Cleveland-Cliffs Inc Stock Price, News & Analysis

Olympic Steel Inc. (NASDAQ: ZEUS) congratulates Executive Chairman Michael D. Siegal for receiving the Israeli Presidential Medal of Honor for his contributions to Israel and humanity. With over 40 years at Olympic Steel, Siegal has played pivotal roles in the company’s growth, including its IPO and multiple acquisitions, increasing revenues from $35 million to over $1 billion. He has received numerous accolades, including a Lifetime Achievement Award from the Metals Service Center Institute. Olympic Steel is based in Cleveland, Ohio, and operates 42 facilities across North America.

Cleveland-Cliffs Inc. (NYSE: CLF) reported third-quarter 2022 revenues of $5.7 billion, down from $6.0 billion in Q3 2021. Net income was $165 million, or $0.29 per diluted share, significantly lower than $1.3 billion or $2.33 per share in the previous year. Adjusted EBITDA for Q3 2022 was $452 million, compared to $1.9 billion in Q3 2021. A notable reduction of $1.8 billion in pension/OPEB liabilities was achieved. The company anticipates improved performance from enhanced automotive shipments and reduced operating costs in the upcoming quarters.

Cleveland-Cliffs Inc. (NYSE: CLF) has ratified a new labor agreement with the United Steelworkers (USW), covering approximately 12,000 employees at 13 locations. This four-year contract, effective from September 1, 2022, complements an earlier agreement for 2,000 employees, concluding the renegotiation cycle with contracts valid through September 2026. CEO Lourenco Goncalves emphasized the importance of workforce support in navigating challenges, including the pandemic and business transformation.

Cleveland-Cliffs Inc. (NYSE: CLF) is set to announce its third-quarter 2022 earnings results on October 25, 2022, before the U.S. market opens. A live conference call with analysts and institutional investors will follow at 10:00 am ET on the same day, with an option to replay the call on their website. As North America's largest flat-rolled steel producer and iron ore pellet manufacturer, Cleveland-Cliffs continues to serve diverse markets including the automotive industry, employing around 27,000 people across the U.S. and Canada.

Cleveland-Cliffs Inc. (NYSE: CLF) announced the ratification of new 47-month labor agreements by employees represented by the United Steelworkers (USW) at its Tilden and Empire mines in Michigan, as well as United Taconite and Hibbing Taconite mines in Minnesota. Effective October 1, 2022, these agreements cover approximately 2,000 USW-represented employees. CEO Lourenco Goncalves expressed satisfaction with the agreements, highlighting their fairness and benefits for employees and the company.

Cleveland-Cliffs Inc. (NYSE: CLF) has reached a tentative agreement with the United Steelworkers (USW) for a new 47-month labor contract covering around 2,000 employees in Northern Minnesota and Michigan's Upper Peninsula. Effective October 1, 2022, this agreement is part of a larger negotiation that now includes two multi-year labor contracts for approximately 14,000 USW-represented employees. CEO Lourenco Goncalves emphasizes the strength of the alliance with USW, highlighting its importance for competitiveness in critical sectors like military and automotive.

Cleveland-Cliffs Inc. (NYSE: CLF) announced a tentative 4-year labor contract with United Steelworkers (USW) effective September 1, 2022, covering approximately 12,000 employees across multiple facilities in Indiana, Pennsylvania, Ohio, Illinois, West Virginia, and Minnesota. CEO Lourenco Goncalves emphasized the importance of employees and the partnership with USW while maintaining a competitive cost structure. The agreement is pending ratification by USW local union memberships.

Cleveland-Cliffs Inc. (NYSE: CLF) has announced an increase in spot market base prices for carbon steel products by at least $75 per ton, effective immediately for new orders in North America. This price adjustment applies to all categories, including hot rolled, cold rolled, and coated steel. Cleveland-Cliffs is recognized as the largest flat-rolled steel producer and iron ore pellet manufacturer in North America, with significant operations in both the United States and Canada, employing approximately 27,000 people.

Cleveland-Cliffs reported second-quarter 2022 revenue of $6.3 billion, up from $5.0 billion year-over-year. The company achieved a net income of $601 million or $1.13 per diluted share, despite one-time charges totaling $95 million. Adjusted EBITDA for the quarter was $1.1 billion, down from $1.4 billion in Q2 2021. Steelmaking revenues reached $6.2 billion, with external sales volumes at 3.6 million net tons. The company anticipates strong automotive demand and pricing improvements in the latter half of the year.