Welcome to our dedicated page for Cleveland-Cliffs news (Ticker: CLF), a resource for investors and traders seeking the latest updates and insights on Cleveland-Cliffs stock.
Cleveland-Cliffs Inc. reports developments in its North American flat-rolled steel and iron ore pellet business, including earnings releases, steel shipment trends and product mix across hot-rolled, coated, cold-rolled, plate, stainless and electrical steel. Company updates also address automotive customer demand, trade-enforcement conditions, cost controls, debt maturity actions and capital spending within its vertically integrated steelmaking footprint.
Recurring news also covers technology and governance developments, including enterprise AI deployment for production planning, order entry and operational workflows, board appointments and committee leadership changes. Strategic and commercial updates are framed around Cliffs’ role as a steel supplier to the North American automotive industry and its integrated chain from mined raw materials, direct reduced iron and scrap through finishing, stamping, tooling and tubing.
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.
Cleveland-Cliffs Inc. (NYSE: CLF) has completed its acquisition of Ferrous Processing and Trading Company (FPT) as of November 17. FPT, a leading ferrous scrap processor in the U.S., processes approximately three million tons of scrap annually. This acquisition aims to enhance Cliffs' position in the prime scrap market through its established industrial steel consumer relationships. CEO Lourenco Goncalves emphasized the transformative potential of this acquisition in increasing scrap offtake and expanding business operations.
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.
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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.