Cleveland Cliffs Inc (CLF)

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https://finance.yahoo.com/news/united-states-steel-corporation-declares-203700720.html

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https://www.investorsobserver.com/news/stock-update/where-does-cleveland-cliffs-inc-clf-stock-fall-in-the-steel-field-after-it-has-risen-11-07-this-week

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Cleveland-Cliffs Reports Strong Demand For Military Steel

By
Robert Tita, Dow Jones Newswires

In a rare disclosure of military steel demand by an America steel executive, Cleveland-Cliffs CEO Lourenco Goncalves says his company "is a big supplier of military steel for the Department of Defense."

Goncalves says conflicts in Ukraine, the Middle East and the potential for a war between China and Taiwan are generating demand for steel used in military hardware.

Cleveland-Cliffs and rival Nucor produce flat-rolled steel plate, which is used in armored vehicles.

"We can't discuss too much," Goncalves tells analysts on a call. "But it has been a very, very important portion of our business here at Cleveland-Cliffs.

Cleveland-Cliffs climbs 8.3%.

CLF

$15.83 USD0.181.15%

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Cleveland-Cliffs Recognized by U.S. Department of Energy as a Better Climate Challenge Goal Achiever for GHG Emissions Reduction

Source: Business Wire
The Company Reduced Total Scope 1 and Scope 2 GHG Emissions by 32 Percent from a 2017 Baseline Year
Cleveland-Cliffs announced today that the U.S. Department of Energy (DOE) has recognized the Company as a GHG Emissions Reduction 2023 Goal Achiever through its Better Buildings Initiative and Better Climate Challenge. The Company achieved its first DOE goal by reducing its absolute scope 1 and 2 GHG emissions by 32 percent by year-end 2022 from a 2017 baseline and exceeding its target to reduce by 25 percent by the year 2030.
Cleveland-Cliffs is the only steel company participating in the DOE Better Buildings Initiative to drive leadership in energy innovation and the Better Climate Challenge, an initiative that challenges major industrial partners to cut their greenhouse gas emissions by 50 percent within 10 years. The Company’s commitment covers 46 of its operating facilities.
Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President, and Chief Executive Officer said, “We are a proud member and partner of the U.S. Department of Energy’s Better Plants and Better Climate Challenge programs, and we appreciate the agency’s recognition of our significant achievement. Through these programs, the DOE has become an invaluable partner as we reduce our emissions. Going forward, with the DOE’s plans to fund regional clean hydrogen hubs including two hubs near several of our largest steelmaking plants, we have a real path to further reduce our carbon footprint through the usage of hydrogen.”
Cleveland-Cliffs’ most impactful GHG emissions reductions in 2022 derived from strategic actions that included:

optimized use of hot-briquetted iron (HBI) in its ironmaking furnaces to reduce fuel rates;

optimized scrap consumption;

prioritized operation of efficient equipment and facilities;

increased use of lower carbon fuels; and

upgrades to onsite energy recovery for power generation.

In addition, the DOE selected Cleveland-Cliffs to be a featured partner in the Better Climate Challenge Road Show Season Two, which will launch in December 2023. The program presents innovative solutions for reducing GHG emissions.
For more information about Cleveland-Cliffs’ Better Buildings profile, visit:
https://betterbuildingssolutioncenter.energy.gov/partners/cleveland-cliffs-inc
The U.S. Department of Energy published the “2023 Better Buildings Initiative Progress Report,” which summarizes the achievements of DOE’s Better Buildings public and private sector partners and the results of the Better Climate Challenge.
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 27,000 people across its operations in the United States and Canada. www.clevelandcliffs.com
?
View source version on businesswire.com: https://www.businesswire.com/news/home/20231026041282/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
[phone]
INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
[phone]

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https://www.cleveland.com/news/2023/10/cleveland-cliffs-ceo-talks-automotive-industry-using-hydrogen-but-no-update-on-us-steel-bid.html

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https://www.wsj.com/articles/green-steel-is-coming-europe-is-leading-the-charge-thanks-to-new-carbon-taxes-886c77b6

[DewDiligence]

CLF is +8% as I’m typing. They had another excellent CC this morning with much discussion on using hydrogen to replace coke as the reductant in CLF’s blast furnaces (#msg-173015932) and thereby producing “green steel.”

CLF’s CEO said the UAW strikes at the “Detroit 3” has not had a material effect on CLF’s business, and he expects the strike to be over during the current quarter. The Detroit 3 represents less than half of CLF’s steel shipment to the auto industry.

CLF was unable to comment during the CC on its pursuit of the X merger, but I stand by the assertion in #msg-172586306 that the deal is a fait accompli.

