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Cleveland-Cliffs Inc. - $CLF STOCK NEWS

Welcome to our dedicated page for Cleveland-Cliffs news (Ticker: $CLF), a resource for investors and traders seeking the latest updates and insights on Cleveland-Cliffs stock.

Cleveland-Cliffs Inc. (symbol: CLF) is a leading flat-rolled steel producer and manufacturer of iron ore pellets in North America. The company is strategically organized into four operating segments: Steelmaking, Tubular, Tooling and Stamping, and European Operations, but operates primarily through its Steelmaking segment. This organization allows Cleveland-Cliffs to offer a wide range of products and services, meeting the diverse needs of customers in various industries.

Core Business and Operations: Cleveland-Cliffs is vertically integrated, covering the entire steel production process from mining raw materials to producing finished steel products. This includes mined raw materials, direct reduced iron, and ferrous scrap, which are essential for primary steelmaking. Further, the company adds value through downstream finishing, stamping, tooling, and tubing operations.

Key Markets and Geographical Reach: Cleveland-Cliffs serves a wide range of markets with its comprehensive offerings in flat-rolled steel products. Its geographic operations span the United States, Canada, and other countries, with the majority of its revenue generated from the United States. The company is a significant supplier of steel to the automotive industry in North America, underscoring its importance in key industrial sectors.

Financial Condition and Achievements: Cleveland-Cliffs has demonstrated robust financial health and growth through strategic acquisitions and partnerships. The company's financial stability allows it to invest in innovative projects and maintain its competitive edge in the steel and mining industry.

Recent Projects and Developments: The company has continuously expanded its capabilities and market reach through recent projects aimed at enhancing production efficiency and product quality. Cleveland-Cliffs remains at the forefront of sustainable steel production, guided by a commitment to safety and environmental stewardship.

In conclusion, Cleveland-Cliffs Inc. is a pivotal player in the North American steel industry, with a comprehensive, vertically integrated operation that spans from raw material extraction to finished steel products, serving critical markets such as automotive, construction, and more.

Rhea-AI Summary

Cleveland-Cliffs (NYSE: CLF) has announced new greenhouse gas (GHG) emissions reduction targets.

The company, having already achieved its prior goal of a 25% reduction in Scope 1 and Scope 2 GHG emissions by 2030 relative to 2017 levels, now aims to reduce emissions further by 2035 and 2050.

Specifically, Cleveland-Cliffs plans to reduce Scope 1 and Scope 2 GHG emissions intensity per metric ton of crude steel by 30% and Scope 3 emissions by 20% by 2035, with a long-term goal of near net-zero emissions by 2050.

These reductions will be driven by projects in Middletown, OH, and Butler, PA, conducted in cooperation with the U.S. Department of Energy (DOE), along with other operational initiatives.

Capital expenditure plans remain unchanged despite these new targets.

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Cleveland-Cliffs (CLF) addressed allegations from U.S. Steel's Board on May 21, 2024, regarding its attempt to sell to foreign buyers without Union support. CEO Lourenco Goncalves emphasized the company's transparent practices and reiterated their stance on keeping U.S. Steel American-owned with Union backing. The U.S. Steel Board's claim that the Union lacked veto power is disputed by Cliffs, highlighting support from the United Steelworkers (USW) only for Cleveland-Cliffs. U.S. Steel's decision to pursue a deal with Nippon Steel, without Union endorsement, is criticized as presenting CFIUS risks and negative impacts on workers and national security. Prominent figures, including President Biden and candidate Donald Trump, have opposed the transaction to maintain U.S. Steel's American ownership.

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Cleveland-Cliffs Inc. (NYSE: CLF) praised the International Trade Commission's decision to maintain tariffs on tin mill products from Japan, emphasizing Japan's unfair trade practices in the steel industry. The company's CEO highlighted the significance of American ownership in the steel sector and the need to address unfair trade practices through U.S. trade laws.

