Cleveland-Cliffs

Cleveland-Cliffs Applauds DOE’s Final Transformer Efficiency Standard Rule

Retrieved on: 
Thursday, April 4, 2024
Urban Planning, Public Policy, Government, Mining, Minerals, Other Construction & Property, Natural Resources, Machinery, Other Energy, Machine Tools, Metalworking & Metallurgy, Utilities, Construction & Property, Steel, Energy, White House, Federal Government, Automotive Manufacturing, Manufacturing, Labor, JSW Steel, Amorphous metal, Employment, United Auto Workers, GOES, Plant, Investment, Cleveland-Cliffs, Workforce, UAW, DOE

Cleveland-Cliffs Inc. (NYSE: CLF) today applauded the Department of Energy’s (DOE) final transformer efficiency standard rule that will provide for the continued utilization of Grain-Oriented Electrical Steel (GOES) in virtually all of Cliffs’ current distribution transformer end markets.

Key Points: 
  • Cleveland-Cliffs Inc. (NYSE: CLF) today applauded the Department of Energy’s (DOE) final transformer efficiency standard rule that will provide for the continued utilization of Grain-Oriented Electrical Steel (GOES) in virtually all of Cliffs’ current distribution transformer end markets.
  • With this revised rule, the DOE acknowledged the fundamental importance of GOES and the essential role played by Cleveland-Cliffs steel plants in Butler, PA and Zanesville, OH in effectively sustaining the functionality of the U.S. electric grid.
  • Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President and Chief Executive Officer said, “We are grateful that the U.S. Department of Energy (DOE) was open to the feedback provided by Cleveland-Cliffs and our clientele of transformer manufacturers, and adopted major changes to the originally proposed transformer efficiency rule.
  • The final rule ensures Cliffs’ ability to continue producing highly-efficient GOES in the United States.

Cleveland-Cliffs Issues Sustainability Report for 2023

Retrieved on: 
Wednesday, April 3, 2024
Professional Services, Environmental Policy, Business, Machine Tools, Metalworking & Metallurgy, Sustainability, Mining, Minerals, Natural Resources, Environment, Steel, Other Professional Services, Environmental, Social and Governance (ESG), Manufacturing, Cliff, CDP, Health, Culture, Negotiation, Organization, PDF, Partnership, GHG, Global warming potential, ESG, Climate, Carbon, City, Water, Cleveland-Cliffs, Fugitive emission, Safety, Metric, Report, Renewable energy

Cleveland-Cliffs Inc. (NYSE: CLF) announced today the release of its Sustainability Report 2023.

Key Points: 
  • Cleveland-Cliffs Inc. (NYSE: CLF) announced today the release of its Sustainability Report 2023.
  • The Report informs about Cleveland-Cliffs’ continued progress on environmental, social and governance (ESG) performance for 2023, including its achievements in reducing greenhouse gas (GHG) emissions and decarbonization initiatives.
  • The Sustainability Report 2023 details how Cleveland-Cliffs’ steel products help advance the transition to a low-carbon economy, providing updates and highlights related to Cleveland-Cliffs’ most important sustainability topics, including climate and GHG emissions, water, waste, talent management, labor and community relations, health and safety, and corporate governance.
  • Cleveland-Cliffs’ Sustainability Report 2023 is accessible online in the “ Sustainability ” section of the Company’s corporate website, www.clevelandcliffs.com , where a printable PDF version of the report is also available.

Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend U. S. Steel Shareholders Vote “FOR” the Pending Transaction with Nippon Steel Corporation (NSC)

Retrieved on: 
Friday, March 29, 2024
Steel, Manufacturing, Institutional Shareholder Services, U.S. Steel, Glass Lewis, Goldman Sachs, CLF, USS, Proxy, Risk, Nippon Steel, Evercore, Cleveland-Cliffs, ISS, NSC, Barclays

S. Steel”) today announced that leading independent proxy advisory firms Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) have recommended that U. S. Steel shareholders vote “FOR” the pending transaction with Nippon Steel Corporation (“NSC”) (TSE: 5401) at the upcoming special meeting on April 12, 2024.

Key Points: 
  • S. Steel”) today announced that leading independent proxy advisory firms Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) have recommended that U. S. Steel shareholders vote “FOR” the pending transaction with Nippon Steel Corporation (“NSC”) (TSE: 5401) at the upcoming special meeting on April 12, 2024.
  • “There is no doubt that the offer represents a meaningful premium for shareholders resulting from a thorough and competitive sales process.
  • Importantly, U. S. Steel will retain its headquarters in Pittsburgh, Pennsylvania and together with NSC will bolster and grow U. S. Steel in the U.S. market in a way that prioritizes our talented employees and union members.
  • Milbank LLP and Wachtell, Lipton, Rosen & Katz are acting as legal advisors.

