Cleveland-Cliffs Inc. operates as a flat-rolled steel producer in North America. It also manufactures iron ore pellets. The company is vertically integrated from mined raw materials and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing. It serves a range of markets through offering of flat-rolled steel products and supplies steel to the automotive industry. The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.
IPO Year:
Exchange: NYSE
Website: clevelandcliffs.com
Date | Price Target | Rating | Analyst |
---|---|---|---|
8/27/2024 | $16.50 | Neutral → Buy | Seaport Research Partners |
6/11/2024 | $23.00 → $17.00 | Overweight → Neutral | JP Morgan |
5/20/2024 | $22.00 | Buy | Jefferies |
4/9/2024 | $18.00 | Peer Perform → Underperform | Wolfe Research |
3/13/2024 | $22.00 | Buy → Neutral | Citigroup |
2/28/2024 | $16.50 | Neutral → Underperform | Exane BNP Paribas |
2/15/2024 | $21.50 → $20.00 | Overweight → Equal-Weight | Morgan Stanley |
2/9/2024 | $24.00 | Overweight | JP Morgan |
2/8/2024 | Buy → Hold | Argus | |
1/12/2024 | $19.00 → $23.00 | Overweight | JP Morgan |
Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs") today announced that it successfully amended its $4.75 billion Asset-Based Lending (ABL) facility as part of the financing for the pending acquisition of Stelco Holdings Inc. ("Stelco"). Cliffs has completely replaced Goldman Sachs' participation with increased commitments from Bank of America, Wells Fargo, J.P. Morgan, Fifth Third, Truist, Capital One, BMO, Huntington, and U.S. Bank. Additionally, PNC, Flagstar, UBS, MUFG, Regions, Barclays, ING, RBC, and First Citizens have also maintained their existing commitments to the ABL. Cliffs' Chairman, President and CEO, Lourenco Goncalves said: "In this latest ABL amendment, our capital request was t
Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs") applauded the reported decision by President Biden to officially block the foreign takeover of U.S. Steel by Japan's Nippon Steel. The Company provided the following statement from its Chairman, President and CEO, Lourenco Goncalves: "We commend President Biden and the U.S. government for its reported decision to block foreign ownership of U.S. Steel by Japan's Nippon Steel. The American steel industry plays a crucial role in safeguarding our national security. President Biden's courageous move affirms our view that our industry is best served by American companies that are committed to the long-term prosperity of domestic manufacturing, support
Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs") announced today that Michael Hrosik has been named Senior Vice President, Commercial of the organization. The promotion is effective immediately. Mr. Hrosik has over 30 years of steel industry experience in commercial functions, most recently as Vice President, Flat-Rolled Steel Sales for Cliffs. In his new role, Mr. Hrosik will oversee all responsibility for Cliffs' commercial operations, including sales, marketing, and customer service. His extensive experience, primarily with Cliffs and its legacy companies ArcelorMittal USA, ISG, and LTV, will play a critical role in driving Cliffs' strategy forward. To succeed Mr. Hrosik in his previous rol
Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs") announced today that its employees represented by the United Auto Workers (UAW) Local 600 have ratified a four-year labor contract for its Dearborn Works operations. The new contract is effective through July 31, 2028, and will cover approximately 1,000 UAW-represented workers at Dearborn. Lourenco Goncalves, Chairman, President and CEO, stated, "This equitable deal with our team at Dearborn is the latest illustration of our strong commitment to a collaborative relationship that benefits our employees and Cliffs as a whole. We are pleased to solidify this partnership with the UAW for another four years." About Cleveland-Cliffs Inc. Cleveland
GrafTech International Ltd. (NYSE:EAF) ("GrafTech" or the "Company") announced today that the Company's Board of Directors (the "Board") has appointed Rory O'Donnell to the position of Chief Financial Officer and Senior Vice President of the Company, effective September 3, 2024. Mr. O'Donnell will serve as a member of the Company's executive leadership team and report directly to Chief Executive Officer and President Timothy Flanagan. He will be responsible for overseeing all financial aspects of the Company. "I am pleased to announce Rory's appointment as the Company's Chief Financial Officer and welcome him to GrafTech," said Timothy Flanagan, Chief Executive Officer and President. "Wit
Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs") announced today that it has upsized and priced an additional $600 million aggregate principal amount of Senior Guaranteed Notes due 2032 (the "Additional Notes") in an offering (the "Additional Notes Offering") that is exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The Additional Notes will bear interest at an annual rate of 7.000% and will be issued at a price of 99.25% of their principal amount. The Additional Notes will be guaranteed on a senior unsecured basis by Cliffs' material direct and indirect wholly-owned domestic subsidiaries, other than certain excluded subsidiaries. The upsized offer
Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs") announced today that it intends to offer to sell, subject to market and other conditions, an additional $500 million aggregate principal amount of Senior Guaranteed Notes due 2032 (the "Additional Notes") in an offering (the "Additional Notes Offering") that is exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The Additional Notes will be an issuance of Cliffs' existing 7.000% Senior Guaranteed Notes due 2032 and will be issued as additional notes under the indenture dated as of March 18, 2024 (as supplemented, the "Indenture") pursuant to which Cliffs previously issued $825 million aggregate principal
Cleveland-Cliffs Inc. (NYSE:CLF) today reported second-quarter results for the period ended June 30, 2024. Second-Quarter 2024 Highlights Revenues of $5.1 billion Steel shipments of 4.0 million net tons Net income of $9 million and adjusted net income1 of $50 million Adjusted EPS1 of $0.11 per diluted share Adjusted EBITDA2 of $323 million Net debt3 decrease of $237 million to $3.4 billion Cash flow from operations of $519 million Free cash flow4 of $362 million Repurchased 7.5 million shares Liquidity of $3.7 billion as of June 30, 2024 Second-quarter 2024 revenues were $5.1 billion, compared to $5.2 billion in the first quarter of 2024. For the second
Cleveland-Cliffs Inc. (NYSE:CLF) announced today that it will establish a new electrical distribution transformer production plant in Weirton, West Virginia. This downstream direct investment by Cleveland-Cliffs in Weirton will address the critical shortage of distribution transformers that is stifling economic growth across the United States. Lourenco Goncalves, Cleveland-Cliffs' Chairman, President and Chief Executive Officer will host a press conference with West Virginia Governor Jim Justice and other elected officials in Weirton today, July 22. The announcement will highlight Cleveland-Cliffs' investment to repurpose its Half Moon Warehouse in Weirton to commence production of three-ph
Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs" or "the Company") is pleased to announce that it has entered into a definitive agreement to acquire Stelco Holdings Inc. (TSX:STLC) ("Stelco"). The acquisition confirms Cliffs' commitment and leadership in integrated steel production in North America, and also brings an additional 1,800 United Steelworkers ("USW") union employees into Cliffs' workforce. Under the terms of the agreement, Stelco shareholders will receive CAD $60.00 per Stelco common share in cash and 0.454 shares of Cliffs common stock per share of Stelco common stock (or CAD $10.00 per share as of July 12, 2024), representing a total consideration of CAD $70.00 per Stelco share. The
Cleveland-Cliffs Inc. (NYSE:CLF) shares are trading higher today after the company reported financial results for the second quarter yesterday. The company reported revenue of $5.09 billion, missing the consensus estimate of $5.20 billion, according to Benzinga Pro. The company reported breakeven adjusted earnings, beating analyst estimates for a loss of 2 cents per share. Cleveland-Cliffs lowered its full-year 2024 expected capital expenditures range from a range of $675 million to $725 million to a new range of $650 million to $700 million. The company also noted that its year-over-year steel unit cost reduction objective of approximately $30 per net ton remains on track. KeyBa
Cleveland-Cliffs Inc (NYSE:CLF) reported financial results for the second quarter after the market close on Monday. Here’s a look at the key metrics from the quarter. Q2 Earnings: Cleveland-Cliffs reported second-quarter revenue of $5.1 billion, missing the consensus estimate of $5.1 billion, according to Benzinga Pro. The company reported breakeven adjusted earnings, beating analyst estimates for a loss of 2 cents per share. Steel shipments totaled 4 million net tons in the second quarter. Cash flow from operations was $519 million during the quarter, while free cash flow came in at $362 million. Cleveland-Cliffs said it repurchased 7.5 million shares under its previously authorize
U.S. stocks could shake off the past week’s negativity and push ahead on expectations of a healthy reporting season, the Federal Reserve cutting rates, and the rising odds of a victory for former President Donald Trump in the Nov. election. President Joe Biden on Sunday confirmed the inevitable by announcing that he is quitting the race. As the market begins in a price in a victory for Trump, known for his pro-business and pro-crypto stance, sentiment could reverse course from the negativity seen last week. Bargain hunting in beaten-down stocks could lend support. Given most economic data is back-end loaded this week and the Fed has gone into a blackout period, the spotlight is likely to