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Cleveland-Cliffs Inc. (NYSE: CLF) will publish a monthly 'Cliffs Hot Rolled Market Price' to provide timely and reliable pricing information to customers. The price will be available via letter and on their website, with updates as needed. The initiative aims to promote market transparency in response to industry trends.
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Cleveland-Cliffs Inc. reported first-quarter 2024 results with revenues of $5.2 billion, a net loss of $53 million, adjusted net income of $87 million, and adjusted EBITDA of $414 million. The company repurchased 30.4 million shares and announced a new $1.5 billion share repurchase program. The steelmaking segment showed positive results with steel product sales volumes of 3.9 million net tons and revenues of $5.0 billion. The company maintained its full-year 2024 guidance with steel shipment volumes of 16.5 million net tons, cost reductions, and capital expenditures.
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Cleveland-Cliffs Inc. (NYSE: CLF) is hosting Secretary Jennifer Granholm at its Butler Works plant in Pennsylvania following the DOE's transformer efficiency standard rule. Cleveland-Cliffs, the sole producer of GOES in the U.S., is in negotiations for up to $75 million in funding for a decarbonization investment. The visit includes a plant tour, meetings with company officials, employees, and union leaders, and a live streamed speaking program with Secretary Granholm discussing potential investments and job protection.
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Cleveland-Cliffs Inc. (CLF) praises the Department of Energy's final transformer efficiency standard rule, ensuring the use of Grain-Oriented Electrical Steel in their markets. The revised rule recognizes the significance of GOES and Cleveland-Cliffs' steel plants in supporting the U.S. electric grid. Collaboration with the UAW led to changes in the rule, securing Cliffs' ability to produce efficient GOES in the U.S. This development is expected to boost demand for GOES, potentially leading to plant expansions and job opportunities.
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Cleveland-Cliffs Inc. (NYSE: CLF) unveils its Sustainability Report 2023, highlighting its commitment to environmental and social responsibility.
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Cleveland-Cliffs Inc. (NYSE: CLF) will release its Q1 2024 earnings on April 22, 2024, followed by a conference call on April 23, 2024, at 8:30 am ET. Interested parties can access the call on www.clevelandcliffs.com.
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Cleveland-Cliffs Inc. (NYSE: CLF) raises spot market base prices by $60 per net ton for carbon steel products, setting minimum base price at $900 per net ton.
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FAQ

What does Cleveland-Cliffs Inc. do?

Cleveland-Cliffs Inc. is a leading flat-rolled steel producer and manufacturer of iron ore pellets in North America.

What are the main operating segments of Cleveland-Cliffs Inc.?

The main operating segments are Steelmaking, Tubular, Tooling and Stamping, and European Operations.

Where does Cleveland-Cliffs generate most of its revenue?

The majority of Cleveland-Cliffs' revenue is generated from the United States.

Which industries does Cleveland-Cliffs serve?

Cleveland-Cliffs serves several industries, including automotive, construction, pipe and tube, appliance, container, and machinery.

Is Cleveland-Cliffs involved in sustainable steel production?

Yes, Cleveland-Cliffs is committed to producing safe and sustainable steel, guided by environmental stewardship.

What makes Cleveland-Cliffs vertically integrated?

Cleveland-Cliffs' operations cover the entire steel production process, from mining raw materials to producing finished steel products.

Does Cleveland-Cliffs have a significant presence outside the United States?

Yes, Cleveland-Cliffs operates in Canada and other countries, although its primary revenue comes from the U.S.

How does Cleveland-Cliffs support the automotive industry?

Cleveland-Cliffs is a key supplier of steel to the automotive industry in North America, providing high-quality flat-rolled steel products.

What recent projects has Cleveland-Cliffs undertaken?

Cleveland-Cliffs has undertaken projects aimed at enhancing production efficiency and product quality to expand its capabilities and market reach.

How does Cleveland-Cliffs ensure financial stability?

Cleveland-Cliffs ensures financial stability through strategic acquisitions, partnerships, and a focus on innovation and operational efficiency.

Cleveland-Cliffs Inc.

NYSE:CLF

CLF Rankings

CLF Stock Data

7.19B
488.42M
1.63%
72.45%
6.56%
Iron Ore Mining
Mining, Quarrying, and Oil and Gas Extraction
Link
United States of America
CLEVELAND

About CLF

arcelormittal usa is part of arcelormittal, the world’s leading steel and mining company. guided by a philosophy to produce safe, sustainable steel, we are a leading supplier of quality steel products in major north american markets including automotive, construction, pipe and tube, appliance, container and machinery. arcelormittal usa employs more than 20,000 people at 27 operations across 13 of the united states. we aim to give our employees every chance to flourish in their careers and grow as part of a global company. we offer a wealth of diverse opportunities. whether you work in production in pennsylvania or as a purchaser in indiana, joining arcelormittal is the start of a journey that, we hope, will lead to a rewarding career. we are always looking for the best and brightest minds to help us transform the future of steel.