Cleveland-Cliffs Inc Stock Price, News & Analysis

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.

Cleveland-Cliffs Inc. (NYSE: CLF) will announce its Q2 2022 earnings results on July 22, 2022, before the U.S. market opens. A live conference call will take place on the same day at 10:00 am ET to discuss the earnings with analysts and investors. Interested parties can access the call via www.clevelandcliffs.com and it will be archived for later replay. Cleveland-Cliffs is the largest flat-rolled steel producer and iron ore pellet manufacturer in North America, serving various markets including the automotive industry.

Cleveland-Cliffs Inc. (NYSE: CLF) has been named to the Fortune 500 list for the first time, ranking 171 due to a significant revenue increase to $20.4 billion in 2021, up from $2 billion in 2019. This marks a tenfold growth in just two years, despite challenges from the COVID-19 pandemic. The company is now the largest flat-rolled steel producer and steel supplier to the automotive sector in North America. Cleveland-Cliffs employs approximately 26,000 people, with nearly 20,000 in union representation, highlighting the company’s strong workforce and support during its transformation.

Cleveland-Cliffs Inc. (NYSE: CLF) has committed over $1 million to combat food insecurity through its philanthropic arm, The Cleveland-Cliffs Foundation, since 2022. The foundation has pledged $100,000 to World Central Kitchen to aid Ukraine amid its humanitarian crisis. Collaborating with over 50 food organizations across 55 U.S. communities and Ontario, the Company’s initiatives are projected to provide over 10 million meals. CEO Lourenco Goncalves highlights the importance of addressing food supply chain disruptions exacerbated by recent global events.