Cleveland Cliffs Inc (CLF)

[nowwhat2]

U.S. Steel Stock Is Rising. The Politics Are Getting More Muddled.
https://www.marketwatch.com/articles/u-s-steel-stock-nippon-cleveland-e5c32ba3?siteid=bigcharts&dist=bigcharts

First Published: Sept. 18, 2024 at 9:40?a.m. ET



Coal on barges on the Monongahela River near United States Steel. Photo: Justin Merriman/Bloomberg
Shares of United States Steel were rising Wednesday after a report that the government decided to delay a review of the company’s potential takeover by Japanese steel firm Nippon Steel
5401

1.93%
.

This deal has plenty of political intrigue as both Democratic and Republican politicians jockey for support from labor in swing states such as Pennsylvania, where U.S. Steel
X

2.62%
is based. That hasn’t been great for investors.

Tuesday, Bloomberg reported that the U.S. would delay its decision on whether to approve the merger based on national security concerns until after the November presidential election. Nippon Steel declined to comment. U.S. Steel didn’t immediately respond to a request for comment.

“Can we get a Japanese translation for Quid Pro Quo,” quipped Gordon Haskett analyst Don Bilson in a Wednesday report, pointing out that the reported decision to delay came after the U.S. and Japan discussed curbs on exports of semiconductors to China. “A cynic might see [the chip and steel] reports as two peas in the same pod….to get the Japanese on board with China curbs, [America] has given the Japanese a wink that Nippon Steel will get the approval it needs after the election.”

U.S. Steel stock rose more than 4% in early trading, though by late morning, it had slipped back for a gain of 2.1% to $37. The S&P 500
SPX

0.01%
was flat and the Dow Jones Industrial Average
DJIA

-0.03%
was down 0.2%.

It has been a wild ride for investors lately. In August, Cleveland-Cliffs
CLF

-0.38%
bid $35 a share in cash and stock for U.S. Steel. Then in December, U.S. Steel agreed to be bought by Nippon Steel for $55 a share in cash.

Nippon Steel is the fourth-largest steel maker in the world, and has committed to spending $2.7 billion modernizing U.S. Steel’s American operations. That is significant, given that Wall Street projects U.S. Steel to generate about $1.7 billion in cumulative free cash flow in 2025 and 2026.

Still, the deal has faced political opposition from both sides of the aisle and from the steelworkers union, which backed the original Cleveland-Cliffs bid. A report that President Joe Biden was set to block the deal on national security grounds sent U.S. Steel shares to $29 each from about $38. Now, shares are almost back to $38.



The move on Wednesday shows that investors believe there is still a chance the deal will go through. Blocking the transaction never made a lot of economic sense. Japan is an ally, Nippon Steel is the far larger and better-capitalized company, and the merger doesn’t change domestic market shares substantially. If the U.S. Steel/Cleveland-Cliffs merger happened, for instance, the pair would have a greater market position in areas such as steel for critical automotive applications.

Here is a way to think about the odds of the deal going through. If the $30 range is the “no deal” price for U.S. Steel stock and $55 is the ultimate upside if Nippon Steel is successful, with the stock at about $37, investors currently put a 30% chance of the merger happening. If the stock was right between $30 and $55 the odds would be about 50%.

Coming into Wednesday trading, U.S. Steel stock was down about 26% year to date. Most of that decline is related to diminished expectations that the Nippon Steel merger will be completed.

[abracky]

https://www.msn.com/en-us/money/companies/cleveland-cliffs-says-stelco-shareholders-approve-takeover-deal/ar-AA1qFInF

[abracky]

CLF green today.

[Saving Grace]

The Brazen Brazilian CLF CEO, doesn't know shit about what is really going on to make this bull shit deceit public.

Concaves from the Congo is seriously out of touch with reality.

https://ih.advfn.com/stock-market/NYSE/cleveland-cliffs-CLF/stock-news/94502864/cleveland-cliffs-commends-president-biden-s-repor

[Saving Grace]

They kept the Monster CEO news hidden. There's noting old about it. SMH

He's a monster in plain clothes. Even paid the workforce $3,000 to take untested and unproven garbage.

He's an animal.

Why wasn't that info out when Draper pulled him into Cliffs to be elected by shareholders as CEO.

Now we know that he really doesn't care about the company he represents as with Metals USA where he had to shell $300,000 to the victim.

