals under the Investment Canada Act and Strategic Innovation Fund, the final approvals needed to complete Cliffs' pending acquisition of Stelco Holdings Inc. . With these approvals in hand, the acquisition can move to closing. The transaction is currently [...]
Cleveland-Cliffs Inc. today announced that it has received a "no-action letter" from the Canadian Competition Bureau confirming that the Commissioner of Competition does not intend to challenge Cliffs' pending acquisition of Stelco Holdings Inc. . Cliffs remains on track to close the transaction this quarter. Lourenco Goncalves, Cliffs' Chairman [...]
Cleveland-Cliffs Inc. announced today that it intends to offer to sell, subject to market and other conditions, $800 million aggregate principal amount of Senior Guaranteed Notes due 2029 and $800 million aggregate principal amount of Senior Guaranteed Notes due 2033 in an offering that is exempt from the registration requirements of the Securities [...]
Cleveland-Cliffs Inc. today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 , in connection with its pending acquisition of Stelco Holdings Inc. . The expiration of the HSR Act waiting period clears an important regulatory hurdle and marks a significant step toward the closing of this [...]
Cleveland-Cliffs Inc. announced that it will be hosting United States Trade Representative Katherine Tai, Acting Secretary of Labor Julie Su, Congresswoman Chrissy Houlahan, together with the Director of District 10 of the United Steelworkers Bernie Hall, at its Coatesville, PA mill on Friday, October 11. This visit follows USTR's recent final [...]
Cleveland-Cliffs Inc. is pleased to announce that the holders of common shares of Stelco Holdings Inc. voted in favor of, and overwhelmingly approved, the special resolution regarding the previously announced indirect acquisition of Stelco by Cliffs at a special meeting of the Shareholders held earlier today . The Arrangement Resolution received [...]
Cleveland-Cliffs Inc. remains fully committed toward the transformational project underway at its Middletown Works integrated facility in Middletown, Ohio. As previously disclosed, Cliffs was selected for award negotiations for up to $500 million in total funding from the Department of Energy toward the replacement of its Middletown blast furnace [...]
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 [...]
