Cleveland-Cliffs Inc Stock Price, News & Analysis

Cleveland-Cliffs Inc. (NYSE: CLF) will release its first-quarter 2021 earnings results on April 22, 2021, prior to the U.S. market opening. An accompanying conference call for analysts and investors is scheduled for the same day at 10:00 am ET, accessible via www.clevelandcliffs.com. The company anticipates a first-quarter adjusted EBITDA of approximately $500 million, followed by $1.2 billion in Q2 and $3.5 billion for the full year, based on a projected U.S. HRC price of $975 per ton.

Cleveland-Cliffs Inc. (NYSE: CLF) reported a fourth-quarter revenue of $2.3 billion for 2020, up from $534 million in Q4 2019, reflecting its acquisition of ArcelorMittal USA. The company recorded a net income of $74 million, with an adjusted EBITDA of $286 million. For the full year, revenues reached $5.4 billion, but a net loss of $81 million was reported, impacted by acquisition-related costs. CEO Lourenco Goncalves highlighted the transformation into North America's largest flat-rolled steelmaker and expects a favorable market outlook for 2021.

Cleveland-Cliffs Inc. (NYSE: CLF) has priced $1 billion in Senior Unsecured Guaranteed Notes, consisting of $500 million due in 2029 at 4.625% interest and $500 million due in 2031 at 4.875%. The offering is exempt from SEC registration and will close on February 17, 2021. Proceeds will be used to redeem existing higher-interest notes and to reduce revolving credit facility borrowings. The issuance is guaranteed by the company's significant subsidiaries. Cleveland-Cliffs is the largest flat-rolled steel producer in North America, heavily focused on the automotive sector.

Cleveland-Cliffs Inc. (NYSE: CLF) announced plans to offer senior unsecured guaranteed notes due 2029 and 2031, exempt from registration under the Securities Act. Proceeds will be used to redeem existing notes and reduce borrowings from its credit facility. The offering targets qualified institutional buyers and non-U.S. persons. Cleveland-Cliffs is the largest flat-rolled steel producer and iron ore pellet supplier in North America, bolstered by acquisitions of AK Steel and ArcelorMittal USA, employing approximately 25,000 people across the United States and Canada.

Cleveland-Cliffs Inc. (NYSE: CLF) has launched a public offering of 60 million common shares, with gross proceeds of approximately $326 million from the company's 20 million shares. The Selling Shareholder, ArcelorMittal North America, is offering 40 million shares. The company plans to use the funds to redeem up to $334 million of its 9.875% Senior Secured Notes due 2025 and reduce borrowings on its revolving credit facility. BofA Securities is acting as underwriter, with a 30-day option for an additional 9 million shares.

Cleveland-Cliffs Inc. (NYSE: CLF) has launched an underwritten public offering of 60 million common shares, with 40 million shares from ArcelorMittal North America Holdings LLC and 20 million from the Company. An additional 9 million shares may be purchased by underwriters. The Company will not receive proceeds from the Selling Shareholder's shares. Net proceeds will be used to redeem approximately $334 million of its 9.875% Senior Secured Notes due 2025 and to reduce borrowings under its credit facility.

Cleveland-Cliffs Inc. (NYSE: CLF) has committed to reducing its greenhouse gas emissions by 25% by 2030, focusing on Scope 1 and Scope 2 emissions compared to 2017 levels. The strategic plan outlines five priorities, including using domestically sourced iron ore and investing in carbon capture technology. CEO Lourenco Goncalves highlighted the steel industry's role in combating climate change and emphasized the company's dedication to sustainable operations while supporting jobs in America. Cleveland-Cliffs is now the largest flat-rolled steel producer in North America.

Cleveland-Cliffs Inc. (NYSE: CLF) reported preliminary fourth-quarter 2020 results, highlighting consolidated revenues of approximately $2.2 to $2.3 billion, marking a ~320% year-over-year increase. Adjusted EBITDA reached around $280 to $290 million, a ~150% rise, representing a six-year high. The company’s steel sales volume was 1.9 million net tons. Following its acquisition of ArcelorMittal USA on December 9, 2020, Cleveland-Cliffs anticipates significant contributions from this and its new Hot Briquetted Iron plant, which began operations in December 2020.

Cleveland-Cliffs Inc. (NYSE: CLF) announced over $1 million in donations through The Cleveland-Cliffs Foundation to combat food insecurity in communities across the U.S. and Canada. This support, responding to the increased need due to the pandemic, is expected to provide up to 10 million meals. The company collaborates with 44 food distribution organizations in more than 35 communities, including locations in Ohio, Alabama, and Ontario. CEO Lourenco Goncalves emphasized the company's role in supporting local food banks and encouraged other employers to contribute as well.