GrafTech Announces Appointment of Timothy K. Flanagan as Chief Executive Officer and President

Retrieved on: 
Tuesday, March 26, 2024
Technology, Manufacturing, Mining, Minerals, Other Energy, Natural Resources, Other Manufacturing, Steel, Alternative Energy, Energy, Hardware, Chemicals, Plastics, Growth, International, LLP, GrafTech, Cleveland-Cliffs, EAF, Iron, Management

GrafTech International Ltd. (NYSE: EAF) (“GrafTech” or the “Company”) announced today that the Company’s Board of Directors (the “Board”) has appointed Timothy K. Flanagan as the Company’s Chief Executive Officer and President, and has elected Mr. Flanagan to the Board, all effective March 26, 2024.

Key Points: 
  • GrafTech International Ltd. (NYSE: EAF) (“GrafTech” or the “Company”) announced today that the Company’s Board of Directors (the “Board”) has appointed Timothy K. Flanagan as the Company’s Chief Executive Officer and President, and has elected Mr. Flanagan to the Board, all effective March 26, 2024.
  • “The Board is pleased to announce Tim’s appointment as Chief Executive Officer and President,” said Henry R. Keizer, Chair of the Board of GrafTech.
  • Mr. Flanagan previously served as Executive Vice President, Chief Financial Officer of Cleveland-Cliffs Inc., a flat-rolled steel producer and supplier of iron ore pellets, from January 2017 to February 2019.
  • Prior to being promoted to Executive Vice President, Chief Financial Officer of Cleveland-Cliffs, he held a variety of financial leadership roles at Cleveland-Cliffs since joining in 2008.

Cleveland-Cliffs Selected to Receive $575 Million in US Department of Energy Investments for Two Projects to Accelerate Industrial Decarbonization Technologies

Retrieved on: 
Monday, March 25, 2024
Manufacturing, White House, Federal Government, Mining, Minerals, Natural Resources, Green Technology, Steel, Public Policy, Government, Environment, Machinery, Machine Tools, Metalworking & Metallurgy, Sustainability, Blast furnace, Ministry of Energy, COVID, Natural gas, United Auto Workers, Partnership, GHG, International Association, Public expenditure, Carbon, IAM, Joe Biden, USW, Plant, Hatch, Cleveland-Cliffs, Workforce, UAW, Primary energy, DRI, DOE, Inflation, Hand, Iron, EMF, Renewable energy

This federal funding is being made available through DOE’s Industrial Demonstrations Program funded through the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.

Key Points: 
  • This federal funding is being made available through DOE’s Industrial Demonstrations Program funded through the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.
  • Middletown will maintain its existing raw steel production capacity of approximately 3 million net tons per year and will no longer use coke for iron production.
  • We are grateful for the support of the Department of Energy and their recognition of Cleveland-Cliffs’ strong leadership in steel decarbonization.
  • The Department of Energy has facilitated a perfect situation for our union workforce, our decarbonization endeavors, our communities in Ohio and Pennsylvania, and our shareholders.”
    U.S.

Cleveland-Cliffs and the United Steelworkers Union Jointly Comment on the Tin Mill Products Final Report Released by the ITC

Retrieved on: 
Thursday, February 29, 2024
Other Manufacturing, Steel, Automotive Manufacturing, Public Policy, Government, Manufacturing, Mining, Minerals, Machine Tools, Metalworking & Metallurgy, White House, Federal Government, Natural Resources, UPI, Cleveland-Cliffs, U.S. Steel, Commerce, ITC, United Steelworkers, United, Tin, Commission, USW, Partnership

Lourenco Goncalves, Cleveland-Cliffs' Chairman, President and Chief Executive Officer, stated, "It is now clear that the decision by United States Steel Corporation not to participate as a petitioner in this trade case -- or provide a substantive response to the ITC’s request for further information on the idling of tin lines in Gary and East Chicago, Indiana and the closure of UPI in California -- directly led to the ITC’s negative determination. Had U.S. Steel cooperated with the ITC, the Commission would not have been left without the information needed to discern the market forces behind U.S. Steel’s withdrawal from the tin mill products market in the United States.”

Key Points: 
  • The U.S. International Trade Commission (ITC) this week issued public documents detailing the rationale behind its unanimous negative injury determination in the tin mill products trade case brought by co-petitioners Cleveland-Cliffs and the United Steelworkers (USW).
  • This determination by the ITC negated the implementation of anti-dumping and countervailing duties calculated by the Department of Commerce and will result in the continuation of widespread unfair trade practices in the tin mill products market.
  • Had U.S. Steel cooperated with the ITC, the Commission would not have been left without the information needed to discern the market forces behind U.S. Steel’s withdrawal from the tin mill products market in the United States.”
    Mr. Goncalves continued, “U.S.
  • In spite of U.S. Steel’s intransigence, I am grateful for the partnership of the USW that allowed this case to go forward.