The $3000 bonuses he paid employees to be injured during the plandemic and shareholders company money he gave the enemy during war time could seriously cost the company a fortune. Lourenco made his son the CFO so he could sign the checks for both mistakes. Who knows what else this animal from the Congo has done behind closed doors.

Cliffs is on shaky ground as it is, what next?

Who is this animal from Brazil, with his son, CFO of CLF, who seem to be in bunker of some sort

https://www.duluthnewstribune.com/business/cleveland-cliffs-ceo-settled-2005-sexual-harassment-suit-at-former-company-documents-show

[abracky]

Old news

[Saving Grace]

Cleveland-Cliffs CEO Lourenco Goncalves from Brazil, groped employee, from past company Metals USA, and began sucking on her ear.

He's an animal.

Why wasn't that info out when Draper pulled him into Cliffs to be elected by shareholders as CEO.

Now we know that he really doesn't care about the company he represents as with Metals USA where he had to shell $300,000 to the victim.

The $3000 bonuses he paid employees to be injured during the plandemic and shareholders company money he gave the enemy during war time could seriously cost the company a fortune. Lourenco made his son the CFO so he could sign the checks for both mistakes. Who knows what else this animal from the Congo has done behind closed doors.

Cliffs is on shaky ground as it is, what next?

Who is this animal from Brazil, with his son, CFO of CLF, who seem to be in bunker of some sort



https://www.duluthnewstribune.com/business/cleveland-cliffs-ceo-settled-2005-sexual-harassment-suit-at-former-company-documents-show

[Saving Grace]

Brazilian Lourenco Goncalves being doxxed on Social Networks. Wishes to disregard U,S. First Amendment Rights.

IMO Goncalves who makes $20,000,000 annually, needs to step down.

Cleveland-Cliffs wants to unmask anonymous critic; legal expert says that raises First Amendment concerns



CLEVELAND, Ohio — For the second time in a year, the Fortune 500 steel giant Cleveland-Cliffs has asked a judge to unmask an anonymous online critic of the company and its chief executive officer, Lourenco Goncalves.

In a lawsuit, lawyers for the company asked a Cuyahoga County judge to order Yahoo Inc. to hand over personal identifying information of an account owner who has posted hundreds of comments in recent months that question Goncalves’ leadership.

The filing, submitted by Jones-Day attorney Kristin Morrison, says the company needs the information so it can pursue a defamation and libel lawsuit against the owner of the account known as Booleansearcher.

The complaint, filed earlier this month, did not specify which comments the company believes amounted to defamation. It also did not spell out exactly how the company’s reputation has been harmed.

Andrew Geronimo leads the First Amendment Law Clinic at Case Western Reserve University School of Law. He said that the case raises concerns about the First Amendment’s protections to criticize a public figure anonymously and that it could embolden powerful people to try to stifle criticism.

Geronimo successfully fought to get a similar lawsuit thrown out of court against an anonymous critic who sent emails about Beachwood police officers.

He said there are steps judges should follow in cases where someone seeks the identity of an online critic. First, he said, the plaintiff should identify the comments and then put forth a credible argument that the statements are defamatory. That should be done before a decision can be made to reveal the anonymous critic.

“If they cannot, and if the statements are protected by the First Amendment, then plaintiffs should not be able to use the court processes to strip away this important First Amendment right to speak anonymously,” Geronimo said.

The case was assigned to Cuyahoga County Common Pleas Court Judge Deborah Turner.

A spokeswoman for Cliffs did not respond to a request for comment and questions from cleveland.com and The Plain Dealer.

Booleansearcher is a prolific commenter on the Yahoo Finance message boards. The profile says the account made more than 3,100 comments on stocks and companies ranging from the online sports betting giant DraftKings and 3M to Cisco and Costco, as well as multiple steel industry companies.

A comment from earlier this month claimed the only reason Cleveland-Cliffs maintained a high public evaluation was “the hope that it will be bought or a better CEO will come in” who will make wholesale changes.

“This can’t be run like a private company for the family wealth,” the post said. “It is a public company so it needs to be managed for shareholders. That just ain’t happening with LG [Goncalves], but many oddly here are so happy that he gets 20 million a year.”

In a post made last year, the user claimed to be a shareholder in the company and questioned whether Goncalves was “really the guy to take this to the next level.”

In the complaint, filed Jan. 16, the company said the comments “include statements without basis and contrary to fact that attack Mr. Goncalves’ business reputation and honesty, including the exercise of his and others at Cliffs’ fiduciary duties to shareholders.” The lawsuit also said the statements are “injurious to Mr. Goncalves’ reputation and the business interests of Cliffs.”

