Cleveland-Cliffs Inc Stock Price, News & Analysis

Cleveland-Cliffs Inc. (NYSE: CLF) reported substantial first-quarter results for 2022, with revenues reaching $6.0 billion, up from $4.0 billion in the same period last year. The company achieved a net income of $801 million, or $1.50 per diluted share, despite $111 million in non-cash charges. Adjusted EBITDA grew to $1.5 billion, compared to $513 million in Q1 2021. Cliffs also plans to increase its average selling price forecast for 2022 to $1,445 per net ton, citing strong contract renewals and market conditions.

Cleveland-Cliffs Inc. (NYSE: CLF) will announce its first-quarter 2022 earnings results before the U.S. market opens on April 22, 2022.

Following the earnings release, a live conference call is scheduled for 10:00 am ET on the same day, allowing analysts and investors to discuss the results. The call can be accessed via the company's website, where it will also be archived for replay.

Cleveland-Cliffs is North America's largest flat-rolled steel producer and iron ore pellets manufacturer, employing approximately 26,000 people across the U.S. and Canada.

Cleveland-Cliffs Inc. (NYSE: CLF) has expanded its marketing agreement with the Cleveland Cavaliers, marking a significant partnership that includes the Cliffs logo on player jerseys beginning the 2022-23 NBA season. This collaboration highlights Cliffs' deep-rooted presence in the Great Lakes Region and its commitment to community engagement. The company will also contribute $500,000 to local Boys & Girls Clubs, emphasizing its dedication to positive regional impact.

Cleveland-Cliffs Inc. (NYSE: CLF) announced its intention to redeem all $607 million of its 9.875% Senior Secured Notes due October 2025, totaling approximately $677 million including a redemption premium. This redemption, set for April 20, 2022, aligns with the company's deleveraging strategy and is expected to significantly lower its annual interest expenses of $60 million. The company aims to use its growing free cash flow to reduce debt, enhancing its financial stability.

Cleveland-Cliffs Inc. (NYSE: CLF) was honored as a 2021 GM Supplier of the Year during GM's 30th annual awards in Phoenix, Arizona. This recognition is a testament to Cleveland-Cliffs' capability to meet GM's rigorous standards, marking their fifth consecutive year of receiving this award. GM acknowledged 134 suppliers across 16 countries for their outstanding performance in various categories. CEO Lourenco Goncalves emphasized Cleveland-Cliffs' position as the largest automotive steel supplier in the U.S., showcasing their commitment to quality and innovation.

Cleveland-Cliffs Inc. announced the indefinite idling of its Indiana Harbor #4 blast furnace due to operational improvements. This decision will not affect its 2022 steel shipment volumes, as operations at Indiana Harbor Works will continue normally. The company is reassigning employees from IH#4 to other positions within the complex. Moreover, Cleveland-Cliffs is raising spot market base prices for April orders of carbon steel products by at least $50 per net ton, reflecting a stronger order inflow. The idling will reduce operational blast furnaces from 8 to 7.

Cleveland-Cliffs Inc. reported record annual revenue of $20.4 billion and a net income of $3.0 billion for 2021, significantly up from a $81 million loss in 2020. The company's Adjusted EBITDA was $5.3 billion, showcasing profitable growth. Fourth-quarter results revealed revenues of $5.3 billion and net income of $899 million. A $1 billion share repurchase program has been authorized to enhance shareholder value. The outlook for 2022 remains strong, boosted by higher expected average selling prices and a robust automotive demand.

Cleveland-Cliffs Inc. (NYSE: CLF) is set to announce its fourth-quarter and full-year 2021 earnings results on February 11, 2022, prior to the U.S. market opening. A live conference call will follow at 10:00am ET to discuss the earnings report with analysts and investors. Investors can access the call live or via replay at www.clevelandcliffs.com.

Cleveland-Cliffs Inc. (NYSE: CLF) has announced a notice of redemption for all remaining $294 million of its 1.50% Convertible Senior Notes due January 18, 2025. The redemption will take place on January 18, 2022, the earliest allowable date. Noteholders can convert their Notes before this redemption date, with a full cash payment of the principal amount upon redemption or conversion.

This release serves as informational and does not constitute a redemption notice. Detailed procedures for redemption will be provided to registered holders.