Cleveland-Cliffs Inc Stock Price, News & Analysis

Cleveland-Cliffs Inc. (NYSE: CLF) has partnered with the U.S. Department of Energy as part of the Better Climate Challenge initiative. The company aims to achieve a 25% reduction in greenhouse gas emissions by 2030 from 2017 levels, utilizing best practices and technical assistance from the DOE. CEO Lourenco Goncalves emphasized the company's commitment to improving its environmental impact through initiatives like increased use of hot briquetted iron (HBI) in blast furnaces and prime scrap utilization. Cleveland-Cliffs is the largest flat-rolled steel producer in North America.

Cleveland-Cliffs Inc. (NYSE: CLF) welcomed the Biden Administration's new steel Section 232 arrangement with the European Union. This tariff rate quota aims to protect U.S. steel companies from increased imports. CEO Lourenco Goncalves emphasized the importance of maintaining strong Section 232 measures for national security. Cleveland-Cliffs has invested over $1 billion since 2017 in a cutting-edge direct reduction plant in Toledo, Ohio, which produces low CO2 hot briquetted iron. This agreement acknowledges the environmental leadership of the U.S. steel industry.

Cleveland-Cliffs reported record third-quarter results for the period ending September 30, 2021, with consolidated revenues reaching $6.0 billion, a significant increase from $1.6 billion in the same quarter last year. The company achieved a net income of $1.3 billion, or $2.33 per diluted share, compared to $2 million a year prior. Year-to-date, revenues totaled $15.1 billion and net income was $2.1 billion. The strong performance is attributed to increased sales and strategic acquisitions, including Ferrous Processing and Trading Company.

Cleveland-Cliffs Inc. (NYSE: CLF) has announced its definitive agreement to acquire Ferrous Processing and Trading Company (FPT) for approximately $775 million. FPT is a leading ferrous scrap processor, holding about 15% of the U.S. merchant prime scrap market, processing roughly three million tons annually. The acquisition, expected to close in Q4 2021, aims to enhance CLF's access to prime scrap and support its environmental initiatives. The deal will solidify CLF's market position as it plans to leverage existing customer relationships to grow in the automotive and industrial sectors.

Cleveland-Cliffs Inc. (NYSE: CLF) has successfully ratified a three-year labor contract with UAW Local 3044, covering approximately 350 employees at its Rockport Works operation. The contract, effective from October 1, 2021 to September 30, 2024, emphasizes the company’s commitment to good-paying jobs and a strong partnership with labor unions. CEO Lourenco Goncalves highlighted the importance of the union workforce in American manufacturing and expressed confidence that the agreement will maintain competitive cost structures in flat-rolled steel while ensuring equitable terms for both parties.

Cleveland-Cliffs Inc. (NYSE: CLF) will announce its third-quarter 2021 earnings on October 22, 2021, before the U.S. market opens. A conference call for analysts and investors will be held at 10:00 AM ET the same day, accessible via the company's website. Cleveland-Cliffs is North America's largest flat-rolled steel producer and iron ore pellet manufacturer, serving diverse markets, especially the automotive industry. The company employs approximately 25,000 people across the U.S. and Canada.

Cleveland-Cliffs Inc. (NYSE: CLF) has announced the promotion of three executives effective September 1, 2021, to enhance its operational leadership. Clifford T. Smith becomes EVP & President of Cleveland-Cliffs Steel, overseeing operations across multiple segments. Keith A. Koci is now EVP & President of Cleveland-Cliffs Services, focusing on procurement and expanding the scrap recycling business. Celso L. Goncalves has been appointed as CFO, responsible for the financial organization. These changes are aimed at supporting the company’s strategic goals in a transformed market landscape.

Cleveland-Cliffs Inc. (NYSE: CLF) announced the success of its COVID-19 Vaccination Incentive Program, launched in July. The program incentivized employees with up to $3,000 to get vaccinated, achieving a vaccination rate of 75% among nearly 19,000 employees in 45 days, compared to a starting rate of 35%. Significant vaccination rates at facilities like Indiana Harbor (78%) exceeded local county averages. CEO Lourenco Goncalves praised the program, urging other companies to follow suit to combat the pandemic effectively.