Cleveland-Cliffs to Idle Weirton Tinplate Facility Following Unfavorable ITC Ruling

Retrieved on: 
Thursday, February 15, 2024
Natural Resources, Manufacturing, Steel, Mining, Minerals, Machine Tools, Metalworking & Metallurgy, Travesty, Cleveland-Cliffs, Chromium, Commerce, ITC, United Steelworkers, Survival, Tin, USW, Partnership, Management

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it will be indefinitely idling its tinplate production plant located in Weirton, West Virginia in April 2024.

Key Points: 
  • Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it will be indefinitely idling its tinplate production plant located in Weirton, West Virginia in April 2024.
  • These employees will be provided relocation opportunities to work at other Cliffs’ facilities and/or severance packages.
  • Furthermore, Weirton recently concluded a successful run of Drawn & Ironed material that tested perfectly with zero defects.
  • This test proves that Weirton and its workers are able to manufacture all the products the market demands.

Cleveland-Cliffs Reports Full-Year and Fourth-Quarter 2023 Results

Retrieved on: 
Monday, January 29, 2024
General Automotive, Automotive Manufacturing, Manufacturing, Automotive, Other Construction & Property, Commercial Building & Real Estate, Machinery, Construction & Property, Machine Tools, Metalworking & Metallurgy, Other Natural Resources, Mining, Minerals, Natural Resources, Other Manufacturing, Steel, ABL, Public expenditure, HRC, GAAP, OPEB, Cleveland-Cliffs, Nonunion, UAW

Cleveland-Cliffs Inc. (NYSE: CLF) today reported full-year and fourth-quarter results for the period ended December 31, 2023.

Key Points: 
  • Cleveland-Cliffs Inc. (NYSE: CLF) today reported full-year and fourth-quarter results for the period ended December 31, 2023.
  • For the full year 2023, Adjusted EBITDA1 was $1.9 billion, compared to $3.2 billion in 2022.
  • The reduction was primarily driven by lower steel index pricing in 2023 compared to 2022, partially offset by higher sales volumes and lower operating costs.
  • During 2023, the Company reduced its net debt3 by $1.3 billion, using the majority of its free cash flow for this purpose.

Cleveland-Cliffs Completes Successful Blast Furnace Hydrogen Injection Trial at Indiana Harbor #7 Blast Furnace

Retrieved on: 
Friday, January 26, 2024
Environment, Steel, Automotive Manufacturing, Manufacturing, Sustainability, Machinery, Mining, Minerals, Machine Tools, Metalworking & Metallurgy, Natural Resources, Blast furnace, Hydrogen, Cleveland-Cliffs, Linde, GHG, HBI, Iron

Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has successfully completed a hydrogen (H2) injection trial at its Indiana Harbor #7 blast furnace, the largest blast furnace in North America.

Key Points: 
  • Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has successfully completed a hydrogen (H2) injection trial at its Indiana Harbor #7 blast furnace, the largest blast furnace in North America.
  • This represents the second Cleveland-Cliffs blast furnace to utilize hydrogen as a reductant and fuel source, following the successful trial at Middletown Works in May of 2023.
  • Indiana Harbor #7 is among the largest blast furnaces in the entire world, both in size and production capacity.
  • Cliffs recently completed the commissioning of the hydrogen pipeline at Indiana Harbor, which was used for this trial.

Cleveland-Cliffs Applauds Department of Commerce’s Final Determinations on Antidumping and Countervailing Duties for Tin Mill Products

Retrieved on: 
Friday, January 5, 2024
Environment, Steel, Environmental Policy, Environmental Health, Public Policy, Government, Manufacturing, Machine Tools, Metalworking & Metallurgy, White House, Federal Government, State, Local, Cleveland-Cliffs, Workforce, Tin, Commerce, United Steelworkers, USW

Cleveland-Cliffs Inc. (NYSE: CLF) today applauded the Department of Commerce’s Final Antidumping and Countervailing Determinations on tin mill products from several trade partners responsible for unfair trade.

Key Points: 
  • Cleveland-Cliffs Inc. (NYSE: CLF) today applauded the Department of Commerce’s Final Antidumping and Countervailing Determinations on tin mill products from several trade partners responsible for unfair trade.
  • In January 2023, Cleveland-Cliffs and the United Steelworkers jointly filed an antidumping and countervailing duty trade case alleging that a surge of dumped and subsidized tin mill product imports had materially injured Cleveland-Cliffs’ Weirton operation and its USW workforce.
  • Together with the existing Section 232 tariffs and quotas, these dumping calculations will provide a check against unfairly traded products from all the major sources of tin mill imports.
  • Today’s outcome should put importers on notice that the United States will not tolerate unfair trade that harms employers, workers and communities.”