Cleveland-Cliffs Inc. issued a statement today regarding the Minnesota Executive Council's approval of state mineral leases for more than 2,600 acres of iron ore at the Nashwauk mine site in Itasca County, Minnesota. Today's approval is a final action and Cleveland-Cliffs has now assumed these leases. Cleveland-Cliffs' Chairman, President and Chief Executive Officer, Lourenco Goncalves, stated, "Today's approval of these [...]
Cleveland-Cliffs Inc. announced today that it has successfully completed a hydrogen injection trial at its Middletown Works blast furnace. This groundbreaking introduction of hydrogen gas as an iron reducing agent in the blast furnace is the first ever use of this carbon friendly technology in the Americas region. The successful use of hydrogen gas represents a significant step toward the future decarbonization of blast [...]
Cleveland-Cliffs Inc. announced today that its employees represented by the International Association of Machinists and Aerospace Workers Local 1943 at its Middletown Works steelmaking plant ratified a new 4-year labor agreement. The new agreement is effective on May 15, 2023, and covers approximately 2,100 hourly employees. Lourenco Goncalves, Chairman, President and Chief Executive Officer of Cleveland-Cliffs said, "We [...]
Cleveland-Cliffs Inc. issued a statement today related to the Minnesota Department of Natural Resources determination that it will ask the Executive Council to approve new leases with Cleveland-Cliffs for state ore near Nashwauk, Minnesota. Lourenco Goncalves, Cleveland-Cliffs' Chairman, President and Chief Executive Officer, said, "Cleveland-Cliffs and the Minnesota Department of Natural Resources have reached an [...]
The Great Lakes Clean Hydrogen Hub coalition has submitted a full application for federal funding from the $8 billion U.S. Department of Energy program to support the creation of regional clean hydrogen hubs under the Infrastructure Investment and Jobs Act. Great Lakes Clean Hydrogen Hub Coalition aims to help major industries across Midwest decarbonize. GLCH's full application details a $2 billion plan to create a clean [...]
Cleveland-Cliffs Inc. announced today that it has reached a tentative agreement with the International Association of Machinists and Aerospace Workers Local 1943 on a new 4-year agreement for its Middletown Works steelmaking operation. The contract will be effective on May 15, 2023, and will cover approximately 2,100 hourly employees. Lourenco Goncalves, Chairman, President and Chief Executive Officer of Cleveland-Cliffs [...]
SunCoke Energy, Inc. and Cleveland-Cliffs Inc. have agreed to a 12-year extension of their existing contract, under which SunCoke will provide 1.22 million tons of metallurgical coke annually to Cleveland-Cliffs from its Indiana Harbor cokemaking facility located in East Chicago, Indiana. The key provisions of the extension agreement are similar to the existing agreement. "This contract renewal affirms the long-term [...]
Cleveland-Cliffs Inc. announced today that it has closed its previously priced offering of $750 million aggregate principal amount of senior unsecured guaranteed notes due 2030 , which were priced at 6.75% annual coupon and issued at par. The Company intends to use the net proceeds from the Notes to repay a portion of the borrowings under its existing asset-based revolving credit facility. The transaction is leverage [...]
Cleveland-Cliffs Inc. announced today that it has priced $750 million aggregate principal amount of senior unsecured guaranteed notes due 2030 in an offering that is exempt from the registration requirements of the Securities Act of 1933 . The Notes will bear interest at an annual rate of 6.75% and will be issued at par. The Notes will be guaranteed on a senior unsecured basis by the Company's material direct and indirect [...]
Cleveland-Cliffs Inc. announced today that it intends to offer to sell, subject to market and other conditions, $750 million aggregate principal amount of senior unsecured guaranteed notes due 2030 in an offering that is exempt from the registration requirements of the Securities Act of 1933 . The Notes will be guaranteed on a senior unsecured basis by the Company's material direct and indirect wholly-owned domestic [...]
Cleveland-Cliffs Inc. today provided its preliminary first-quarter financial results for the period ended March 31, 2023. Selected financial results expectations for the first quarter of 2023 include: Steel shipments of 4.1 million net tons Revenues of approximately $5.2 billion Adjusted EBITDA1 of approximately $200 million Lourenco Goncalves, Cliffs' Chairman, President, and CEO said: "Confirming our previous guidance [...]
Cleveland-Cliffs Inc. will announce its first-quarter 2023 earnings results after the U.S. market close on Monday, April 24, 2023. 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 Tuesday, April 25, 2023, at 10:00 am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and [...]