It also said the company sent letters to the email address associated with the account on Jan. 2 and Jan. 8, and both times received bounce-back messages that the inbox was full and could not accept messages.

The company used the same tactic in January 2023 to identify three users who made similarly critical comments. Judge Sherrie Miday granted the request and ordered Yahoo to hand Cliffs the account information to identify the commenters.

The company then filed a defamation and libel lawsuit against the three men. That complaint identified several comments from the men that accused Goncalves of wrongdoing. The defamation lawsuit settled out of court in August.

The company made a similar move in 2015.

Geronimo said that, like the case in Beachwood, Cleveland-Cliffs and Goncalves are public officials so the First Amendment casts broad protections over statements about them.

But this lawsuit differs from the Beachwood case. That’s because the company’s lawyers are using a civil rule that allows people who think they might have a reason to sue somebody to obtain discovery to identify the potential defendant before they actually file the lawsuit.

In Beachwood, lawyers first filed the lawsuit against unnamed defendants, then asked the judge to order an encrypted email server to identify the owner of an anonymous account.

Doing so allows a judge to sign off on the request as long as the plaintiffs show that they don’t know the identity of the person they might sue and that they tried to learn the person’s identity through other means.

Geronimo said he hopes that judges will apply the same standard that Judge Andrew Santoli applied in the Beachwood case to any case in which a public figure wants to learn the identity of an anonymous online critic.

That includes making the person who wants the information show that the statements were false and damaged someone’s reputation.

“Defamation isn’t just ‘you wrote these things, and it made me look bad,’” Geronimo said. “You’re supposed to be able to trace some tangible harm that happened as a result of the comments.”

Geronimo compared the comments about Goncalves to those made about businessman Elon Musk, who has been widely ridiculed after his purchase and rebranding of X, the social media platform formerly known as Twitter.

“It’s hard for me to think this CEO of a major company is actually having his reputation affected by comments on a message board,” he said.

https://www.cleveland.com/court-justice/2024/01/cleveland-cliffs-wants-to-unmask-anonymous-critic-legal-expert-says-that-raises-first-amendment-concerns.html

[abracky]

https://www.bovnews.com/2024/09/13/clfs-latest-twist-whats-fueling-the-unexpected-shifts-in-cleveland-cliffs-incs-stock-price/

[abracky]

Cleveland-Cliffs Successfully Amends Asset-Based Lending Facility

Source: Business Wire

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 three times over-subscribed, showing continued strong support from our banking partners. We thank our entire bank group for their participation as we focus on partners who share our strategic priorities. As we position Cliffs for further growth in the United States and Canada, this amendment reinforces our strong financial position and ability to close the Stelco transaction quickly and efficiently in the fourth quarter of 2024.”

As of the finalization of the amendment, Cliffs had no net borrowings on its ABL facility. The amended ABL matures in 2028.

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. 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, our businesses, our financial position or a transaction with Stelco, 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: 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 common shares; adverse changes in credit ratings, interest rates, foreign currency rates and tax laws; 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; the risk that the proposed transaction with Stelco may not be consummated; the risk that a transaction with Stelco may be less accretive than expected, or may be dilutive, to Cliffs’ earnings per share, which may negatively affect the market price of Cliffs’ common shares; the risk that adverse reactions or changes to business or regulatory relationships may result from the announcement or completion of the proposed Stelco transaction; the possibility of the occurrence of any event, change or other circumstance that could give rise to the right of one or both of Cliffs or Stelco to terminate the transaction agreement between the two companies, including, but not limited to, the companies’ inability to obtain necessary regulatory approvals; the risk of shareholder litigation relating to the proposed transaction that could be instituted against Stelco, Cliffs or their respective directors and officers; the possibility that Cliffs and Stelco will incur significant transaction and other costs in connection with the proposed transaction, which may be in excess of those anticipated by Cliffs; the risk that the financing transactions to be undertaken in connection with the proposed Stelco transaction may have a negative impact on the combined company’s credit profile, financial condition or financial flexibility; the possibility that the anticipated benefits of the proposed acquisition of Stelco are not realized to the same extent as projected and that the integration of the acquired business into Cliffs’ existing business, including uncertainties associated with maintaining relationships with customers, vendors and employees, is not as successful as expected; the risk that future synergies from the Stelco acquisition may not be realized or may take longer than expected to achieve; the risk that any announcements relating to, or the completion of, the proposed Stelco transaction could have adverse effects on the market price of Cliffs' common shares; and the risk of any unforeseen liabilities and future capital expenditures related to the proposed Stelco transaction.

