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Cleveland-Cliffs and Its Employees Donate to Address Food Insecurity in more than 45 Communities Across North America
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it continues to address food insecurity as one of its key areas of social responsibility. The Company held its third annual Souper Bowl Food Drive across all of its operations earlier this year and collected 240,000 pounds of non-perishable food items. In conjunction with the food donations, Cleveland-Cliffs and The Cleveland-Cliffs Foundation have also made cash contributions totaling $500,000 to more than 48 food distribution organizations in the local communities where the Company operates throughout the United States and Canada. The $500,000 donated by Cleveland-Cliffs and The Cleveland-Cliffs Foundation is estimated to provide more than 5.2 million meals, which is based on guidance from hunger relief organizations in the United States.
Cleveland-Cliffs’ Chairman, President and Chief Executive Officer, Lourenco Goncalves, said, “We recognize that food insecurity remains a common concern in communities across the United States. As a leader in the North American steel industry and a prominent employer in the regions where we operate, we believe that Cleveland-Cliffs has an important role to play in addressing this need. Cleveland-Cliffs has shown its commitment to address the problem by donating more than $2.5 million over the past three years to organizations working with individuals and families who are food insecure. In addition to the efforts of the Company itself, our employees have once again shown their generosity by donating a remarkable 240,000 pounds of non-perishable food items during our annual food drive.”
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.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230315005928/en/
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(216) 694-5316
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MidWestOne Financial Group Inc. Makes New $280,000 Investment in Cleveland-Cliffs Inc. (NYSE:CLF)
https://www.marketbeat.com/instant-alerts/nyse-clf-sec-filing-2023-03-13/
Cleveland-Cliffs: Steel Is Hot And The Stock Is Cheap, But There's More
Mar. 13, 2023 12:06 PM ETCleveland-Cliffs Inc. (CLF)15 Comments9 Likes
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Michael Wiggins De Oliveira
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Summary
Cleveland-Cliffs Inc. is well positioned for a stronger steel market. Steel prices are way past the lows of 2022.
Cleveland-Cliffs' balance sheet carries more than $5 billion in debt plus pensions. This will get in the way of significant shareholder returns.
This article was written by
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Cleveland-Cliffs Raises Price for Hot Rolled Steel to $1,200 per net ton
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it is increasing current spot market base prices for all carbon hot rolled, cold rolled and coated steel products by a minimum of $100 per net ton, effective immediately with all new orders. Cliffs’ minimum base price for hot rolled steel is now $1,200 per net ton.
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.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005231/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719
Old news
Cleveland-Cliffs Announces Price Increase for Plate Products
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it is increasing current base prices for its steel plate products by a minimum of $60 per net ton. This price increase includes as-rolled, normalized, and quench and tempered steel plate products, and is effective immediately with all new, non-contract orders. Cliffs also reserves the right to re-quote any open offers not confirmed by a Cliffs order acknowledgment.
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/20230302005580/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719
Cleveland-Cliffs Applauds Unanimous U.S. International Trade Commission Affirmative Preliminary Vote in Tin Mill Products Trade Case
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) today applauded the U.S. International Trade Commission’s unanimous affirmative preliminary determination on all countries in response to antidumping and countervailing duty petitions on tin and chromium coated sheet steel products (“tin mill products”) filed by Cleveland-Cliffs and the United Steelworkers (“USW”). This affirmative preliminary determination relates to petitions seeking antidumping duties on U.S. imports of tin mill products from Canada, China, Germany, the Netherlands, South Korea, Taiwan, Turkey, and the United Kingdom. The petitions also seek the imposition of countervailing duties on U.S. imports of tin mill products from China.
