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CLF independent director bought $425K of_stock_ on_the_open_market today:
https://www.sec.gov/Archives/edgar/data/764065/000076406524000126/xslF345X05/wk-form4_1714574246.xml
The same director bought $500K of stock three months ago (#msg-173752365).
Barron's thinks that it is robbing Peter to pay Paul:
https://www.barrons.com/articles/3m-cleveland-cliffs-buyback-dividends-c646c1d3?siteid=yhoof2
In part:
Investors typically cheer large capital returns, whether they be buybacks or dividends. The problem is that Wall Street projects a 2024 free cash flow for the company of about $530 million, and $770 million for 2025—and those numbers don’t support its buybacks.
To make up the difference, Cleveland-Cliffs—whose bid to buy United States Steel was spurned —will take on more debt. “We are implementing a more shareholder-friendly leverage target of 2.5 times net debt to last 12 months adjusted Ebitda, allowing ourselves even more flexibility for aggressive shareholder returns,” Chief Financial Officer Celso Goncalves said on Tuesday. (Ebitda is short for earnings before interest, taxes, depreciation, and amortization.)
Net debt to Ebitda is a common measure of balance sheet strength. Cliffs’ ratio at the end of the first quarter was about 2.3 times. Dividend payers in the S&P 500 index have an average ratio of about 1.9 times.
“We are surprised [by] the scale of the buybacks, having (incorrectly) assumed that balance sheet flexibility would be the No. 1 priority until the M&A backdrop was fully resolved,” Citigroup analyst Alexander Hacking wrote.
The postearnings stock drop wiped out about $1 billion in market value from Cleveland-Cliffs. That is very close to the debt needed to fund the new buyback.
Capital return to shareholders is great, but investors don’t like robbing Peter to pay Paul.
Cleveland-Cliffs to Publish Monthly Hot Rolled Coil Spot Price
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) announced today that, in response to industry trends and feedback from customers, the Company will publish a “Cliffs Hot Rolled Market Price” via letter to all flat-rolled customers on a monthly basis. The price will be published in conjunction with the monthly opening of the Hot Rolled order book, and will be simultaneously published at https://www.clevelandcliffs.com/doing-business/. Cliffs may also update this price more frequently as market conditions necessitate.
Lourenco Goncalves, Cliffs Chairman, President and CEO, said, “We encourage market transparency and have been pleased to see other market participants be more open with their pricing. As the largest producer of flat-rolled steel in North America, we felt it necessary to do the same to make sure our customers had the most timely and reliable pricing information.”
The first Cliffs Hot Rolled Market Price will be published this morning, April 26, 2024, in conjunction with the June Hot Rolled order book opening.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs is also the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 28,000 people across its operations in the United States and Canada.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240426947990/en/
MEDIA CONTACTS:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Director, Investor Relations
(216) 694-7719
Anyone know who the car company is that only buys cheap stuff?
"And because we are so big and supporting pretty much all of them except one that only buys cheap stuff" - LG
Lourenco plays hardball, LOL.
This will help CLF in the coming months.
General Motors (NYSE:GM) – Shares of GM rose 3.6% in pre-market trading after the company increased its projections for 2024 following a first-quarter performance that exceeded Wall Street expectations. GM revised its expected adjusted earnings for 2024 upwards to between $12.5 billion and $14.5 billion, and net profit for shareholders to between $10.1 billion and $11.5 billion. Additionally, it raised its free cash flow forecast to between $8.5 billion and $10.5 billion. For the first quarter, revenue was $43.01 billion and net profit reached $2.95 billion. Earnings per share were $2.62 adjusted, against $2.15 expected by LSEG estimates.
Yes, in due course. But investors' knee-jerk reaction was negative insofar as more buybacks means more debt (all else being equal).
Do you think any up tick from buy backs?
