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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.

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Cleveland-Cliffs Inc. (NYSE:CLF) has announced a definitive agreement to acquire Stelco Holdings Inc. (TSX:STLC) for approximately USD $2.5 billion. The deal values Stelco at CAD $70.00 per share, with shareholders receiving CAD $60.00 in cash and 0.454 Cliffs shares per Stelco share. This acquisition expands Cliffs' steelmaking footprint, doubling its exposure to the flat-rolled spot market. The transaction is expected to be immediately accretive to 2024 and 2025 EPS, with estimated annual cost savings of $120 million. Cliffs shareholders will own approximately 95% of the combined company. The deal has received support from the United Steelworkers union and is expected to close in Q4 2024, subject to approvals.

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Cleveland-Cliffs (NYSE: CLF) has agreed to acquire Stelco Holdings Inc. (TSX: STLC) for C$70.00 per share, consisting of C$60.00 in cash and 0.454 Cliffs shares. The deal values Stelco at approximately C$3.4 billion, representing an 87% premium to Stelco's closing price on July 12, 2024. Key shareholders holding about 45% of Stelco shares have agreed to support the transaction. The acquisition is expected to close in Q4 2024, subject to regulatory approvals and shareholder vote. Cliffs commits to maintaining Stelco's Canadian operations, increasing production, and preserving its legacy. The deal aims to create synergies and strengthen Cliffs' position in the North American steel market.

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Cleveland-Cliffs (NYSE: CLF) will release its second-quarter 2024 earnings results after the U.S. market closes on July 22, 2024. The company will host a conference call to discuss the results on July 23, 2024, at 8:30 am ET. Interested parties can access the live broadcast and subsequent replay on the company's website.

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Cleveland-Cliffs (NYSE: CLF) hosted a press conference featuring U.S. Senator Sherrod Brown and USW leadership at its Cleveland Works plant in Ohio. Key speakers included David McCall, USW International President, and Donnie Blatt, Director of USW District 1. The event, aimed at addressing industry-specific issues and company developments, included prepared remarks and a media Q&A session. A full video of the event has been made available on the company's website and YouTube page for public viewing.

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Cleveland-Cliffs (NYSE: CLF) will host a press conference at its Cleveland Works plant on Wednesday, June 26, featuring U.S. Senator Sherrod Brown and USW leadership, including President David McCall and Director Donnie Blatt. CEO Lourenco Goncalves will lead discussions on the recently introduced bipartisan legislation aimed at reinstating the 25% tariffs on Mexican steel imports. This 'Stop Mexico’s Steel Surge Act' is designed to protect American manufacturers and steel workers by potentially imposing additional quotas and tariffs as needed. The event will be live-streamed on Cleveland-Cliffs’ YouTube channel at 11:15 a.m. ET, with a replay available afterward.

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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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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

7.37B
475.48M
1.67%
70.76%
7.32%
Iron Ore Mining
Mining, Quarrying, and Oil and Gas Extraction
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United States of America
CLEVELAND