About 14% of the S&P 500 companies have reported their June quarter earnings and the blended earnings growth rate for the companies constituting the broader index remains healthy. The coming week will see the official start of the tech reporting season, which could potentially decide the fate of the market, which has seen a steep pullback in the recent week. The Week That Was: The tech earnings season had a modest start last week with the earnings report from chip-equipment maker ASML Holding N.V. (NASDAQ:ASML). The stock slumped about 16%, dragged by its weak third-quarter outlook and geopolitical concerns surrounding the China chip ban. Netflix, Inc.’s (NASDAQ:NFLX) guidance disappointe
Cleveland-Cliffs Inc. (NYSE:CLF) shares are trading lower today. The company entered into a definitive agreement to acquire Stelco Holdings Inc. (OTC:STZHF) for a total enterprise value of around $2.5 billion (CAD3.4 billion). Stelco is an integrated steelmaker consisting of two operational sites, both located in the province of Ontario. Stelco ships approximately 2.6 million net tons of flat-rolled steel annually, primarily hot-rolled steel to service center customers. As per the deal, Stelco shareholders will receive CAD60.00 per share in cash plus 0.454 shares of Cliffs common stock per Stelco share (or CAD10.00 per share as of July 12, 2024), making a total of CAD70.00 per Stelco
Under the terms of the agreement, Stelco shareholders will receive CAD $60.00 per Stelco common share in cash and 0.454 shares of Cliffs common stock per share of Stelco common stock (or CAD $10.00 per share as of July 12, 2024), representing a total consideration of CAD $70.00 per Stelco share. The transaction has received full support from David McCall, International President of the USW union. The transaction is expected to close in the fourth quarter of 2024, subject to approval by Stelco shareholders, receipt of regulatory approvals and satisfaction of other customary closing conditions.
B of A Securities analyst Lawson Winder maintains Cleveland-Cliffs (NYSE:CLF) with a Neutral and lowers the price target from $20 to $18.
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Cleveland-Cliffs Inc. (NYSE:CLF) today reported second-quarter results for the period ended June 30, 2024. Second-Quarter 2024 Highlights Revenues of $5.1 billion Steel shipments of 4.0 million net tons Net income of $9 million and adjusted net income1 of $50 million Adjusted EPS1 of $0.11 per diluted share Adjusted EBITDA2 of $323 million Net debt3 decrease of $237 million to $3.4 billion Cash flow from operations of $519 million Free cash flow4 of $362 million Repurchased 7.5 million shares Liquidity of $3.7 billion as of June 30, 2024 Second-quarter 2024 revenues were $5.1 billion, compared to $5.2 billion in the first quarter of 2024. For the second
Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs" or "the Company") is pleased to announce that it has entered into a definitive agreement to acquire Stelco Holdings Inc. (TSX:STLC) ("Stelco"). The acquisition confirms Cliffs' commitment and leadership in integrated steel production in North America, and also brings an additional 1,800 United Steelworkers ("USW") union employees into Cliffs' workforce. Under the terms of the agreement, Stelco shareholders will receive CAD $60.00 per Stelco common share in cash and 0.454 shares of Cliffs common stock per share of Stelco common stock (or CAD $10.00 per share as of July 12, 2024), representing a total consideration of CAD $70.00 per Stelco share. The
Cleveland-Cliffs Inc. (NYSE:CLF) will announce its second-quarter 2024 earnings results after the U.S. market close on Monday, July 22, 2024. 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, July 23, 2024, at 8:30 am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and available for replay at that address. About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The
Cleveland-Cliffs Inc. (NYSE:CLF) today reported first-quarter results for the period ended March 31, 2024. First Quarter 2024 Highlights Repurchased 30.4 million shares, or 6% of total outstanding Revenues of $5.2 billion Steel shipments of 3.9 million net tons GAAP net loss of $53 million and adjusted net income1 of $87 million Adjusted EPS1 of $0.18 per diluted share Adjusted EBITDA2 of $414 million 70% Adjusted EBITDA2 improvement year-over-year and 48% increase quarter-over-quarter Liquidity of $4.0 billion as of March 31, 2024 Retired all remaining secured notes First-quarter 2024 revenues were $5.2 billion, compared to $5.1 billion in the fourth quarter
Cleveland-Cliffs Inc. (NYSE:CLF) will announce its first-quarter 2024 earnings results after the U.S. market close on Monday, April 22, 2024. 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 23, 2024, at 8:30 am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and available for replay at that address. About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The