CLF 1Q24 CC notes re capital allocation:
CLF’s targeted debt leverage is <=2.5x EBITDA. There is ample room for CLF to continue to repurchase shares while staying well below the 2.5x ceiling.
CLF has no debt maturities until 2027.
CLF 1Q24 CC transcript:
https://finance.yahoo.com/news/cleveland-cliffs-clf-q1-2024-170011838.html
Much discussion of the non-takeover of US Steel.
Caution: this transcript has several OCR-generated errors. E.g., the transcript says “gold” in several places where the actual word is GOS (Grain-Oriented [electrical] Steel).
Just spells more debt. It's going to take some time before anything gets figured out.
Cliffs’ CEO Calls Share Buybacks Better Use of Money Than Deals
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Lourenco GoncalvesPhotographer: John Kuntz/AP Photo
By Guillermo Molero
April 22, 2024 at 4:59 PM EDT
Save
1:07
Cleveland-Cliffs Inc.’s top boss says buying back shares make more sense than takeovers — a view that underpins the US steelmaker’s decision to repurchase as much as $1.5 billion in stock.
“Buying our own stock is clearly a better use of capital than any M&A opportunities at current valuations — so that’s our primary focus,” Chief Executive Officer Lourenco Goncalves said Monday in the company’s first-quarter earnings statement.
The CEO’s comment comes about fourth months after Cliffs lost out in a bidding war for United States Steel Corp. to Nippon Steel Corp. Goncalves has been a vocal critic of the $14.1 billion takeover of the iconic American steelmaker by a Japanese company since then, calling it a severe miscalculation.
Read More: Cliffs CEO Lashes Out Over Losing US Steel Deal to Nippon
Shares of Cliffs were down 2.5% at 4:15 p.m. in after-market trading in New York after
Cleveland-Cliffs Reports First-Quarter 2024 Results and Announces New $1.5 Billion Share Repurchase Program
Source: Business Wire
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 of 2023.
For the first quarter of 2024, the Company recorded a net loss of $53 million, or $0.14 per diluted share, with adjusted net income1 of $87 million, or $0.18 per diluted share. Included in the results were charges and losses totaling $202 million primarily related to the indefinite idle of the Weirton tinplate facility and loss on extinguishment of debt. This compares to a fourth quarter 2023 net loss of $139 million, or $0.31 per diluted share, with an adjusted net loss2 of $25 million, or $0.05 per diluted share.
First-quarter 2024 Adjusted EBITDA2 was $414 million, compared to $279 million in the fourth quarter of 2023 and $243 million in the first quarter of 2023.
During the first quarter of 2024, the Company repurchased 30.4 million CLF common shares, fully utilizing the remaining balance of $608 million under the previously authorized $1 billion share repurchase program. The average stock purchase price for the entire program was $18.79 per share. Following the completion of the program, the Cliffs Board of Directors has authorized a new share repurchase program for the Company to buy back up to $1.5 billion of its outstanding common shares. The Company will have ample flexibility to buy CLF shares via acquisitions in the open market or privately negotiated transactions. The Company is not obligated to make any purchases and the program may be suspended or discontinued at any time. The new program is effective today and does not have a specific expiration date.
Cliffs’ Chairman, President and CEO Lourenco Goncalves said: “Our first quarter results were highlighted by the resiliency of automotive production in the United States, which helped to offset a temporary buyers strike from service centers in January and February. With more automotive and less service center business, first quarter mix was richer than originally anticipated, driving both our average selling prices and production costs higher than expected.”
Mr. Goncalves added: “In the first quarter, we returned capital to our shareholders at an aggressive rate. Our stock was cheap throughout the quarter and remains so, driving the exhaustion of our previous $1 billion share repurchase authorization and the commencement of another larger one. Buying our own stock is clearly a better use of capital than any M&A opportunities at current valuations -- so that's our primary focus."