Lourenco Goncalves, Cleveland-Cliffs' Chairman, President and Chief Executive Officer, stated, "Today’s affirmative vote by the U.S. International Trade Commission signals real progress on our joint effort with the USW to remedy surging imports of dumped and subsidized tin mill products in the U.S. market. Cleveland-Cliffs is committed to this antidumping and countervailing duty action and we are optimistic that we will see continued progress in this case before both the U.S. Department of Commerce and the U.S. International Trade Commission. Today’s vote should give pause to those facilitating the import of dumped and subsidized tin mill products from the countries at issue in this case.”
The eight countries covered by the antidumping petitions and their respective alleged margins are as follows:
Country
Dumping Margins
Canada
79.59%
China
122.52%
Germany
70.15%
Netherlands
125.10 - 296.04%
South Korea
13.28 – 110.5%
Taiwan
46.76 - 59.61%
Turkey
87.73 - 97.21%
United Kingdom
111.92%
Census data indicates that the United States imported over 1.42 million short tons of tin mill products from the eight subject countries in 2022, an increase of 37.7 percent since 2019.
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/20230303005259/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719
Moody's upgrades Cleveland-Cliffs CFR to Ba2; outlook stable
28 Feb 2023
New York, February 28, 2023 -- Moody's Investors Service, ("Moody's") upgraded Cleveland-Cliffs Inc.'s (Cliffs) Corporate Family Rating (CFR) to Ba2 from Ba3, its Probability of Default Rating (PDR) to Ba2-PD from Ba3-PD and its senior unsecured note rating to B1 from B2. At the same time, Moody's affirmed the Ba2 rating on Cliffs guaranteed senior secured notes and the Ba3 rating on its guaranteed senior unsecured notes. The affirmation of the guaranteed secured and guaranteed unsecured notes ratings reflects the company's evolving capital structure including the upsizing of its asset-based lending facility (unrated) to $4.5 billion from $3.5 billion in December 2021 and the pay down of other secured and unsecured debt. The company's Speculative Grade Liquidity Rating remains at SGL-1. Its ratings outlook was changed to stable from positive.
"The upgrade of Cleveland-Cliffs ratings reflects improved steel sector fundamentals, which will continue to support historically strong operating results and free cash flow generation and lead to continued debt reduction." said Michael Corelli, Moody's Senior Vice President and lead analyst for Cleveland-Cliffs Inc.
Upgrades:
..Issuer: Cleveland-Cliffs Inc.
....Corporate Family Rating, Upgraded to Ba2 from Ba3
....Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD
....Senior Unsecured Regular Bond/Debenture, Upgraded to B1 (LGD6) from B2 (LGD5)
Affirmations:
..Issuer: Cleveland-Cliffs Inc.
....Senior Secured Regular Bond/Debenture, Affirmed Ba2 (LGD4) from (LGD3)
....Senior Unsecured Regular Bond/Debenture, Affirmed Ba3 (LGD5) from (LGD4)
Outlook Actions:
..Issuer: Cleveland-Cliffs Inc.
....Outlook, Changed To Stable From Positive
RATINGS RATIONALE
Cleveland-Cliffs Ba2 corporate family rating incorporates its exposure to cyclical end markets and volatile iron ore and steel prices, but also considers our expectation for a historically strong operating performance and continued debt reduction in 2023. The rating also presumes the company will maintain moderate financial leverage and ample interest coverage in a normalized steel price environment.
Cliffs rating also considers the company's large scale and strong market position as the largest US flat-rolled integrated steel producer in the US with crude steelmaking capacity of about 20 million tons, and the benefits of its position as an integrated steel producer from necessary raw materials through the steel making and finishing processes. Nevertheless, it also reflects the carbon transition risks related to the company's reliance on the higher emitting blast furnace and basic oxygen furnace integrated steelmaking process. Cliffs does have a strong position in the North American iron ore markets, and its HBI facility along with scrap processing capabilities enhances its vertical integration in raw materials and enables it to have lower carbon emissions than other global integrated steel producers. Cliffs rating also reflects the benefits of its contract position, particularly with the automotive industry, which provides a good earnings base. Its performance will benefit on a lagged basis during rising steel price environments due to the nature of the contracts and renegotiation periods, but this does temper the downside during periods of declining steel prices.
