Cleveland-Cliffs Inc. today announced that it has amended its senior secured asset-based lending credit facility , extended its maturity and introduced several improvements to the previous agreement , which was put into place in March of 2015. The changes were introduced in alignment with the Company’s vastly improved financial condition since the Initial ABL Facility was adopted, while continuing to provide the [...]
Cleveland-Cliffs Inc. today reported fourth-quarter and full-year results for the period ended December 31, 2017. Fourth-quarter 2017 consolidated revenues were $601 million, compared to prior-year fourth-quarter revenues of $754 million. Cost of goods sold was $492 million, compared to $573 million reported in the fourth quarter of 2016. For the fourth quarter of 2017, the Company recorded net income of $318 million, or [...]
Cleveland-Cliffs Inc. today said it is addressing inaccurate media reports related to its real estate interests located in Itasca County west of Nashwauk, Minnesota, as well as recent activities the Company performed on its own site. Cleveland-Cliffs objects to such inaccurate information and is providing the following facts about its recent activity in order to set the record straight: 1) The Company acquired from [...]
Cleveland-Cliffs Inc. today said it will be announcing fourth-quarter and full-year 2017 financial results before the U.S.-market open on Thursday, January 25, 2018. The Company invites interested parties to listen to a live broadcast of a conference call with securities analysts and institutional investors to discuss the results. When: Thursday, January 25, 2018, at 10 a.m. ET Hosts: Lourenco Goncalves, Chairman [...]
Cleveland-Cliffs Inc. announced today that its wholly-owned subsidiary, Cleveland-Cliffs Minnesota Land Development LLC, completed an acquisition of certain real estate interests located in Itasca County west of Nashwauk, Minnesota from Glacier Park Iron Ore Properties LLC . The interests include a combination of undivided and whole fee interests as well as mineral and surface leases, all lying within the Biwabik Iron [...]
Cleveland-Cliffs Inc. announced today that it has priced its previously announced private offering of $400.0 million aggregate principal amount of its senior secured notes due 2024 . The Secured Notes will bear interest at an annual rate of 4.875% and will be issued at a price of 99.347% of their principal amount. The offering is expected to close on December 19, 2017, subject to satisfaction of customary closing [...]
Cleveland-Cliffs Inc. announced today that it has priced its previously announced registered public offering of $275.0 million aggregate principal amount of its convertible senior notes due 2025 . The offering is expected to close on December 19, 2017, subject to satisfaction of customary closing conditions. The Convertible Notes will be senior unsecured obligations of Cliffs. The Convertible Notes will bear interest at a [...]
Cleveland-Cliffs Inc. announced today that it intends to offer to sell, subject to market and other conditions, $275.0 million aggregate principal amount of its convertible senior notes due 2025 in a registered public offering. The Convertible Notes are expected to mature on January 15, 2025, unless earlier repurchased, redeemed or converted. The Convertible Notes will be convertible at the option of the holders in [...]
Cleveland-Cliffs Inc. announced today that it intends to offer to sell, subject to market and other conditions, $400.0 million aggregate principal amount of its senior secured notes due 2024 in an offering that is exempt from the registration requirements of the Securities Act of 1933 . The Secured Notes will be jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all [...]
Cleveland-Cliffs Inc. today said it will be webcasting its presentation at the Goldman Sachs Global Metals & Mining Conference in New York. The Company invites interested parties to listen to a live broadcast of the presentation. When: Wednesday, November 29, 2017, at 11:15 a.m. ET Presenter: Lourenco Goncalves, Chairman, President and Chief Executive Officer Web Address: www.clevelandcliffs.com If you are unable to [...]
Cleveland-Cliffs Inc. announced today that P. Kelly Tompkins, executive vice president & chief operating officer, will retire effective Dec. 31, 2017. Lourenco Goncalves, Chairman, President and Chief Executive Officer, said, “Kelly has been a valued member of the executive team at Cliffs and I have enjoyed working with him over the past 3-1/2 years. I am sincerely grateful to Kelly for his dedication and commitment [...]
Cleveland-Cliffs Inc. (NYSE: CLF) today reported third-quarter results for the period ended September 30, 2017. The Company reported consolidated revenues of $698 million, an increase of 26 percent compared to the prior year's third-quarter revenues of $553 million. Cost of goods sold increased by 15 percent to $538 million compared to $468 million reported in the third quarter of 2016. The Company recorded net income of [...]
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