Mr. Goncalves continued: “This quarter, our efforts towards green steel production were recognized in an unprecedented way. As a result of our strong track record with emissions reductions and labor relations, we became the largest intended recipient of federal grants toward decarbonization in the history of the United States. These investments will go toward two game-changing projects, not only with immense carbon reduction prospects, but also robust returns and manageable capital commitments.”
Mr. Goncalves concluded: “Looking forward, we expect to benefit in Q2 from the lower costs under our guidance, which we have maintained. Our largest end market, the automotive sector, is expected to remain strong. Orders from our service center customers have started to increase, with spot pricing also on the upswing. We are fortunate to have such a remarkable partnership with our workforce, and we will navigate this world of abundant opportunities together with our union partners.”
Steelmaking Segment Results
Three Months Ended
March 31,
Three Months
Ended
2024
2023
Dec. 31, 2023
External Sales Volumes - In Thousands
Steel Products (net tons)
3,940
4,085
4,039
Selling Price - Per Net Ton
Average net selling price per net ton of steel products
$
1,175
$
1,128
$
1,093
Operating Results - In Millions
Revenues
$
5,027
$
5,126
$
4,954
Cost of goods sold
(4,757
)
(5,032
)
(4,798
)
Gross margin
$
270
$
94
$
156
First-quarter 2024 steel product sales volumes of 3.9 million net tons consisted of 32% hot-rolled, 31% coated, 17% cold-rolled, 5% plate, 4% stainless and electrical, and 11% other, including slabs and rail.
Steelmaking revenues of $5.0 billion included $1.6 billion, or 32%, of direct sales to the automotive market; $1.4 billion, or 28%, of sales to the infrastructure and manufacturing market; $1.4 billion, or 28%, of sales to the distributors and converters market; and $606 million, or 12%, of sales to steel producers.
Liquidity and Cash Flow
Going forward, the Company has a stated target to maintain net debt at less than two and a half times the Company's trailing twelve months Adjusted EBITDA. The same leverage target would apply in the event of potential future M&A. As of March 31, 2024, the Company's net debt3 was $3.6 billion, well below the target level. The Company ended the first quarter of 2024 with total liquidity of $4.0 billion.
Outlook
The Company maintained all of its previously guided expectations for the full-year 2024, including:
Steel shipment volumes of 16.5 million net tons;
Year-over-year steel unit cost reductions of approximately $30 per net ton, corresponding to an approximate $500 million Adjusted EBITDA benefit compared to 2023; and
Capital expenditures of $675 to $725 million.
Cleveland-Cliffs Inc. will host a conference call on April 23, 2024, at 8:30 a.m. ET. The call will be broadcast live and archived on Cliffs' website: www.clevelandcliffs.com.
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 Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 28,000 people across its operations in the United States and Canada.
Forward-Looking Statements
This release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry or our businesses, are forward-looking statements. We caution investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. Among the risks and uncertainties that could cause actual results to differ from those described in forward-looking statements are the following: continued volatility of steel, iron ore and scrap metal market prices, which directly and indirectly impact the prices of the products that we sell to our customers; uncertainties associated with the highly competitive and cyclical steel industry and our reliance on the demand for steel from the automotive industry; potential weaknesses and uncertainties in global economic conditions, excess global steelmaking capacity, oversupply of iron ore, prevalence of steel imports and reduced market demand; severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges of one or more of our major customers, key suppliers or contractors, which, among other adverse effects, could disrupt our operations or lead to reduced demand for our products, increased difficulty collecting receivables, and customers and/or suppliers asserting force majeure or other reasons for not performing their contractual obligations to us; risks related to U.S. government actions with respect to Section 232 of the Trade Expansion Act of 1962 (as amended by the Trade Act of 1974), the United States-Mexico-Canada Agreement and/or other trade agreements, tariffs, treaties or policies, as well as the uncertainty of obtaining and maintaining effective antidumping and countervailing duty orders to counteract the harmful effects of unfairly traded imports; impacts of existing and increasing governmental regulation, including potential environmental regulations relating to climate change and carbon emissions, and related costs and liabilities, including failure to receive or maintain required operating and