Cliffs operating performance materially weakened in Q4 2022 due to higher maintenance, energy and alloy costs and materially lower spot market steel prices. As a result, it generated only about $80 million in Moody's adjusted EBITDA. This somewhat overshadowed a second consecutive strong year for the company with adjusted EBITDA of about $2.9 billion and free cash flow generation of around $1.5 billion. The company's operating performance should materially strengthen from the Q4 level as the automotive sector moves past its supply chain issues, economic growth remains resilient in the face of higher inflation and interest rates, its maintenance, energy and material costs ebb and steel prices strengthen due to contract resets and rising spot market prices. Hot rolled coil prices bottomed out at about $640 per ton in November 2022 and have recently surged to about $950 per ton on improved demand, reduced supply due to temporary or permanent facility closures and a slower than expected ramp up in new flat rolled steel capacity.
Cliffs earnings will remain somewhat weak in Q1 2023 as the lagged effect of weak Q4 prices impact its operating results. There is also the risk that steel demand and prices weaken as the year progresses and higher interest rates weigh on economic growth as supply increases from new capacity ramping up. This should be somewhat tempered by spending related to the Infrastructure Investment and Jobs Act, the CHIPS and Science Act and the Inflation Reduction Act and the benefits of domestic steel sector consolidation. Therefore, we are projecting Cliffs will generate adjusted EBITDA of about $2 billion - $2.5 billion in 2023 assuming hot rolled coil prices average about $700 – 750 per ton.
Cliffs should generate strong free cash flow of about $1 billion if EBITDA is in the $2 billion - $2.5 billion range and we expect most of this cash to be directed towards debt reduction. Cliffs paid down about $1.1 billion of debt in 2022 which resulted in a leverage ratio (debt/EBITDA) of only 1.8x and interest coverage (EBIT/Interest) of 5.5x as of December 2022. We anticipate the company's weaker operating performance in 2023 will result in its leverage ratio modestly rising while its interest coverage declines as higher rates affect its interest costs. The leverage ratio will remain strong for the Ba2 corporate family rating but is expected to rise to a level more commensurate with Cliffs rating when steel prices and metal spreads decline towards more normalized historical levels, and some of its other credit and profitability metrics will be in line with the current rating.
Cliffs' Speculative Grade Liquidity rating of SGL-1 reflects the company's very good liquidity profile, which is supported by its $4.5 billion asset-based lending facility (ABL) and our expectation for strong free cash flow this year. The company had $26 million of cash and $2.486 billion of borrowing availability on this facility which had $1.864 billion of borrowings and $150 million of letters of credit issued as of December 31, 2022. We expect the company to materially pay down its revolver borrowings in 2023 since rising interest rates have reduced the benefit of maintaining revolver borrowings and retiring other higher rate debt.
The stable ratings outlook incorporates our expectation for a moderately weaker operating performance in 2023, but for the company to maintain profitability and credit metrics that support the current ratings.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Cliffs ratings could be considered for an upgrade if steel prices and metal spreads remain above historical averages and the company demonstrates a clearly defined and more conservative financial policy and pursues further debt reduction. Quantitatively, if Cliffs sustains a leverage ratio of no more than 2.5x and CFO less dividends in excess of 35% of its outstanding debt through varying steel price points, then its ratings could be positively impacted.
Cliffs ratings could be downgraded if it does not continue to pay down debt or its leverage ratio is sustained above 3.5x or CFO less dividends below 25% of its outstanding debt or it fails to maintain a good liquidity profile.