For additional factors affecting the business of Cliffs, refer to Part I – Item 1A. Risk Factors of Cliffs’ Annual Report on Form 10-K for the year ended December 31, 2023, and other filings with the U.S. Securities and Exchange Commission.

?

View source version on businesswire.com: https://www.businesswire.com/news/home/20240912372016/en/

MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
[phone]

INVESTOR CONTACT:
James Kerr
Director, Investor Relations
[phone]

[abracky]

https://kfgo.com/2024/09/10/nippon-steel-exec-flies-to-washington-in-last-attempt-to-save-us-steel-deal-ft-reports/

[abracky]

https://www.benzinga.com/insights/options/24/09/40797804/cleveland-cliffs-unusual-options-activity-for-september-10

[abracky]

https://www.recyclingtoday.com/news/us-steel-cleveland-cliffs-nippon-steel-biden-merger-opposition-usw-union/

[abracky]

https://finance.yahoo.com/news/why-cleveland-cliffs-inc-clf-093837091.html

[abracky]

https://seekingalpha.com/article/4720017-united-states-steel-has-pigeonholed-itself-into-making-a-deal-work

[abracky]

Check out @Wags241 message on Stocktwits http://stocktwits.com/Wags241/message/585463041

[abracky]

https://www.fool.com/investing/2024/09/08/2-top-steel-stocks-to-buy-in-september/?referring_guid=80b10fcc-b9f8-40ac-83a1-5e9d789bc90d

[birdguy]

link for previous article

https://www.startribune.com/mesabi-metallics-cleveland-cliffs-iron-ore-iron-range-taconite/601139058

[birdguy]

Owners of ill-fated taconite plant in northern Minnesota score legal victory against Cleveland-Cliffs

A federal judge denied Cliffs’ motion for summary judgment, paving the way for Mesabi Metallics antitrust claims to go trial.

By Mike Hughlett
The Minnesota Star Tribune
Mesabi Metallics has long claimed that anticompetitive behavior by iron ore heavyweight Cleveland-Cliffs damaged its quest to build a taconite plant in Nashwauk.

This week, a federal bankruptcy court judge handed Mesabi a victory, ruling that its antitrust claims against Cliffs are strong enough to go to trial.

“There is sufficient evidence that permits a reasonable juror to conclude that Cliffs’ conduct was anticompetitive,” wrote Craig Goldblatt, a U.S. Bankruptcy Court judge in Delaware.

Mesabi plans to seek $1.9 billion in damages.

On Thursday, Mesabi Metallics CEO Joe Broking said in a statement the company hopes the judge’s decision will help “address the past disappointment caused to our partners and stakeholders by the previous delays to the project.”

Mesabi Metallics is the corporate successor to Essar Steel Minnesota, which started building a $2 billion-plus taconite facility about 13 years ago in the Iron Range of Minnesota. By 2016, Essar Minnesota filed Chapter 11 bankruptcy, leaving a half-built plant.

In 2017, Essar Minnesota sued Cleveland-Cliffs in bankruptcy court, alleging the iron ore merchant wrongfully used its market power to choke the Nashwauk project. Essar, which was rechristened Mesabi Metallics in late 2017, has been battling Cliffs in court for years and trying to complete its taconite plant.

Cliffs has contended it did not exercise monopoly power against Mesabi and that Mesabi suffered no antitrust injuries. Cliffs asked the bankruptcy court for a summary judgment against Mesabi, which would essentially throw the case out.

But in a Wednesday filing, Goldblatt denied Cliffs’ motion for summary judgment, saying there are enough factual disputes to merit a trial in federal district court.

“A [reasonable] jury could find that Mesabi suffered the type of injury that antitrust law is intended to prevent,” he wrote.

From 2015 to 2019, Cleveland-Cliffs was by far the largest independent iron ore merchant for the Great Lakes steel business with 73% to 78% of the “non-captive” market for taconite pellets, Mesabi claims. The term “captive” refers to iron mines owned directly by steel companies. In 2020, Cliffs bought two major U.S. steelmakers and now primarily produces iron ore for its own captive steel mills.

Minnesota Supreme Court rejects Mesabi Metallics' bid to keep critical iron ore leases
The Nashwauk plant would have competed with Cliffs in the non-captive market. Essar made a critical deal in 2014 to supply taconite pellets to ArcelorMittal’s U.S. subsidiary, then one of the nation’s two largest steelmakers. But ArcelorMittal terminated the contract in 2016 since Essar had yet to finish its Nashwauk plant.

