Cleveland-Cliffs Inc.

Cleveland-Cliffs Awarded by General Motors GM’s 2021 Supplier of the Year for Fifth Straight Year

Retrieved on: 
Thursday, March 17, 2022

Cleveland-Cliffs Inc. (NYSE: CLF) was named a 2021 GM Supplier of the Year by General Motors at its 30th annual Supplier of the Year awards ceremony in Phoenix, Arizona, earlier this week.

Key Points: 
  • Cleveland-Cliffs Inc. (NYSE: CLF) was named a 2021 GM Supplier of the Year by General Motors at its 30th annual Supplier of the Year awards ceremony in Phoenix, Arizona, earlier this week.
  • This year, GM recognized 134 suppliers from 16 countries with the Supplier of the Year distinction.
  • General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all.
  • General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands.

Global and Chinese Iron Ore Pellet Industry to 2026 - Key Development Opportunities and Challenges - ResearchAndMarkets.com

Retrieved on: 
Friday, February 19, 2021

The "Global and Chinese Iron Ore Pellet Industry, 2021 Market Research Report" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "Global and Chinese Iron Ore Pellet Industry, 2021 Market Research Report" report has been added to ResearchAndMarkets.com's offering.
  • This report is a professional and in-depth study on the current state of the global Iron Ore Pellet industry with a focus on the Chinese market.
  • Through statistical analysis, the report depicts the global and Chinese total market of Iron Ore Pellet industry including capacity, production, production value, cost/profit, supply/demand and Chinese import/export.
  • Overall, the report provides an in-depth insight of the 2021 global and Chinese Iron Ore Pellet industry covering all important parameters.

ArcelorMittal announces sale of 40 million common shares in Cleveland-Cliffs for gross proceeds of $651.6 million

Retrieved on: 
Tuesday, February 9, 2021

ArcelorMittal North America Holdings LLC, a wholly-owned subsidiary of ArcelorMittal S.A. (ArcelorMittal or the Company), today announces an agreement to sell 40 million Cleveland-Cliffs common shares through a fully underwritten public market offering.

Key Points: 
  • ArcelorMittal North America Holdings LLC, a wholly-owned subsidiary of ArcelorMittal S.A. (ArcelorMittal or the Company), today announces an agreement to sell 40 million Cleveland-Cliffs common shares through a fully underwritten public market offering.
  • This divestment crystalizes additional proceeds from the transaction with Cleveland-Cliffs announced on 28 September 2020 and completed on 9 December 2020.
  • The proceeds from the sale of Cleveland-Cliffs common shares will be used for a new share buyback programme of ArcelorMittal common shares.
  • Following the sale of 40 million of Cleveland-Cliffs common shares ArcelorMittal North America Holdings LLC will continue to hold approximately 38 million common shares in addition to shares of non-voting preferred stock redeemable at Cleveland-Cliffs option for an equivalent value of approximately 58 million common shares.

Cleveland-Cliffs Announces Commitment to Reduce Greenhouse Gas Emissions by 25 Percent by 2030

Retrieved on: 
Thursday, January 28, 2021

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has set a target to reduce its greenhouse gas emissions by 25 percent by 2030.

Key Points: 
  • Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has set a target to reduce its greenhouse gas emissions by 25 percent by 2030.
  • This goal represents combined Scope 1 (direct) and Scope 2 (indirect) greenhouse gas emission reductions on a mass basis (metric tons per year) compared with 2017 baseline levels.
  • The Company has published a detailed plan outlining its strategic priorities on its corporate website at www.clevelandcliffs.com .
  • Mr. Goncalves added: In the past year Cleveland-Cliffs has transformed itself into the largest flat-rolled steel producer in North America.

Cleveland-Cliffs Provides Preliminary Fourth-Quarter 2020 Results

Retrieved on: 
Monday, January 25, 2021

Cleveland-Cliffs Inc. (NYSE: CLF) today announced its preliminary fourth-quarter financial results for the period ended December 31, 2020.

Key Points: 
  • Cleveland-Cliffs Inc. (NYSE: CLF) today announced its preliminary fourth-quarter financial results for the period ended December 31, 2020.
  • The Company will announce its full fourth-quarter 2020 earnings results before the U.S. market open on Thursday, February 25, 2021.
  • The preliminary results announced today cover the entire fourth-quarter 2020 period for both the AK Steel and legacy Cleveland-Cliffs businesses, and include the performance of Cleveland-Cliffs Steel (formerly ArcelorMittal USA) from the period of December 9, 2020, through December 31, 2020:
    Fourth-quarter 2020 consolidated revenues of approximately $2.2 to $2.3 billion, a ~320% increase over the prior-year period.
  • The state-of-the-art Direct Reduction plant recently built in Toledo, OH began operations in November of 2020, and production of Hot Briquetted Iron (HBI) started in December of 2020.