Cleveland-Cliffs Inc. (NYSE:CLF) today reported full-year and fourth-quarter results for the period ended December 31, 2023. Full-Year Highlights Revenues of $22.0 billion Record steel shipments of 16.4 million net tons, including record automotive shipments Cash flow from operations of $2.3 billion Free cash flow of $1.6 billion3, including approximately $500 million in the fourth quarter of 2023 Year-end net debt of $2.9 billion4 Net pension and OPEB liabilities reduced to $586 million, a $3.6 billion reduction since 2020 Full-Year Consolidated Results Full-year 2023 consolidated revenues were $22.0 billion, compared to the prior year's consolidated revenues of $2
Cleveland-Cliffs Inc. (NYSE:CLF) will announce its full-year and fourth-quarter 2023 earnings results after the U.S. market close on Monday, January 29, 2024. 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, January 30, 2024, at 8:30 am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and available for replay at that address. About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in
Cleveland-Cliffs Inc. (NYSE:CLF) today reported third-quarter results for the period ended September 30, 2023. Selected financial results for the third quarter of 2023 include: Revenues of $5.6 billion Steel shipments of 4.1 million net tons, including record automotive shipments Net income of $275 million Earnings per diluted share attributable to Cliffs shareholders of $0.52 Adjusted EBITDA1 of $614 million Cash flow from operations of $767 million Free cash flow2 of $605 million Net debt3 reduced to $3.4 billion Record liquidity of $4.4 billion Third-quarter 2023 revenues were $5.6 billion, compared to $5.7 billion in the third quarter of 2022. For the t
Cleveland-Cliffs Inc. (NYSE:CLF) will announce its third-quarter 2023 earnings results after the U.S. market close on Monday, October 23, 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, October 24, 2023, at 8:30 am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and available for replay at that address. About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America.
Creates the Only American Steel Company Among the Top 10 Steelmakers in the World and One of the World's Top 4 outside of China Provides Customers and Workers a Stronger and More Innovative American Steel Producer, With Scale to be Internationally Competitive Provides U.S. Steel Shareholders an Immediate and Substantial Premium of 43% and Significant Upside Potential from the Combined Company Combined Company Expected to Generate Synergies of Approximately $500 Million Proposal Provides a Clear Roadmap to Completion, including the Strong Support and Backing of the USW Cleveland-Cliffs Inc. (NYSE:CLF) ("Cleveland-Cliffs" or "Cliffs") is publicly announcing a previously private offe
GrafTech International Ltd. (NYSE:EAF) ("GrafTech" or the "Company") announced today that the Company's Board of Directors (the "Board") has appointed Rory O'Donnell to the position of Chief Financial Officer and Senior Vice President of the Company, effective September 3, 2024. Mr. O'Donnell will serve as a member of the Company's executive leadership team and report directly to Chief Executive Officer and President Timothy Flanagan. He will be responsible for overseeing all financial aspects of the Company. "I am pleased to announce Rory's appointment as the Company's Chief Financial Officer and welcome him to GrafTech," said Timothy Flanagan, Chief Executive Officer and President. "Wit
Cleveland-Cliffs (NYSE:CLF) announced today that it has appointed renowned private equity executive, labor and political advisor Ron Bloom to its Board of Directors, effective immediately. With the addition of Mr. Bloom, the Cleveland-Cliffs' Board of Directors is now comprised of eleven members, of which ten are independent directors. After graduating with Distinction from the Harvard Business School, Ron Bloom started his career as an investment banker at Lazard, a firm he later re-joined as Vice Chairman, U.S. Investment Banking. After his first tenure at Lazard, Mr. Bloom represented the interests of organized labor, including serving as Special Assistant to the President of the Unite
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Seaport Research Partners upgraded Cleveland-Cliffs from Neutral to Buy and set a new price target of $16.50
JP Morgan downgraded Cleveland-Cliffs from Overweight to Neutral and set a new price target of $17.00 from $23.00 previously
Jefferies initiated coverage of Cleveland-Cliffs with a rating of Buy and set a new price target of $22.00
Wolfe Research downgraded Cleveland-Cliffs from Peer Perform to Underperform and set a new price target of $18.00
Citigroup downgraded Cleveland-Cliffs from Buy to Neutral and set a new price target of $22.00
Exane BNP Paribas downgraded Cleveland-Cliffs from Neutral to Underperform and set a new price target of $16.50
Morgan Stanley downgraded Cleveland-Cliffs from Overweight to Equal-Weight and set a new price target of $20.00 from $21.50 previously
JP Morgan resumed coverage of Cleveland-Cliffs with a rating of Overweight and set a new price target of $24.00
Argus downgraded Cleveland-Cliffs from Buy to Hold
JP Morgan resumed coverage of Cleveland-Cliffs with a rating of Overweight and set a new price target of $23.00 from $19.00 previously