environmental permits, approvals, modifications or other authorizations of, or from, any governmental or regulatory authority and costs related to implementing improvements to ensure compliance with regulatory changes, including potential financial assurance requirements, and reclamation and remediation obligations; potential impacts to the environment or exposure to hazardous substances resulting from our operations; our ability to maintain adequate liquidity, our level of indebtedness and the availability of capital could limit our financial flexibility and cash flow necessary to fund working capital, planned capital expenditures, acquisitions, and other general corporate purposes or ongoing needs of our business, or to repurchase our shares; our ability to reduce our indebtedness or return capital to shareholders within the currently expected timeframes or at all; adverse changes in credit ratings, interest rates, foreign currency rates and tax laws; the outcome of, and costs incurred in connection with, lawsuits, claims, arbitrations or governmental proceedings relating to commercial and business disputes, antitrust claims, environmental matters, government investigations, occupational or personal injury claims, property-related matters, labor and employment matters, or suits involving legacy operations and other matters; supply chain disruptions or changes in the cost, quality or availability of energy sources, including electricity, natural gas and diesel fuel, critical raw materials and supplies, including iron ore, industrial gases, graphite electrodes, scrap metal, chrome, zinc, other alloys, coke and metallurgical coal, and critical manufacturing equipment and spare parts; problems or disruptions associated with transporting products to our customers, moving manufacturing inputs or products internally among our facilities, or suppliers transporting raw materials to us; the risk that the cost or time to implement a strategic or sustaining capital project may prove to be greater than originally anticipated; our ability to consummate any public or private acquisition transactions and to realize any or all of the anticipated benefits or estimated future synergies, as well as to successfully integrate any acquired businesses into our existing businesses; uncertainties associated with natural or human-caused disasters, adverse weather conditions, unanticipated geological conditions, critical equipment failures, infectious disease outbreaks, tailings dam failures and other unexpected events; cybersecurity incidents relating to, disruptions in, or failures of, information technology systems that are managed by us or third parties that host or have access to our data or systems, including the loss, theft or corruption of sensitive or essential business or personal information and the inability to access or control systems; liabilities and costs arising in connection with any business decisions to temporarily or indefinitely idle or permanently close an operating facility or mine, which could adversely impact the carrying value of associated assets and give rise to impairment charges or closure and reclamation obligations, as well as uncertainties associated with restarting any previously idled operating facility or mine; our level of self-insurance and our ability to obtain sufficient third-party insurance to adequately cover potential adverse events and business risks; uncertainties associated with our ability to meet customers' and suppliers' decarbonization goals and reduce our greenhouse gas emissions in alignment with our own announced targets; challenges to maintaining our social license to operate with our stakeholders, including the impacts of our operations on local communities, reputational impacts of operating in a carbon-intensive industry that produces greenhouse gas emissions, and our ability to foster a consistent operational and safety track record; our actual economic mineral reserves or reductions in current mineral reserve estimates, and any title defect or loss of any lease, license, easement or other possessory interest for any mining property; our ability to maintain satisfactory labor relations with unions and employees; unanticipated or higher costs associated with pension and other post-employment benefit obligations resulting from changes in the value of plan assets or contribution increases required for unfunded obligations; uncertain availability or cost of skilled workers to fill critical operational positions and potential labor shortages caused by experienced employee attrition or otherwise, as well as our ability to attract, hire, develop and retain key personnel; the amount and timing of any repurchases of our common shares; and potential significant deficiencies or material weaknesses in our internal control over financial reporting.
For additional factors affecting the business of Cliffs, refer to Part I – Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2023, and other filings with the U.S. Securities and Exchange Commission.