Headquartered in Cleveland, Ohio, Cleveland-Cliffs Inc. is the largest iron ore and flat-rolled steel producer in North America with approximately 28 million gross tons of annual iron ore capacity and about 20 million tons of crude steelmaking capacity. The company also has the capacity to produce 1.9 million metric tons of hot briquetted iron (HBI) and the capability to process about 3 million tons of scrap at 22 scrap collection and processing facilities. For the twelve months ended December 31, 2022, Cliffs had revenues of $22.99 billion.
Cleveland-Cliffs Announces Price Increase for Hot Rolled, Cold Rolled and Coated Steel Products
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it is increasing current spot market base prices for all carbon hot rolled, cold rolled and coated steel products by a minimum of $100 per net ton, effective immediately with all new orders. Cliffs’ minimum base price for hot rolled steel is now $1,100 per net ton.
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/20230227005271/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719
Cleveland-Cliffs Announces Price Increase for Hot Rolled, Cold Rolled and Coated Steel Products
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it is increasing current spot market base prices for all carbon hot rolled, cold rolled and coated steel products by a minimum of $100 per net ton, effective immediately with all new orders. Cliffs’ minimum base price for hot rolled steel is now $1,000 per net ton.
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 our 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/20230221005624/en/
MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719
Rumble Wins Victory Against New York Law Targeting Online Speech
Source: GlobeNewswire Inc.?
Rumble, the video-sharing platform (NASDAQ: RUM), announced that a federal court has halted enforcement of a New York law that forces social media platforms to target constitutionally protected speech.
The law forced websites and apps to publish a policy explaining how to respond to online expressions that could be perceived to “vilify, humiliate, or incite violence” based on a protected class, but did not define any of those terms. Without any definitions the law would have covered constitutionally protected speech. New York’s law also required platforms create a way for visitors to complain about “hateful content” and mandated that platforms answered the complaints. In his decision, Judge Andrew Carter of the Southern District of New York explained that the law unconstitutionally requires social media networks to adopt the state’s message about the definition of “hateful content” and chills the constitutionally protected speech of social media users.
Rumble and Locals were joined in the lawsuit by constitutional law professor Eugene Volokh and represented by the Foundation for Individual Rights and Expression (FIRE), a nonpartisan, nonprofit organization dedicated to defending and sustaining the individual rights of all Americans to free speech and free thought.
Rumble General Counsel Michael Ellis said, “We applaud the court for recognizing that New York’s misguided attempt to chill online speech goes directly against the principles of freedom of speech. America’s founders would be proud today.”
“New York’s vague and overbroad law sought to stifle robust debate on the internet,” said FIRE attorney Daniel Ortner. “Today’s decision is a victory for the First Amendment that should be celebrated by everyone who hopes to see the internet continue as a place where even difficult and contentious issues can be debated and discussed freely.”
ABOUT RUMBLE
Rumble is a high-growth neutral video platform that is creating the rails and independent infrastructure designed to be immune to cancel culture. Rumble's mission is to restore the Internet to its roots by making it free and open once again. For more information, visit: https://corp.rumble.com
Contact: press@rumble.com
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This company is a joke.
100% CORRECT
Cleveland-Cliffs eyes 8% higher steel shipments in 2023
Feb. 13, 2023 5:42 PM ETCleveland-Cliffs Inc. (CLF)By: Carl Surran, SA News Editor2 Comments
lyash01/iStock via Getty Images
Cleveland-Cliffs (NYSE:CLF) -3% post-market Monday after reporting a larger than expected Q4 GAAP loss and a nearly 6% Y/Y decline in revenues to ~$5B.
Cleveland-Cliffs (CLF) swung to a Q4 net loss of $204M, or a loss of $0.41/share, from net income of $899M, or $1.69/share, in the year-earlier quarter; Q4 adjusted EBITDA plunged to $123M from $1.5B a year ago.
Now Read: Cleveland-Cliffs GAAP EPS of -$0.41 misses by $0.12, revenue of $5.04B misses by $150M
Current Report Filing (8-k)
Source: Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 13, 2023
CLEVELAND-CLIFFS INC.
