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. (NYSE: CLF) commended President Trump for taking measures to preserve 1,400 jobs at AK Steel's Pennsylvania and Ohio facilities. The actions involve enforcing Section 232 tariffs on imported laminations and cores of Grain Oriented Electrical Steel (GOES), crucial for electric transformers. AK Steel is the only GOES producer in the U.S., with an annual capacity of 250,000 net tons. Cleveland-Cliffs appreciates Congressional support and emphasizes the significance of these actions for national security and economic stability.
Cleveland-Cliffs Inc. (NYSE: CLF) reported its third-quarter 2020 results, with total revenues of $1.6 billion, a significant increase from $556 million in Q3 2019. Despite this growth, the company posted a net loss of $2 million or $0.02 per diluted share, influenced by $22 million in acquisition costs. For the first nine months of 2020, Cliffs recorded a net loss of $155 million, compared to a net income of $230 million in 2019. The company generated $246 million in cash from operations, yielding $150 million in free cash flow during the third quarter.
Cleveland-Cliffs Inc. (NYSE: CLF) is set to report its third-quarter 2020 financial results on October 23, 2020, before the U.S. market opens. A live conference call for analysts and investors will follow, allowing for discussions about the results.
The call will be hosted by Lourenco Goncalves, CEO, and Keith Koci, CFO, at 10:00 a.m. ET. Interested parties can access the call live or retrieve the archived version through the company's official website.
Cleveland-Cliffs Inc. (NYSE: CLF) has entered a definitive agreement to acquire ArcelorMittal USA LLC for approximately $1.4 billion. This transaction positions Cleveland-Cliffs as the largest flat-rolled steel producer and iron ore pellet producer in North America. The acquisition will be executed on a cash-free and debt-free basis, incorporating 78.2 million shares, $373 million in preferred stock, and $505 million in cash. Expected benefits include $150 million in annual cost savings and a reduction in leverage from 4.3x to 3.6x on a pro-forma basis.