Cleveland-Cliffs Inc Stock Price, News & Analysis

Cleveland-Cliffs (NYSE: CLF) has been named GM Supplier of the Year for the fourth consecutive year, recognized during GM's 29th annual Supplier of the Year Awards on June 22, 2021. This accolade highlights Cleveland-Cliffs' outstanding performance in exceeding GM’s requirements across various metrics, including quality and reliability. GM's recognition reflects the company’s innovative technologies and commitment to sustainability, as emphasized by GM's Vice President, Shilpan Amin. Cleveland-Cliffs, North America’s largest flat-rolled steel producer, serves a diverse market, including the automotive sector.

Cleveland-Cliffs Inc. (NYSE: CLF) updated its financial guidance for 2021, projecting a second-quarter adjusted EBITDA of $1.3 billion and a full-year adjusted EBITDA of $5 billion. This forecast assumes a US HRC index price averaging $1,175 per net ton through the year. The company plans to release its second-quarter earnings on July 22, 2021, and will host a conference call to discuss the results. Cleveland-Cliffs remains the largest flat-rolled steel producer and iron ore pellet manufacturer in North America and serves a diverse range of markets, particularly the automotive industry.

Cleveland-Cliffs Inc. (NYSE: CLF) celebrated the first six months of operation at its Direct Reduction plant in Toledo, Ohio, which has a capacity of 1.9 million metric tons of hot-briquetted iron (HBI) per year. CEO Lourenco Goncalves highlighted a $1 billion investment that enhances productivity and reduces greenhouse gas emissions. The plant employs nearly 160 workers and supports the local economy, as noted by Ohio Governor Mike DeWine. The HBI production is aimed at replacing foreign pig iron and prime scrap, improving cost efficiency in the steel industry.

Cleveland-Cliffs Inc. (NYSE: CLF) plans to redeem its $396 million 5.75% Senior Unsecured Guaranteed Notes due March 2025, with total payments expected to be about $407 million plus interest. The redemption, anticipated by June 30, 2021, is part of Cliffs' strategy to accelerate its deleveraging plan, aiming for zero net debt. CEO Lourenco Goncalves noted strong cash flow and a commitment to reducing debt as a top priority. The redemption will be funded using available liquidity.

Cleveland-Cliffs Inc. (NYSE: CLF) reported first-quarter 2021 revenues of $4.0 billion, a significant increase from $359 million in the prior year. The company achieved a net income of $41 million or $0.07 per diluted share, despite incurring $160 million in charges. Adjusted EBITDA rose to $513 million from $23 million year-over-year. The company increased its full-year adjusted EBITDA guidance to $4.0 billion, anticipating strong demand in various sectors. Total liquidity stands at approximately $1.8 billion.

Cleveland-Cliffs Inc. (NYSE: CLF) announced a tentative agreement with the United Steelworkers (USW) for a new 53-month labor contract effective from April 1, 2021, covering around 300 USW-represented workers. CEO Lourenco Goncalves expressed satisfaction with the agreement, highlighting its fair terms and the company's strong relationship with the USW. He noted that the deal ensures a competitive cost structure for future success. The agreement is pending ratification by USW local union memberships, with no further details available until then.

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.