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED OPERATIONS
Three Months Ended
March 31,
Three Months
Ended
(In millions, except per share amounts)
2024
2023
Dec. 31, 2023
Revenues
$
5,199
$
5,295
$
5,112
Operating costs:
Cost of goods sold
(4,914
)
(5,196
)
(4,944
)
Selling, general and administrative expenses
(132
)
(127
)
(169
)
Restructuring and other charges
(104
)
—
—
Asset impairments
(64
)
—
—
Goodwill impairment
—
—
(125
)
Miscellaneous – net
(23
)
(3
)
26
Total operating costs
(5,237
)
(5,326
)
(5,212
)
Operating loss
(38
)
(31
)
(100
)
Other income (expense):
Interest expense, net
(64
)
(77
)
(63
)
Loss on extinguishment of debt
(21
)
—
—
Net periodic benefit credits other than service cost component
60
50
54
Other non-operating income
2
2
1
Total other expense
(23
)
(25
)
(8
)
Loss from continuing operations before income taxes
(61
)
(56
)
(108
)
Income tax benefit (expense)
8
13
(30
)
Loss from continuing operations
(53
)
(43
)
(138
)
Income (loss) from discontinued operations, net of tax
—
1
(1
)
Net loss
(53
)
(42
)
(139
)
Income attributable to noncontrolling interests
(14
)
(15
)
(16
)
Net loss attributable to Cliffs shareholders
$
(67
)
$
(57
)
$
(155
)
Loss per common share attributable to Cliffs shareholders - basic
Continuing operations
$
(0.14
)
$
(0.11
)
$
(0.31
)
Discontinued operations
—
—
—
$
(0.14
)
$
(0.11
)
$
(0.31
)
Loss per common share attributable to Cliffs shareholders - diluted
Continuing operations
$
(0.14
)
$
(0.11
)
$
(0.31
)
Discontinued operations
—
—
—
$
(0.14
)
$
(0.11
)
$
(0.31
)
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL POSITION
(In millions)
March 31,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$
30
$
198
Accounts receivable, net
1,868
1,840
Inventories
4,449
4,460
Other current assets
122
138
Total current assets
6,469
6,636
Non-current assets:
Property, plant and equipment, net
8,771
8,895
Goodwill
1,005
1,005
Pension and OPEB assets
344
329
Other non-current assets
647
672
TOTAL ASSETS
$
17,236
$
17,537
LIABILITIES
Current liabilities:
Accounts payable
$
2,051
$
2,099
Accrued employment costs
449
511
Accrued expenses
318
380
Other current liabilities
578
518
Total current liabilities
3,396
3,508
Non-current liabilities:
Long-term debt
3,664
3,137
Pension and OPEB liabilities
791
821
Deferred income taxes
628
639
Other non-current liabilities
1,315
1,310
TOTAL LIABILITIES
9,794
9,415
TOTAL EQUITY
7,442
8,122
TOTAL LIABILITIES AND EQUITY
$
17,236
$
17,537
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CASH FLOWS
Three Months Ended
March 31,
(In millions)
2024
2023
OPERATING ACTIVITIES
Net loss
$
(53
)
$
(42
)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Depreciation, depletion and amortization
230
242
Restructuring and other charges
104
—
Asset impairments
64
—
Pension and OPEB credits
(51
)
(40
)
Loss on extinguishment of debt
21
—
Other
44
35
Changes in operating assets and liabilities:
Accounts receivable, net
(27
)
(257
)
Inventories
(8
)
207
Income taxes
(1
)
15
Pension and OPEB payments and contributions
(32
)
(30
)
Payables, accrued employment and accrued expenses
(170
)
(90
)
Other, net
21
(79
)
Net cash provided (used) by operating activities
CLF reports 1Q24 results—authorizes new $1.5B buyback—reiterates 2024 guidance:
https://www.clevelandcliffs.com/investors/news-events/press-releases/detail/635/cleveland-cliffs-reports-first-quarter-2024-results-and
In 1Q24, CLF repurchased $608M of stock at an average price of $20, reducing shares outstanding by 6% and exhausting the pre-existing $1.0B buyback authorization. As a result, CLF has now authorized a new $1.5B buyback.