(Exact name of registrant as specified in its charter)
Ohio1-894434-1464672(State or Other Jurisdiction of
Incorporation or Organization)(Commission File Number)(I.R.S. Employer Identification No.)200 Public Square,Cleveland,Ohio44114-2315(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (216) 694-5700
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
?Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)?Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)?Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))?Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registered:Common Shares, par value $0.125 per shareCLFNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).
Emerging growth company
?
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ?
Item 2.02.Results of Operations and Financial Condition.
On February 13, 2023, Cleveland-Cliffs Inc. issued a news release announcing the fourth-quarter and full-year financial results for the period ended December 31, 2022. A copy of the news release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Current Report on Form 8-K, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, unless such subsequent filing specifically references this Form 8-K.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
NumberDescription
99.1
Cleveland-Cliffs Inc. published a news release on February 13, 2023 captioned, “Cleveland-Cliffs Reports Full-Year and Fourth-Quarter 2022 Results.”101Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.104The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CLEVELAND-CLIFFS INC.Date:February 13, 2023By:/s/ James D. GrahamName: James D. GrahamTitle: Executive Vice President, Human Resources, Chief Legal and Administrative Officer & Secretary
Cleveland-Cliffs Reports Full-Year and Fourth-Quarter 2022 Results
Source: Business Wire
Full-Year Financial Highlights
Revenues of $23.0 billion, a new all-time record
Net income of $1.4 billion
Adjusted EBITDA1 of $3.2 billion
Operating cash flow of $2.4 billion
Combined debt and net pension/OPEB liabilities reduced by over $3 billion
Cleveland-Cliffs Inc. (NYSE: CLF) today reported full-year and fourth-quarter results for the period ended December 31, 2022.
Full-Year Consolidated Results
Full-year 2022 consolidated revenues were $23.0 billion, compared to the prior year's consolidated revenues of $20.4 billion.
For the full year 2022, the Company generated net income of $1.4 billion, or $2.55 per diluted share attributable to Cliffs shareholders. This compares to 2021 net income of $3.0 billion, or $5.36 per diluted share attributable to Cliffs shareholders. For the full year 2022, Adjusted EBITDA1 was $3.2 billion, compared to $5.3 billion in 2021. The reduction was primarily driven by higher operating costs and lower sales volumes in 2022 compared to 2021, partially offset by higher fixed contract pricing.
In 2022, the Company recorded cash flows from operations of $2.4 billion and had capital expenditures of $943 million, equating to free cash flow of $1.5 billion2.
During 2022, pension and OPEB liabilities, net of assets, were reduced to $813 million, from $2.9 billion, a reduction of $2.1 billion for the year. This reduction was driven by lower healthcare premiums, as the impact of higher interest rates was mostly offset by lower market returns in 2022. Over the past 2 years, the Company's net pension and OPEB liabilities have been reduced by a total of $3.4 billion, from $4.2 billion at the end of 2020 to $813 million at the end of 2022.
In addition, the Company reduced its outstanding debt by $1.1 billion during 2022, using the majority of its free cash flow for this purpose.
Fourth-Quarter Consolidated Results
Fourth-quarter 2022 consolidated revenues were $5.0 billion, compared to prior-year fourth-quarter consolidated revenues of $5.3 billion.
For the fourth quarter of 2022, the Company recorded a net loss of $204 million, corresponding to a loss of $0.41 per diluted share attributable to Cliffs shareholders. This included the following charges totaling $57 million, or $0.11 per diluted share:
charges of $49 million, or $0.09 per diluted share, related to state tax provision reconciliations; and
net charges of $8 million, or $0.02 per diluted share, for loss on disposals of assets, partially offset by gains on extinguishment of debt.
In the prior-year fourth quarter, the Company recorded net income of $899 million, or $1.69 per diluted share attributable to Cliffs shareholders.
In the fourth quarter of 2022, the Company recorded cash flows from operations of $489 million and had capital expenditures of $227 million, equating to free cash flow of $262 million2.