Cliffs then signed a 10-year agreement with ArcelorMittal. Mesabi Metallics claims Cliffs structured the contract to give Cliffs exclusive access to Arcelor and shut Mesabi out of the market.

Mesabi Metallics also claims Cliffs’ anticompetitive conduct included blackballing construction contractors who worked on Mesabi’s project. The Jamar Co. and Barr Engineering, two prominent Minnesota contractors, had worked for both Mesabi and Cliffs. Cliffs refused to let Jamar continue to work on ongoing projects — or bid on new ones, Goldblatt’s ruling said. Once Jamar stopped supporting Mesabi, it got its Cliffs business back. A similar tale unfolded with Barr.

Mesabi alleges Cliffs’ anticompetitive conduct also includes its 2017 purchase of mineral rights from a company called Glacier Park. The Glacier Park leases were crucial to Mesabi. Mesabi claims Cliffs didn’t need the leases, but it scooped them up to undermine its Nashwauk project.

Cliffs, which declined to comment on the recent filing, has refuted Mesabi’s claims in court documents.

Mesabi Metallics was dealt a big blow when it missed yet another state deadline in 2021. The Minnesota Department of Natural Resources revoked Mesabi’s state-issued mineral leases. Last year, it awarded them to Cleveland-Cliffs.

Still, Mesabi Metallics has continued pursuing the Nashwauk project. The company has 30 employees and plans to hire up to 70 more by the end of the year. Mesabi says it will invest another $650 million to complete the plant, which it says is “on track” to open in early 2026.

[abracky]

https://www.stck.pro/video/CLF/88526848

[abracky]

https://www.stck.pro/video/CLF/88583625

[abracky]

https://finance.yahoo.com/news/us-steel-rises-cliffs-ceo-225341948.html

[abracky]

https://www.msn.com/en-us/money/markets/cleveland-cliffs-open-to-buying-u-s-steel-assets-if-nippon-deal-sinks/ar-AA1q4KUV

[abracky]

https://www.wral.com/story/cleveland-cliffs-offers-to-buy-unionized-mills-us-steel-is-threatening-to-close/21611667/

[Saving Grace]

Lourenco Goncalves and kid may B-Line to Brazil when the shit he has done catches up to him. The Doctor is in. Trouble that is.

Dressed out in military fatigues.Already in a bunker with his kid, the CFO of CCI

[DewDiligence]

Now that Cliffs did their 9/5 PR about interests in acquisition of USS assets targeted for closure, does that help explain the Cliffs share price action?

To some degree; however, I think the market's reaction is irrational because CLF would be paying fire-sale prices for any shut-down assets.

Can Cliffs acquire two companies without running afoul of regulatory approval?

The Stelco deal should get a clean bill of health from the antitrust regulators, and it is a non-factor in a potential acquisition of assets from X (IMO). Regulators will presumably look favorably on CLF's acquiring shut-down assets from X if it saves union jobs.

[keep_trying]

Now that Cliffs did their 9/5 PR about interests in acquisition of USS assets targeted for closure, does that help explain the Cliffs share price action? Cliffs is reported to be working with banks for a new acquisition bid for X. Can Cliffs acquire two companies without running afoul of regulatory approval?

[Nebuchadnezzar]

my thoughts as well, since CLF has been a dog for most of 2024, i expect to see some tax loss selling on big volume then possibly enter at $8-$9 range

i think there is one more big sell off coming for the broader market before end of year

[DewDiligence]

It could be a factor in the recent selloff. However, if CLF does revisit a buyout of X, it will be at a lower valuation than what CLF offered previously, so the market may be reacting illogically.

[Nebuchadnezzar]

is CLF down bc the market thinks they will take over US STEEL?

[Saving Grace]

It fell through support at $13 with what most believed would be a double bottom bounce but failed.

I believe the true bottom is the 4 price doji on Apr 1, 2020 that closed at $4.17

Cliffs carries a lot of debt and the new plant in SC will cost even more until production in 2026 - 2027

The Auto industry is on shaky ground which is their main customer and who knows where that will lead going electric or not. It's a mixed market and not really established yet where customers will go.

Cliffs is already a heart attack stock and who knows with the uncertainty of the CEO's monkey business will take them, with the CEO playing Doctor.

I'm guessing there is a further drop in it's future.