1Q24 highlights
• Revenue of $5.2B, -2% YoY
• Steel shipments of 3.94M net tons, -3% YoY
• Adjusted EBITDA of $414M, +70% YoY and +48% QoQ
• 3/31/24 net debt of ~$3.6B, up from $2.9B @12/31/23 (the increase is due primarily to the $608M share buyback)
Re-iterated 2024 guidance
• Steel shipment volumes of 16.5 million net tons, compared to 16.4 million net tons in 2023
• Steel unit cost reductions of approximately $30 per net ton, corresponding to ~$500M adjusted EBITDA benefit compared to 2023
• Capital expenditures of $675 to $725 million
The stock is down slightly in AH trading. CC Tuesday at 8:30am ET.
Cleveland-Cliffs Inc (CLF) is expected to report $0.25 for 1Q.
https://www.morningstar.com/news/dow-jones/202404222127/north-american-morning-briefing-stock-futures-2
All I can get.
Manufacturing
Here's what Cleveland-Cliffs CEO Lourenco Goncalves said about the US Steel deal
Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves addresses union workers at the Butler Works before an event Friday celebrating the factory's successful fight against a proposed rule that would have closed it.
PAUL J. GOUGH/BPT
By Paul J. Gough – Reporter, Pittsburgh Business Times
Apr 19, 2024
Preview this article1 min
Cleveland-Cliffs CEO Lourenco Goncalves predicted last week that not only will Nippon Steel fall short in its bid to acquire United States Steel but that he'll be there to successfully acquire the Pittsburgh-based manufacturer.
Article behind paywall. Can you post an excerpt? TIA
The full report is at the link in #msg-174170659. Definitely worth a quick read.
This is a huge step forward putting a hot-DR plant at Middletown. Take in pellets from best iron mines and turn them into finished high-end steel at one location! Cuts transportation costs, as well as need for coke and prime scrap. Takes advantage of all the upgrades CLF invested there right after acquisition!
Getting the US government to invest half a billion $ in something CLF was probably going to do anyway. Will be interesting to see if a CCUS at Burns Harbor comes to fruition; another profit center from having 45-Q tax credits for capturing carbon dioxide.
Cleveland-Cliffs Applauds DOE’s Final Transformer Efficiency Standard Rule
Source: Business Wire
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. Cleveland-Cliffs and the United Auto Workers (UAW) worked collaboratively to educate the DOE on the shortcomings of the originally proposed distribution transformer rule and the danger of relying on Amorphous Metal, which is produced in very limited volumes and exclusively from imported materials.
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. Once this rule is enacted, we expect to actually see an increase in demand for our GOES, opening the possibility of future investments and expansion of our plants in Butler, PA and Zanesville, OH.”
Cleveland-Cliffs currently employs 1,500 workers in Butler, PA and Zanesville, OH. Following the issuance of this rule, Cleveland-Cliffs can confidently make investments that will not only sustain these good-paying middle class jobs, but also increase the opportunities of employment for its skilled UAW-represented workforce.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs is also the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 28,000 people across its operations in the United States and Canada.
?
View source version on businesswire.com: https://www.businesswire.com/news/home/20240403104080/en/
MEDIA CONTACTS:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Director, Investor Relations
(216) 694-7719
Cleveland-Cliffs Issues Sustainability Report for 2023
Source: Business Wire
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. It also includes a Limited Assurance Review issued by Deloitte & Touche LLP.
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. The Report includes a Performance Metrics table that presents 3-year trended data on a comprehensive set of sustainability metrics, as well as Cliffs’ Statement of GHG Emissions, which discloses consolidated Scope 1 and 2 GHG emissions data for 2023.
Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President and Chief Executive Officer said, “With our GHG emissions intensity 28% better than the global steel industry average, Cleveland-Cliffs is one of the cleanest and most energy-efficient blast furnace steel producers in the world. Through our advancements in steelmaking by the BF-BOF route, we supply our customers with lower carbon intensive steel. We took a major step forward in 2023 and early 2024 in this endeavor by completing successful trials of hydrogen injection into blast furnaces at our Middletown and Indiana Harbor integrated steel mills.”
Mr. Goncalves continued, “As we grow, we continue to foster a culture of safety and inclusion at Cliffs. I thank all our employees, particularly our union workforce, for their continued dedication to safe production.”
Cleveland-Cliffs proudly upholds its commitment to sustainability as evidenced by the following highlights from the 2023 report:
Continued downward trend of Cleveland-Cliffs’ Scope 1 and 2 GHG emissions intensity per ton of crude steel (both company-wide and integrated mill average);
Specifically, Cleveland-Cliffs’ BF-BOF average emissions intensity was reduced to 1.54 metric tons CO2e per metric ton of crude steel produced (from 1.60 in 2022), a number 28% lower than the 2023 global average of 2.15;
Strengthened the Company’s partnerships with prominent labor unions, including successfully negotiating new labor contracts covering employees at numerous operations;
Cultivated partnership with the U.S. Department of Energy and other relevant organizations in successful pursuit of industrial decarbonization projects through technologies such as hydrogen use, electrification and direct reduction;
Enhanced health and safety resources and employee engagement programs to further support workers and operations;
Continued engagement with local communities, including expanding strategic partnerships and increasing charitable donations and employee giving to total $7.5 million for 2023; and
Continued to improve scoring and transparency on sustainability ratings platforms such as CDP, an international nonprofit organization that manages the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.
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.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs is also the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 28,000 people across its operations in the United States and Canada.
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MEDIA CONTACTS:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Director, Investor Relations
(216) 694-7719
Cleveland-Cliffs Applauds DOE’s Final Transformer Efficiency Standard Rule
Source: Business Wire
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. Cleveland-Cliffs and the United Auto Workers (UAW) worked collaboratively to educate the DOE on the shortcomings of the originally proposed distribution transformer rule and the danger of relying on Amorphous Metal, which is produced in very limited volumes and exclusively from imported materials.
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. Once this rule is enacted, we expect to actually see an increase in demand for our GOES, opening the possibility of future investments and expansion of our plants in Butler, PA and Zanesville, OH.”
Cleveland-Cliffs currently employs 1,500 workers in Butler, PA and Zanesville, OH. Following the issuance of this rule, Cleveland-Cliffs can confidently make investments that will not only sustain these good-paying middle class jobs, but also increase the opportunities of employment for its skilled UAW-represented workforce.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs is also the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 28,000 people across its operations in the United States and Canada.
?
View source version on businesswire.com: https://www.businesswire.com/news/home/20240403104080/en/
MEDIA CONTACTS:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Director, Investor Relations
(216) 694-7719
Cleveland-Cliffs to Announce First-Quarter 2024 Earnings Results on April 22 and Host Conference Call on April 23
Source: Business Wire
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 Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 28,000 people across its operations in the United States and Canada.
?
View source version on businesswire.com: https://www.businesswire.com/news/home/20240402048422/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Director, Investor Relations
(216) 694-7719
$1.8 billion Cleveland-Cliffs plan means more jobs, stability for Middletown steel plant
https://www.journal-news.com/news/18-billion-cleveland-cliffs-plan-means-more-jobs-stability-for-middletown-steel-plant/265NKDXRJVB5RCI7AMUJTABU2E/
On Thursday, GLJ Research upgraded shares of Cleveland-Cliffs (NYSE: CLF ) to a Buy rating, maintaining its price target at $27.20
https://za.investing.com/news/clevelandcliffs-lifted-to-buy-at-glj-research-as-it-looks-like-smooth-sailing-ahead-432SI-3069890
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