Fourth-quarter 2022 Adjusted EBITDA1 was $123 million, compared to $1.5 billion in the fourth quarter of 2021.
Three Months Ended
December 31,
Year Ended
December 31,
(In millions)
2022
2021
2022
2021
Adjusted EBITDA1:
Steelmaking
$
109
$
1,478
$
3,089
$
5,280
Other Businesses
11
(16
)
69
9
Eliminations
3
4
11
(12
)
Total Adjusted EBITDA1
$
123
$
1,466
$
3,169
$
5,277
Lourenco Goncalves, Cliffs' Chairman, President and CEO said: “In what was just our second year with our current configuration, 2022 is the year in which we consolidated Cleveland-Cliffs’ position as the leader in flat-rolled steel in the United States. Through the synergies we envisioned back in 2020 when we executed the acquisitions of two steel companies, in 2022 we achieved record revenues of $23 billion and reduced combined debt and post-retirement liabilities by more than $3 billion. Also, even in the face of falling steel prices in the broad market, we achieved substantially higher selling prices. Our Adjusted EBITDA and free cash flow in 2022 were each the second highest ever in our 175-year history, only surpassed by 2021. We also signed long-term labor agreements with more than half of our workforce, and completed our major maintenance initiatives, setting us up for continued success going forward.”
Mr. Goncalves continued: “In the fourth quarter of 2022 we generated healthy free cash flow of $262 million. We also achieved our targeted unit cost reduction of $80 per net ton, which helped us to partially offset the impact of lagged index pricing. Entering 2023, as our fixed price contracts reset higher, our unit costs continue to decline, and sales volumes improve, we believe our quarterly Adjusted EBITDA should progressively improve, confirming our belief that the fourth quarter of 2022 was the inflection point for our profitability."
Mr. Goncalves added: “The most important achievement of this newly configured Cleveland-Cliffs has been the successful renewals of our fixed price contracts for 2023, particularly for those with our automotive customers, breaking a historical paradigm that was so detrimental to the steel companies of the past. Even with flat-rolled prices falling over 60% from the peak in April, we were able to achieve price increases that average $115 per ton for 2023 compared to 2022 for our direct automotive business, our largest end market. This validates what we have been saying all along, that any model tying our automotive fixed prices to steel index prices no longer applies.”
Mr. Goncalves concluded: “Our success with these contracts lined up nicely with improved automotive demand and, as a result, in Q1 of 2023, we are on pace for our best shipment quarter since 2021. Outside of automotive, we have also had a great deal of success enforcing five separate price increases in recent months to our spot customers. With recessionary fears easing among our clients, the demand environment has improved and service centers have begun to restock. As a consequence, improved pricing will benefit our index-linked contract and spot business. We expect these market factors, combined with continued lower costs and lower capital spend, will drive improved quarterly profitability throughout 2023.”
Steelmaking
Three Months Ended
December 31,
Year Ended
December 31,
2022
2021
2022
2021
External Sales Volumes
Steel Products (net tons)
3,838
3,384
14,751
15,886
Selling Price - Per Net Ton
Average net selling price per net ton of steel products
$
1,156
$
1,423
$
1,360
$
1,187
Operating Results - In Millions
Revenues
$
4,902
$
5,191
$
22,383
$
19,901
Cost of goods sold
(4,966
)
(3,907
)
(19,914
)
(15,379
)
Gross margin
$
(64
)
$
1,284
$
2,469
$
4,522
Full-year 2022 steel product volume of 14.8 million net tons consisted of 32% coated, 29% hot-rolled, 16% cold-rolled, 6% plate, 5% stainless and electrical, and 12% other, including slabs and rail. Fourth-quarter 2022 steel product volume of 3.8 million net tons consisted of 34% hot-rolled, 29% coated, 13% cold-rolled, 5% plate, 5% stainless and electrical, and 14% other, including slabs and rail.
