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. (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.
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.