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 significant milestone in its pending acquisition of Stelco Holdings Inc. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) has expired, clearing a major regulatory hurdle for the transaction. This development marks a important step towards finalizing the acquisition, which is anticipated to close in the fourth quarter of 2024, subject to other customary closing conditions and approvals.
Lourenco Goncalves, Cliffs' Chairman, President and CEO, expressed excitement about this progress, highlighting the transformative nature of the Stelco acquisition. He emphasized that this move will enhance Cleveland-Cliffs' resilience and geographic diversification in the highly competitive global market.
Cleveland-Cliffs (NYSE: CLF) is set to host key U.S. government officials at its Coatesville, Pennsylvania steel plant on October 11. Visitors include U.S. Trade Representative Katherine Tai, Acting Labor Secretary Julie Su, and Congresswoman Chrissy Houlahan, along with USW District 10 Director Bernie Hall.
The visit follows USTR's recent decision on increased Section 301 tariffs on Chinese imports and an ongoing investigation into unfair trade practices in the Chinese shipbuilding sector. Cleveland-Cliffs Coatesville specializes in steel plate production for military and commercial shipbuilding.
CEO Lourenco Goncalves will host a fireside chat with the dignitaries, which will be live-streamed on the company's YouTube channel at 11:00 a.m. ET. The event aims to showcase the partnership between Cleveland-Cliffs and the USW in producing advanced steel plate for critical industries.
Cleveland-Cliffs Inc. (NYSE: CLF) announced that Stelco Holdings Inc. (TSX: STLC) shareholders overwhelmingly approved the special resolution for Cliffs' indirect acquisition of Stelco. The resolution received 99.97% support from total votes cast. The transaction is expected to close in the fourth quarter of 2024, subject to remaining conditions. Upon closing, Stelco will become a wholly-owned subsidiary of Cliffs.
Lourenco Goncalves, Cliffs' Chairman, President, and CEO, expressed enthusiasm for the strong shareholder support and the potential benefits for both Canada and the United States. The acquisition aims to create a stronger North America-based steel producer in collaboration with Stelco and the USW in Canada.
Cleveland-Cliffs Inc. (NYSE: CLF) reaffirms its commitment to the Middletown Works decarbonization project, which involves replacing the existing blast furnace with a 2.5mtpa Hydrogen-Ready Direct Reduced Iron (DRI) Plant and two 120 MW Electric Melting Furnaces (EMF). The company is in active negotiations with the U.S. Department of Energy for up to $500 million in funding.
The project aims to reduce carbon emissions intensity by over 90% when using clean hydrogen, while maintaining the facility's 3 million net tons annual production capacity. It's expected to reduce production costs by $150 per net ton of liquid steel, resulting in $450 million annual savings. The investment will secure 2,500 existing jobs and create 170 additional jobs, with 1,200 building trades jobs during peak construction.
Cleveland-Cliffs Inc. (NYSE: CLF) has successfully amended its $4.75 billion Asset-Based Lending (ABL) facility, preparing for the pending acquisition of Stelco Holdings Inc. The company has replaced Goldman Sachs' participation with increased commitments from various banks, including Bank of America, Wells Fargo, and J.P. Morgan. The capital request was three times over-subscribed, demonstrating strong support from banking partners.
CEO Lourenco Goncalves emphasized that this amendment reinforces Cliffs' strong financial position and ability to close the Stelco transaction efficiently in Q4 2024. The amended ABL matures in 2028, and as of the amendment's finalization, Cliffs had no net borrowings on the facility. This move positions the company for further growth in the United States and Canada.
Cleveland-Cliffs Inc. (NYSE: CLF) has commended President Biden's reported decision to block the foreign takeover of U.S. Steel by Japan's Nippon Steel. CEO Lourenco Goncalves emphasized the importance of American ownership in the steel industry for national security and domestic manufacturing. He criticized U.S. Steel's threats to shut down production and fire union workers if the deal doesn't close, calling it a 'pathetic blackmail attempt'.
Goncalves highlighted the United Steelworkers union's opposition to Nippon Steel, citing its history of unfair trade practices. Cleveland-Cliffs, with support from the USW and financing from J.P. Morgan and Wells Fargo, has expressed readiness to acquire and invest in any union-represented assets that U.S. Steel might shut down, aiming to protect union jobs and local communities.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced the promotion of Michael Hrosik to Senior Vice President, Commercial, effective immediately. With over 30 years of steel industry experience, Hrosik will oversee all of Cliffs' commercial operations, including sales, marketing, and customer service. His extensive background with Cliffs and its legacy companies will be important in driving the company's strategy forward.
Additionally, Michael Cooney has been appointed Enterprise Director, Flat-Rolled Steel Sales, succeeding Hrosik in his previous role. Cooney, recently hired from Reliance, Inc., brings significant experience in the steel industry, particularly with service centers. He will manage Cliffs' commercial relationships with service centers and non-automotive end users.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced the ratification of a new four-year labor contract with the United Auto Workers (UAW) Local 600 for its Dearborn Works operations. The contract, effective through July 31, 2028, will cover approximately 1,000 UAW-represented workers at Dearborn. Lourenco Goncalves, Chairman, President and CEO of Cleveland-Cliffs, emphasized the company's commitment to a collaborative relationship that benefits both employees and the company as a whole. This agreement marks another step in solidifying the partnership between Cleveland-Cliffs and the UAW for the coming years.
GrafTech International (NYSE: EAF) has announced the appointment of Rory O'Donnell as its new Chief Financial Officer and Senior Vice President, effective September 3, 2024. O'Donnell will report directly to CEO Timothy Flanagan and oversee all financial aspects of the company. He brings extensive financial expertise from his previous roles, including serving as Senior VP, Controller, and Principal Accounting Officer at Covia , where he also held the position of Interim CFO. Prior experiences include senior positions at Signet Jewelers and Cleveland-Cliffs Inc. O'Donnell holds a B.S. in Accounting from the University of Dayton and is a licensed CPA in Ohio.
Cleveland-Cliffs Inc. (NYSE: CLF) has announced the upsizing and pricing of an additional $600 million in Senior Guaranteed Notes due 2032. The Additional Notes will have a 7.000% annual interest rate and be issued at 99.25% of their principal amount. This upsized offering reduces the capital needed for the upcoming Stelco acquisition financing. The Additional Notes Offering is expected to close on August 16, 2024.
The company's pro-forma liquidity is anticipated to be approximately $4.3 billion after the offering's completion. Cliffs plans to use the net proceeds to finance part of the Stelco Acquisition's cash consideration, expected to conclude in Q4 2024. Prior to the acquisition's completion, Cliffs intends to use the proceeds to pay off its outstanding asset-based lending facility balance and for cash on hand.