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Cleveland-Cliffs Announces Price Increase for Hot Rolled, Cold Rolled and Coated Steel Products
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Rhea-AI Summary
Cleveland-Cliffs Inc. (NYSE: CLF) has raised spot market base prices for carbon hot rolled, cold rolled, and coated steel products, setting the minimum base price for hot rolled steel at $1,000 per net ton.
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CLEVELAND--(BUSINESS WIRE)--
Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it is increasing current spot market base prices for all carbon hot rolled, cold rolled and coated steel products, effective immediately with all new orders. Cliffs’ minimum base price for hot rolled steel is now $1,000 per net ton.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada.
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719
Source: Cleveland-Cliffs Inc.
FAQ
What is the new minimum base price set by Cleveland-Cliffs Inc. for hot rolled steel products?
Cleveland-Cliffs Inc. has set the minimum base price for hot rolled steel at $1,000 per net ton.
How will the price increase affect Cleveland-Cliffs Inc.'s stock performance?
The price increase could potentially lead to higher revenues and improved margins, which may positively impact Cleveland-Cliffs Inc.'s stock performance.
What steel products are affected by the price increase announced by Cleveland-Cliffs Inc.?
The price increase applies to all carbon hot rolled, cold rolled, and coated steel products.
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