Cleveland-Cliffs Inc. today provided updated financial guidance based on its most recent 2021 financial forecast. The Company's forecast includes the following expectations: Second-quarter 2021 adjusted EBITDA* of $1.3 billion Full-year 2021 adjusted EBITDA* of $5 billion The full-year expectation is based on current contractual business and the [...]
Cleveland-Cliffs Inc. is celebrating today the initial six months of continued operation and production of hot-briquetted iron at the Company's state-of-the art Direct Reduction plant in Toledo, Ohio. Cliffs' Chairman, President and Chief Executive Officer Lourenco Goncalves will host Ohio Governor Mike DeWine for a ribbon cutting ceremony on site [...]
Baker Botts L.L.P. is pleased to represent Plaintiffs JSW Steel Inc. and JSW Steel Ohio, Inc. in their important antitrust lawsuit filed today in the Southern District of Texas against three of the largest domestic steel companies, Nucor Corp., United States Steel Corp., and Cleveland-Cliffs Inc., including its recent acquisition, AK Steel Holding [...]
Cleveland-Cliffs Inc. today published its Sustainability Report 2020 Executive Summary highlighting the progress toward the achievement of its sustainability goals and reaffirming the company's agenda to build a more sustainable steel company. Later in the second quarter, the Company will publish its full Sustainability Report 2020 consistent with [...]
Cleveland-Cliffs Inc. today reported first-quarter results for the period ended March 31, 2021. First-quarter 2021 consolidated revenues were $4.0 billion, compared to the prior-year first-quarter revenues of $359 million. For the first quarter of 2021, the Company recorded net income of $41 million, or $0.07 per diluted share. This included the [...]
Cleveland-Cliffs Inc. announced today a tentative agreement with the United Steelworkers for a new 53-month labor contract that is effective as of April 1, 2021. The new contract will cover approximately 300 USW-represented workers. Lourenco Goncalves, Chairman, President and CEO, stated, "We are pleased to reach a new labor contract with the USW [...]
Cleveland-Cliffs Inc. will announce its first-quarter 2021 earnings results before the U.S. market open on Thursday, April 22, 2021. 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 April 22, 2021 at 10:00am ET. The call can be [...]
Cleveland-Cliffs Inc. today reported fourth-quarter and full-year results for the period ended December 31, 2020. On December 9, 2020, Cleveland-Cliffs completed the acquisition of substantially all the operations of ArcelorMittal USA LLC , which has since been renamed to Cleveland-Cliffs Steel LLC. The results set forth in this release only [...]
Cleveland-Cliffs Inc. announced today that it has priced $500 million aggregate principal amount of Senior Unsecured Guaranteed Notes due 2029 and $500 million aggregate principal amount of Senior Unsecured Guaranteed Notes due 2031 in an offering that is exempt from the registration requirements of the Securities Act of 1933 . The 2029 Notes will [...]
Cleveland-Cliffs Inc. announced today that it intends to offer to sell, subject to market and other conditions, senior unsecured guaranteed notes to be issued by the Company in separate series of notes due 2029 and 2031 in an offering that is exempt from the registration requirements of the Securities Act of 1933 . The Notes will be guaranteed on a [...]
Cleveland-Cliffs Inc. today announced the pricing of its underwritten public offering of 60,000,000 common shares, par value $0.125 per share , which consists of 40,000,000 currently outstanding Common Shares offered by ArcelorMittal North America Holdings LLC, an indirect, wholly-owned subsidiary of ArcelorMittal S.A. and 20,000,000 Common Shares [...]
Cleveland-Cliffs Inc. today announced that it has commenced an underwritten public offering of 60,000,000 common shares, par value $0.125 per share , which consists of 40,000,000 currently outstanding Common Shares offered by ArcelorMittal North America Holdings LLC, an indirect, wholly-owned subsidiary of ArcelorMittal S.A. and 20,000,000 Common [...]