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https://www.nasdaq.com/articles/u.s.-steel-stock-up-40-on-possible-acquisition:-is-the-stock-a-buy

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https://www.msn.com/en-us/money/taxes/cleveland-cliffs-gaap-eps-of-052-beats-by-011-revenue-of-561b-beats-by-80m/ar-AA1iIxZ4

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https://www.crainscleveland.com/manufacturing/cliffs-ceo-sees-auto-strike-ending-fourth-quarter

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Dow Jones Newswires

Cleveland-Cliffs 3Q Profit Jumps On Lower Costs

Published: Oct. 23, 2023 at 4:46 p.m. ET

By Ben Glickman
Cleveland-Cliffs reported a jump in profit in the third quarter as cost-cutting initiatives took effect.
The Cleveland-based steel producer posted a third-quarter profit of $264 million, or 52 cents a share, compared with $152 million, or 29 cents a share, a year earlier.

Revenue fell to $5.61 billion from $5.65 billion a year ago, beating the $5.58 billion expected by analysts polled by FactSet.
Chief Executive Lourenco Goncalves said the company's unit cost per ton of steel fell in the quarter as cost-cutting measures took effect.
Goncalves said the company saw strong automotive steel shipments, both before and after the United Auto Workers Strike began.

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Why Cleveland-Cliffs Stock Is Volatile After-Hours

byRyan Gustafson

October 23, 2023 4:32 PM | 1 min read

"The Best Report Benzinga Has Ever Produced"


Cleveland-Cliffs Inc. (NYSE:CLF) shares are volatile in Monday's after-hours session following the release of the company's third-quarter earnings. Here's the details.
What To Know: The company reported quarterly earnings of 54 cents per share which beat the analyst consensus estimate of 43 cents, a 86.21% increase over earnings of 29 cents per share from the same period last year.



The company reported quarterly sales of $5.61 billion which beat the analyst consensus estimate of $5.58 billion, a 0.85% decrease over sales of $5.65 billion the same period last year.
Cleveland-Cliffs also reported steel product sales volumes of 4.1 million net tons, breaking down to 36% hot-rolled, 30% coated, 14% cold-rolled, 6% plate, 4% stainless and electrical, and 10% other, including slabs and rail.
The company's Chairman, President and CEO Lourenco Goncalves commented on the results, saying, "Q3 2023 was our third consecutive quarter with steel shipments above 4 million tons. We generated over $600 million in free cash flow in the quarter and, as we had announced we would do, we continued to use this strong cash generation to pay down debt and buy back shares."
"With that, our net debt and diluted share count have reached new record lows since our full transformation from a merchant mining to a steel company. Our liquidity is also now at an all-time high."

[DewDiligence]

CLF reports 3Q23 results:

https://www.clevelandcliffs.com/investors/news-events/press-releases/detail/609/cleveland-cliffs-reports-third-quarter-2023-results

• Revenues of $5.61B [-1% YoY, -7% QoQ]

• Steel shipments of 4.11 million net tons [+13% YoY, -2% QoQ]

• Net income of $275 million [-67% YoY, -23% QoQ]

• Adjusted EBITDA of $614M [+33% YoY, -21% QoQ]

• Cash flow from operations of $767M [+66% YoY, -14% QoQ]

• Net debt of $3.4 billion [down from $3.9B @6/30/23]

• Total liquidity of $4.4B [up from $3.8B @6/30/23], highest in Company history

3Q23 GAAP EPS was $0.52 [vs $0.29 in 3Q22 and $0.67 in 2Q23].

Most of 2Q23 cash flow was used to pay down debt (-$500M). CLF also spent $59M to repurchase 3.9M common shares at an average price of $15.09.

36% of 3Q23 steel shipments were for the automotive industry.

CLF realized a COGS reduction of $40/ton during 3Q23 and now expects an additional reduction of $15/ton in 4Q23 (up from the prior guidance of $10/ton). CLF reduced COGS by a staggering $165/ton from 3Q22 to 3Q23.

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https://www.mbtmag.com/video/video/22876904/clevelandcliffs-to-spend-100m-as-atonement-for-breaching-2015-settlement

[Yooperman]

Should be getting some really good news next week.