[Nebuchadnezzar]

CLF not looking good $20 to $11? WTH

[N4longterm]

So...
Should I buy now, or is it going lower???

[abracky]

https://nypost.com/2024/09/04/business/biden-to-block-sale-of-us-steel-to-japanese-company-nippon-report?utm_source=messages&utm_campaign=android_nyp&utm_medium=social

[DewDiligence]

As expected. At least until after the election.

[MadCityCyclone]

Biden to Block Nippon Steel’s Proposed Takeover of US Steel

[MadCityCyclone]

insert-text-here

[Saving Grace]

Picture of Cleveland-Cliffs CEO Lourenco Goncalves from Brazil

[Saving Grace]

Cleveland-Cliffs CEO Lourenco Goncalves from Brazil groped employee, from past company Metals USA, and began sucking on her ear.

He's an animal.

Why wasn't that info out when Draper pulled him into Cliffs to be elected by shareholders as CEO.

Now we know that he really doesn't care about the company he represents as Metals USA had to shell $300,000 to the victim.

The $3000 bonuses he paid employees to be injured during the plandemic and shareholders company money he gave the enemy during war time could seriously cost the company a fortune. Lourenco made his son the CFO so he could sign the checks for both mistakes. Who knows what else this animal from the Congo has done behind closed doors.

Cliffs is on shaky ground as it is, what next?

https://www.duluthnewstribune.com/business/cleveland-cliffs-ceo-settled-2005-sexual-harassment-suit-at-former-company-documents-show

[abracky]

https://finance.yahoo.com/news/cleveland-cliffs-announces-promotion-michael-161600908.html

[abracky]

https://www.msn.com/en-us/money/markets/stocks-on-sale-albemarle-cliffs-and-bhp/ar-AA1pb4gj

[abracky]

The Steel Industry's Best-Kept Secret: Cleveland-Cliffs

https://seekingalpha.com/article/4715420-the-steel-industrys-best-kept-secret-cleveland-cliffs

[biotech_researcher]

Wow, that would indicate a deep recession

[Nebuchadnezzar]

the drop has much more to do with drop in steel prices than anything else

https://tradingeconomics.com/commodity/hrc-steel

https://tradingeconomics.com/commodity/steel

[abracky]

Cleveland-Cliffs Inc. Announces Proposed Offering of an Additional $500 Million Senior Guaranteed Notes due 2032

Source: Business Wire
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 amount of 7.000% Senior Guaranteed Notes due 2032 (the “Initial Notes”). The Additional Notes will be of the same class and series as, and otherwise identical to, the Initial Notes other than with respect to the date of issuance and issue price. 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.
Cliffs intends to use the net proceeds from the Additional Notes Offering to finance a portion of the cash consideration payable in connection with the previously announced acquisition of Stelco Holdings Inc. (the “Stelco Acquisition”), which Cliffs expects to complete in the fourth quarter of 2024 following the satisfaction or waiver of applicable conditions. Prior to the completion of the Stelco Acquisition, Cliffs intends to use the net proceeds from the Additional Notes Offering to pay off the entire outstanding balance under its asset-based lending facility.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities. The Additional Notes and related guarantees are being offered only to qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Additional Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. 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 common 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; potential significant deficiencies or material weaknesses in our internal control over financial reporting; and the risk that the Stelco Acquisition may not be consummated and if consummated, our ability to realize the anticipated benefits of the Stelco Acquisition. 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, our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024, and other filings with the U.S. Securities and Exchange Commission.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240812201804/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
[phone]
INVESTOR CONTACT:
James Kerr
Director, Investor Relations
[phone]

[abracky]

We should be at $40+ a share.

https://www.barrons.com/market-data/stocks/x/financials?amp%25252525252525253Bmod=md_home_hdr_search

[Saving Grace]

Adding massive debt to the equation. COGS skyrocket.

The plant is expected to come online in the first half of 2026.

Hurry up and wait or just wait, no hurry.

https://www.thefabricator.com/thefabricator/news/metalsmaterials/cleveland-cliffs-to-open-plant-in-west-virginia

[Saving Grace]

The $3,000 bonuses they gave to employees will have ramifications and the $100,000 they gave a foreign entity, during a period of war will also have it's ramifications.

Shareholders IMO will suffer in the end because of these stupid dumb mistakes.

The Brazilian CEO and his son, have no idea there will be consequences for their actions

[abracky]

TIME TO BUY BACK SHARES MY. CEO.

[Nebuchadnezzar]

exposed for what?

i get it, CLF is not trading well at all