Cleveland-Cliffs Inc - CLF STOCK NEWS

Cleveland-Cliffs (NYSE: CLF) has announced a new 'Buy American' incentive program for its workforce of nearly 30,000 employees. The program will offer a $1,000 cash bonus to employees who purchase or lease new American-built vehicles containing substantial Cliffs' steel content during calendar year 2025.

Vehicles manufactured outside the United States or using significant amounts of imported flat-rolled steel will not qualify for the incentive. The company will provide detailed guidance on vehicle eligibility directly to employees.

The initiative aligns with efforts to boost domestic manufacturing and support American-made products. Cleveland-Cliffs will host a joint press conference at its Cleveland Works plant featuring CEO Lourenco Goncalves and U.S. Senator Bernie Moreno to discuss this program.

Cleveland-Cliffs (NYSE: CLF) has completed its fifth annual Souper Bowl Food Drive, collecting 415,000 pounds of non-perishable food items across 50 operations and offices in February 2025. The initiative, aimed at addressing food insecurity in local communities, also included cash contributions totaling $270,000 from Cleveland-Cliffs, The Cleveland-Cliffs Foundation, and Stelco Holdings to support 45 food distribution organizations.

The company reports that over the past five years, it has contributed more than $3 million to organizations fighting hunger in communities where it operates.

Cleveland-Cliffs (NYSE: CLF) reported challenging financial results for 2024, with full-year consolidated revenues declining to $19.2 billion from $22.0 billion in 2023. The company recorded a GAAP net loss of $708 million ($1.57 per diluted share) and adjusted net loss of $351 million ($0.73 per diluted share), compared to 2023's net income of $450 million.

Fourth-quarter 2024 results showed consolidated revenues of $4.3 billion, down from $5.1 billion in Q4 2023, with a GAAP net loss of $434 million. Adjusted EBITDA for 2024 decreased to $780 million from $1.9 billion in 2023, primarily due to lower steel index pricing.

The company's steelmaking segment reported full-year sales volume of 15.6 million net tons, with automotive customers representing 30% of sales. For 2025, CLF expects steel unit cost reductions of approximately $40 per net ton and capital expenditures of about $700 million.

Cleveland-Cliffs (NYSE: CLF) has successfully priced and upsized its offering of Senior Guaranteed Notes due 2031 to $850 million. The Notes will carry a 7.500% annual interest rate and will be issued at par value. They will be guaranteed on a senior unsecured basis by Cliffs' material direct and indirect wholly-owned domestic subsidiaries.

The Notes offering is expected to close on February 6, 2025, subject to customary closing conditions. The company plans to use the net proceeds for general corporate purposes, including repaying borrowings under its asset-based credit facility. The transaction is leverage neutral, improves liquidity, and converts secured debt to unsecured debt.

The Notes are being offered exclusively to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act, as they are exempt from registration requirements.

Cleveland-Cliffs (NYSE: CLF) has announced plans to offer $750 million in Senior Guaranteed Notes due 2031. The Notes will be offered exclusively to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act of 1933.

The Notes will be backed by guarantees from Cliffs' material direct and indirect wholly-owned domestic subsidiaries, excluding certain subsidiaries. The company plans to use the net proceeds for general corporate purposes, including repaying borrowings under its asset-based credit facility.

The offering is exempt from Securities Act registration requirements, and the Notes cannot be sold in the United States without registration or an applicable exemption from federal and state securities laws.

Cleveland-Cliffs (NYSE: CLF) has released preliminary Q4 and full-year 2024 results, including the impact of its Stelco acquisition completed on November 1, 2024. For Q4 2024, the company expects steel shipments of 3.8 million net tons, revenues of $4.3 billion, and an Adjusted EBITDA loss of $85 million.

Full-year 2024 projections include steel shipments of 15.6 million net tons, revenues of $19.2 billion, and Adjusted EBITDA of $775 million. Including Stelco, the 2024 Pro-Forma Adjusted EBITDA is expected to reach $1.2 billion.

The company cited 2024 as the worst year for domestic steel demand since 2010 (excluding 2020's COVID impact), with particularly weak automotive sector demand in H2 2024. However, management reports improved order book trends in early 2025 and expects to benefit from new tariffs on Mexico, Canada, and China.

Cleveland-Cliffs (NYSE: CLF) has scheduled its full-year and fourth-quarter 2024 earnings announcement for Monday, February 24, 2025, after the U.S. market close. The company will host a conference call with securities analysts and institutional investors to discuss the results on Tuesday, February 25, 2025, at 8:30 am ET. Interested parties can access the live broadcast through www.clevelandcliffs.com, where the call recording will also be archived for future replay.

Cleveland-Cliffs Inc. (NYSE: CLF) will hold a press conference today at its Butler Works plant in Butler, Pennsylvania, featuring Chairman, President, and CEO Lourenco Goncalves. The event marks the five-year anniversary of Cleveland-Cliffs' acquisition of AK Steel.

At the time of the acquisition, Cliffs made a strategic commitment to defend U.S. national security by preserving operations and jobs at Butler Works, where it produces grain-oriented electrical steel critical for the supply of electricity to the country. The press conference will address issues important to Cleveland-Cliffs and the domestic steel industry and will feature opening remarks and a media Q&A session.

The event will be broadcast live on the Company’s YouTube channel, with a replay available after the event.

Event Details:
Date: Monday, January 13, 2025
Time: 1:00 pm ET
Webcast Link: https://www.youtube.com/c/ClevelandCliffsInc

Cleveland-Cliffs (NYSE: CLF) has responded to lawsuits filed by U.S. Steel and Nippon Steel following the U.S. Government's decision to block Nippon Steel's acquisition of U.S. Steel. CEO Lourenco Goncalves characterized these lawsuits against the U.S. Government, USW, and Cleveland-Cliffs as a desperate attempt to deflect blame for their failed deal.

The deal faced significant bipartisan opposition, including from former President Trump and Senators Vance, Rubio, and Hawley, who urged CFIUS to block the sale. The President's final decision followed a year-long national security review, emphasizing the importance of maintaining American control over critical steelmaking infrastructure. The statement highlighted Japan's history of steel overcapacity and harmful dumping practices in the United States.

Notably, U.S. Steel CEO David Burritt sold personal stock at $50.01 on the deal's announcement day, December 18, 2023. Cleveland-Cliffs maintains the lawsuit is baseless and expressed readiness to defend their position in court.