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https://www.marketwatch.com/story/cleveland-cliffs-to-spend-more-than-100m-to-reduce-emissions-as-part-of-doj-deal-40e4f4ce

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https://hoodline.com/2023/10/northwest-indiana-steel-mills-struggle-biden-s-proposals-fall-short-cleveland-cliffs-aims-for-sustainability/

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Cleveland-Cliffs, Nucor raise prices for hot rolled steel products

Oct. 19, 2023 4:21 PM ETCleveland-Cliffs Inc. (CLF), NUEBy: Carl Surran

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Cleveland-Cliffs Unusual Options Activity For October 18

byBenzinga Insights

October 18, 2023 1:01 PM | 2 min read

"The Best Report Benzinga Has Ever Produced"


We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with CLF, it often means somebody knows something is about to happen.
So how do we know what this whale just did?
Today, Benzinga's options scanner spotted 11 uncommon options trades for Cleveland-Cliffs.
This isn't normal.
The overall sentiment of these big-money traders is split between 45% bullish and 54%, bearish.
Out of all of the special options we uncovered, 7 are puts, for a total amount of $255,752, and 4 are calls, for a total amount of $151,722.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $13.0 to $40.0 for Cleveland-Cliffs over the last 3 months.

Volume & Open Interest Development


 

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Cleveland-Cliffs's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Cleveland-Cliffs's whale activity within a strike price range from $13.0 to $40.0 in the last 30 days.

Cleveland-Cliffs Option Volume And Open Interest Over Last 30 Days



Biggest Options Spotted:

SymbolPUT/CALLTrade TypeSentimentExp. DateStrike PriceTotal Trade PriceOpen InterestVolumeCLFCALLSWEEPBULLISH01/19/24$14.00$61.3K2.1K17CLFPUTSWEEPNEUTRAL11/17/23$18.00$50.8K99211CLFPUTTRADEBEARISH01/19/24$37.00$43.7K00CLFPUTSWEEPBEARISH06/21/24$13.00$39.3K8.3K300CLFPUTTRADEBEARISH11/17/23$18.00$34.6K992170

Where Is Cleveland-Cliffs Standing Right Now?

With a volume of 11,140,305, the price of CLF is down -7.5% at $14.42.

RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.

Next earnings are expected to be released in 5 days.

What The Experts Say On Cleveland-Cliffs:

Citigroup upgraded its action to Buy with a price target of $22

Citigroup upgraded its action to Buy with a price target of $22

B. Riley Securities has decided to maintain their Buy rating on Cleveland-Cliffs, which currently sits at a price target of $25.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Cleveland-Cliffs, Benzinga Pro gives you real-time options trades alerts.

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Where Is Cleveland-Cliffs Standing Right Now?

With a volume of 11,140,305, the price of CLF is down -7.5% at $14.42.

RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.

Next earnings are expected to be released in 5 days.

SEE NEXT POST.

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What The Experts Say On Cleveland-Cliffs:

Citigroup upgraded its action to Buy with a price target of $22

Citigroup upgraded its action to Buy with a price target of $22

B. Riley Securities has decided to maintain their Buy rating on Cleveland-Cliffs, which currently sits at a price target of $25.
SEE NEXT POST.

[Saving Grace]

New Strong Sell Stocks for October 18th

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:

Cleveland-Cliffs Inc. CLF is a flat-rolled steel manufacturer. The Zacks Consensus Estimate for its current year earnings has been revised 9.2% downward over the last 60 days.

Credit Acceptance Corporation CACC is an automotive financing company. The Zacks Consensus Estimate for its current year earnings has been revised 10.5% downward over the last 60 days.

International Flavors & Fragrances Inc. IFF is a cosmetic and health ingredient manufacturer. The Zacks Consensus Estimate for its current year earnings has been revised 10.9% downward over the last 60 days.

View the entire Zacks Rank #5 List.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report

International Flavors & Fragrances Inc. (IFF) : Free Stock Analysis Report

Credit Acceptance Corporation (CACC) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

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https://www.insideindianabusiness.com/articles/cleveland-cliffs-to-build-east-chicago-hydrogen-pipeline

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https://usaherald.com/cleveland-cliffs-and-mesabi-metallics-clash-in-court-over-sealed-documents/

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https://finance.yahoo.com/news/cleveland-cliffs-clf-reports-next-140017905.html

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https://finance.yahoo.com/news/cleveland-cliffs-applauds-department-energy-144500923.html

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https://www.nwitimes.com/news/local/cleveland-cliffs-building-multimillion-dollar-hydrogen-pipeline-to-east-chicago-blast-furnace/article_4451a2da-6916-11ee-b2ad-e35cd7949c0a.html

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https://triblive.com/local/regional/environmental-groups-claim-victory-in-epa-ruling-on-u-s-steel-plant-in-clairton/

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https://newsheater.com/2023/10/09/cleveland-cliffs-inc-clf-shares-up-despite-recent-market-volatility/

