Cleveland-Cliffs Inc. announced today that it was named to the Fortune 500 list for the first time since its transformation from a mining company to become the largest flat-rolled steel company and the largest supplier of steel to the automotive industry in North America. Cleveland-Cliffs' 2021 revenue of $20.4 billion earned Cleveland-Cliffs the ranking of 171 on the list for 2022, surpassing its previous highest ranking [...]
Cleveland-Cliffs Inc. announced today that its philanthropic organization, The Cleveland-Cliffs Foundation, is committed to addressing food insecurity as one of its key areas of social responsibility. Since the start of 2022, The Cleveland-Cliffs Foundation has made cash contributions totaling more than $1 million to food distribution organizations in the local communities where the Company operates throughout the United [...]
Cleveland-Cliffs Inc. will ring The Closing Bell at the New York Stock Exchange today, May 3, 2022. Lourenco Goncalves, Cleveland-Cliffs' Chairman, President and Chief Executive Officer, members of the company's board of directors and executive management team will participate in the event to celebrate the company's 175th year anniversary. Lourenco Goncalves said, "For nearly two centuries, Cleveland-Cliffs has been [...]
Cleveland-Cliffs Inc. today reported first-quarter results for the period ended March 31, 2022. First-quarter 2022 consolidated revenues were $6.0 billion, compared to the prior-year first-quarter revenues of $4.0 billion. For the first quarter of 2022, the Company recorded net income of $801 million, or $1.50 per diluted share. This included the following one-time non-cash charges totaling $111 million, or $0.21 per [...]
Cleveland-Cliffs Inc. will announce its first-quarter 2022 earnings results before the U.S. market open on Friday, April 22, 2022. 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 on April 22, 2022, at 10:00am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and available [...]
Cleveland-Cliffs Inc. announced today that it has instructed the trustee to provide notice of redemption for the entirety of its remaining $607 million aggregate principal amount of outstanding 9.875% Senior Secured Notes due October 2025. Pursuant to the terms of the Notes and the Indenture governing the Notes, the Company expects the total payment to holders of the Notes including the redemption premium to be [...]
Cleveland-Cliffs Inc. announced today that it will indefinitely idle its Indiana Harbor #4 blast furnace . This action is a result of the successful implementation of operational improvements, particularly the addition of significant amounts of HBI to the burden of blast furnaces and the maximization of scrap usage in BOFs. The employees allocated to IH#4 will be reassigned to other positions within Indiana Harbor Works [...]
Cleveland-Cliffs Inc. today reported full-year and fourth-quarter results for the period ended December 31, 2021. Full-Year Consolidated Results Full-year 2021 consolidated revenues were $20.4 billion, compared to the prior year's consolidated revenues of $5.3 billion. For the full year 2021, the Company generated net income of $3.0 billion, or $5.36 per diluted share. This compares to a 2020 net loss of $81 million, or [...]
Cleveland-Cliffs Inc. will announce its fourth-quarter and full-year 2021 earnings results before the U.S. market open on Friday, February 11, 2022. 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 on February 11, 2022, at 10:00am ET. The call can be accessed at www.clevelandcliffs.com and will also be [...]
Cleveland-Cliffs Inc. announced today that it has instructed the trustee to provide notice of redemption for all remaining $294 million of its 1.50% Convertible Senior Notes due 2025. The redemption will take place on January 18, 2022, the earliest possible date for redemption pursuant to the Indenture governing the Notes. Noteholders may convert their Notes prior to the redemption date. Upon redemption or early [...]
Cleveland-Cliffs Inc. announced today that it has successfully completed the acquisition of Ferrous Processing and Trading Company, including certain related entities . The final necessary regulatory clearances in connection with the transaction were obtained on November 17. FPT is now a wholly owned subsidiary of Cleveland-Cliffs Inc. FPT, which was recently awarded Fastmarkets' 2021 Scrap Company of the Year, is a [...]
Cleveland-Cliffs Inc. announced today that it has entered into a partnership with the U.S. Department of Energy as part of the Better Climate Challenge initiative, a new government-sponsored effort challenging organizations to set ambitious, portfolio-wide GHG emission reduction goals. The initiative provides additional opportunities for peer exchange and technical assistance to meet the urgent call to mitigate the [...]
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