Cleveland-Cliffs Donates $1 Million to Address Food Insecurity in Over 35 Communities Across North America

Retrieved on: 
Tuesday, January 19, 2021

Lourenco Goncalves, Chairman, President and Chief Executive Officer said, We sadly recognize that, throughout the United States and Canada, millions of households are experiencing food insecurity amid the economic impact of the coronavirus pandemic.

Key Points: 
  • Lourenco Goncalves, Chairman, President and Chief Executive Officer said, We sadly recognize that, throughout the United States and Canada, millions of households are experiencing food insecurity amid the economic impact of the coronavirus pandemic.
  • As a direct consequence, local food banks are being challenged to respond to the needs of a growing number of their fellow citizens.
  • As a leader in the North American steel industry and a prominent employer in many of the communities where we operate, we believe that Cleveland-Cliffs has a role to play in supporting these food banks.
  • Founded in 1847 as a mine operator, Cliffs also is the largest supplier of iron ore pellets in North America.

ArcelorMittal completes sale of ArcelorMittal USA to Cleveland-Cliffs

Retrieved on: 
Wednesday, December 9, 2020

ArcelorMittal announces that the sale of ArcelorMittal USA to Cleveland-Cliffs for a combination of cash and stock has completed today.

Key Points: 
  • ArcelorMittal announces that the sale of ArcelorMittal USA to Cleveland-Cliffs for a combination of cash and stock has completed today.
  • As agreed, Cleveland-Cliffs has assumed the liabilities of ArcelorMittal USA, including net liabilities of approximately $0.5 billion and pensions and other post-employment benefit liabilities (OPEB)2.
  • I would like to thank everyone at ArcelorMittal USA for the important contribution they have made to the group.
  • The sale of ArcelorMittal USA is an opportunity to create excellent value for our shareholders and reposition our North American footprint on our most competitive assets, for which we have targeted growth plans.

Cleveland-Cliffs Inc. Completes Acquisition of ArcelorMittal USA

Retrieved on: 
Wednesday, December 9, 2020

Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it has successfully completed the acquisition of substantially all of the operations of ArcelorMittal USA LLC and its subsidiaries (ArcelorMittal USA), forming the largest flat-rolled steel producer in North America.

Key Points: 
  • Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it has successfully completed the acquisition of substantially all of the operations of ArcelorMittal USA LLC and its subsidiaries (ArcelorMittal USA), forming the largest flat-rolled steel producer in North America.
  • In connection with the acquisition of ArcelorMittal USA, which includes the interests of ArcelorMittal USA of 60% in I/N Tek L.P. and 50% in I/N Kote L.P., Cleveland-Cliffs also acquired Nippon Steel Corporations remaining interests of 50% in I/N Kote and 40% in I/N Tek, for a total consideration of approximately $183 million.
  • Lourenco Goncalves, Chairman, President and Chief Executive Officer said, The acquisition by Cleveland-Cliffs of ArcelorMittal USA, boosted by our buyout of Nippon Steel from the I/N Tek and I/N Kote joint ventures, opens a new chapter in the history of the steel business in the United States.
  • In 2020, Cliffs acquired two major steelmakers, AK Steel and ArcelorMittal USA, vertically integrating its legacy iron ore business with quality-focused steel production and emphasis on the automotive end market.

Cleveland-Cliffs Receives Antitrust Clearance from US Department of Justice for the Acquisition of ArcelorMittal USA

Retrieved on: 
Wednesday, November 25, 2020

This clearance represents the most significant milestone toward the completion of this transaction, and re-affirms the anticipated closing of the deal in December 2020.

Key Points: 
  • This clearance represents the most significant milestone toward the completion of this transaction, and re-affirms the anticipated closing of the deal in December 2020.
  • Lourenco Goncalves, Chairman, President and Chief Executive Officer said, We are pleased that the federal antitrust authorities have cleared our transaction ahead of schedule.
  • With that, we have a clear path toward closing this transaction next month, as planned.
  • Founded in 1847, Cleveland-Cliffs is among the largest vertically integrated producers of differentiated iron ore and steel in North America.

Cleveland-Cliffs Inc. to Announce Third-Quarter 2020 Results on October 23

Retrieved on: 
Tuesday, October 6, 2020

Founded in 1847, Cleveland-Cliffs is among the largest vertically integrated producers of differentiated iron ore and steel in North America.

Key Points: 
  • Founded in 1847, Cleveland-Cliffs is among the largest vertically integrated producers of differentiated iron ore and steel in North America.
  • With an emphasis on non-commoditized products, the Company is uniquely positioned to supply both customized iron ore pellets and steel solutions to a quality-focused customer base.
  • AK Steel, a wholly-owned subsidiary of Cleveland-Cliffs, is a leading producer of flat-rolled carbon, stainless and electrical steel products.
  • In 2020, Cliffs also expects to be the sole producer of hot briquetted iron (HBI) in the Great Lakes region.