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https://simplywall.st/stocks/us/materials/nyse-clf/cleveland-cliffs/news/those-who-invested-in-cleveland-cliffs-nyseclf-three-years-a

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https://beststocks.com/teacher-retirement-system-of-texas-reduces-stake-i-21/

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Cleveland-Cliffs to Announce Third-Quarter 2023 Earnings Results on October 23 and Host Conference Call on October 24

Source: Business Wire
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. 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 27,000 people across its operations in the United States and Canada.
?
View source version on businesswire.com: https://www.businesswire.com/news/home/20231004728917/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
[phone]
INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
[phone]

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US Steel Transformation Will Lead To Major Value Creation, Says Bullish Analyst

https://www.benzinga.com/analyst-ratings/analyst-color/23/10/35033728/us-steel-transformation-will-lead-to-major-value-creation-says-bullish-analyst

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https://www.recyclingtoday.com/news/cleveland-cliffs-us-steel-bid-nda-standstill-process-acquisition/

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https://newsheater.com/2023/10/02/cleveland-cliffs-inc-clf-stock-evaluating-the-annual-growth/

[DewDiligence]

CLF-X deal inches forward:

https://finance.yahoo.com/news/1-u-steel-lets-cleveland-154115352.html

Reuters reported last week that a disagreement over the NDA had kept Cliffs out of a bidding process that U.S. Steel announced on Aug. 13. U.S. Steel had failed to convince Cliffs to sign a six-month standstill agreement that would prevent the latter from challenging U.S. Steel's board of directors.

Cliffs and U.S. Steel have now agreed to an NDA that comes with a two-month standstill, the source said. Reuters has reported that Cliffs has secured bank financing for its bid that is not subject to due diligence. Signing the NDA, however, will give Cliffs, whose previous $7.1 billion cash-and-stock offer for U.S. Steel was rebuffed, visibility into the bidding process.

As noted in #msg-172586306, eventual closing of this merger is a fait accompli due to the USW’s steadfast support of the deal.

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https://www.timesleaderonline.com/news/local-news/2023/09/sen-manchin-and-sen-brown-show-support-for-cleveland-cliffs/

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https://finance.yahoo.com/news/cleveland-cliffs-announces-price-increase-110000468.html

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https://markets.businessinsider.com/news/stocks/morgan-stanley-analyst-projects-favorable-future-for-cleveland-cliffs-recommends-buy-rating-1032658936

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Tuesday’s Wall Street Highlights: Ford Motor, Coty, JPMorgan, Merck, Tesla, AIG, and more

Cleveland-Cliffs (NYSE:CLF), Steel Dynamics (NASDAQ:STLD) – The focus surrounding the bidding war for United States Steel should not overshadow the performance of steel companies such as Cleveland-Cliffs and Steel Dynamics, both of which were recently upgraded to “Buy.” Alexander Hacking from Citi maintains positive expectations, despite the volatility in steel prices, highlighting favorable prospects for appreciation and the stabilization of raw material prices. The price target for Cliffs remained unchanged at $22 per share while the price target for Steel Dynamics shares remained atkip $130 per share.

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https://www.benzinga.com/analyst-ratings/23/09/34866743/4-analysts-have-this-to-say-about-cleveland-cliffs

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https://beststocks.com/cambridge-investment-research-advisors-inc-expand/

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https://seekingalpha.com/news/4015116-cleveland-cliffs-steel-dynamics-on-the-move-as-citi-upgrades-to-buy

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https://www.barrons.com/articles/cleveland-cliffs-stock-upgrade-f7dfb56

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Why CLF going up with UAW on strike.

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https://finance.yahoo.com/news/canada-stelco-holdings-said-weigh-210941388.html

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US Steel Corp (NYSE:X),  Cleveland-Cliffs Inc (NYSE:CLF) – US Steel and Cleveland-Cliffs dispute the terms of a confidentiality agreement relating to a sales process. Cliffs refused a six-month shutdown proposed by US Steel, keeping options open for potential challenges. Meanwhile, US Steel accepted offers from other interested parties. Cliffs, aiming for transparency, opened its books and demonstrated financial commitment to make its offer happen. Neither company, however, commented on the impasse.

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https://www.reuters.com/markets/deals/cleveland-cliffs-clashes-with-us-steel-sale-process-gets-underway-sources-2023-09-20/

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https://www.autonews.com/manufacturing/uaw-strike-isnt-against-auto-industry

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https://www.abc12.com/news/local/u-of-m-flint-professor-predicts-uaw-will-not-strike-at-detroit-three/article_22ef1f3c-4e95-11ee-92b7-efa531982652.html