Full-year 2022 Steelmaking revenues of $22.4 billion included approximately $6.7 billion, or 30%, of sales to direct automotive customers; $6.4 billion, or 29%, of sales to the distributors and converters market; $5.9 billion, or 26%, of sales to the infrastructure and manufacturing market; and $3.5 billion, or 15%, of sales to steel producers. Fourth-quarter 2022 Steelmaking revenues of $4.9 billion included approximately $1.7 billion, or 34%, of sales to direct automotive customers; $1.3 billion, or 26%, of sales to the distributors and converters market; $1.3 billion, or 25%, of sales to the infrastructure and manufacturing market; and $725 million, or 15%, of sales to steel producers.
Full-year 2022 Steelmaking cost of goods sold of $19.9 billion included depreciation, depletion, and amortization of $994 million. Full-year Steelmaking segment Adjusted EBITDA of $3.1 billion included $439 million of SG&A expense. Fourth-quarter 2022 Steelmaking cost of goods sold of $5.0 billion included depreciation, depletion, and amortization of $236 million. Fourth-quarter 2022 Steelmaking segment Adjusted EBITDA of $109 million included $110 million of SG&A expense.
Cash Flow
At the end of 2022, the Company had total liquidity of approximately $2.5 billion, including cash and availability under its ABL credit facility.
During the fourth quarter of 2022, Cliffs reduced debt by approximately $200 million, with the majority used toward repaying its ABL balance. The Company repurchased 2.0 million common shares during the fourth quarter of 2022, at an average price of $15.04 per share.
Outlook
On December 22, 2022, Cliffs announced that it had successfully renewed a large portion of its fixed price contracts, and expected a $100 per ton selling price increase for its direct automotive business in 2023 compared to 2022. After additional successfully completed negotiations, the Company now expects a $115 per ton increase on these contracts. This end market represents normalized demand of approximately 5 million net tons per year.
The Company expects an approximately $2 billion reduction in Steelmaking COGS in 2023 compared to 2022. The primary drivers of this significant reduction in costs are normalized repair and maintenance expenses, higher production volume and lower input costs.
After successfully achieving an $80 per ton quarter-over-quarter reduction in Steelmaking unit costs during the fourth quarter, the Company expects to achieve a further sequential decline of $50 per ton during the first quarter of 2023, and even further reductions into the second and third quarters of 2023. The Company expects its Adjusted EBITDA performance in the first quarter of 2023 to exceed its Adjusted EBITDA performance in the fourth quarter of 2022.
Additionally, the Company put forth the following expectations for the full-year 2023:
Steel shipment volumes of approximately 16 million net tons, compared to 14.8 million net tons in 2022;
Capital expenditures of $700 to $750 million, compared to $943 million in 2022;
Cash contributions related to pension and OPEB plans of approximately $100 million, compared to approximately $200 million in 2022; and
Federal cash tax refunds of approximately $140 million.
Conference Call Information
Cleveland-Cliffs Inc. will host a conference call on February 14, 2023, at 10 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 27,000 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, which has been experiencing supply chain disruptions, such as the semiconductor shortage, and higher consumer interest rates, which could result in lower steel volumes being demanded; potential weaknesses and uncertainties in global economic conditions, excess global steelmaking capacity, oversupply of iron ore, prevalence of steel imports and reduced market demand, including as a result of inflationary pressures, the COVID-19 pandemic, conflicts or otherwise; severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges of one or more of our major customers, including customers in the automotive market, 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; disruptions to our operations relating to an infectious disease outbreak or the COVID-19 pandemic, including workforce challenges and the risk that novel variants will prove resistant to existing vaccines or that new or continuing lockdowns in China will impact our ability to source certain critical supplies in a timely and predictable manner; 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; 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, including adverse impacts as a result of the Inflation Reduction Act of 2022; 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 damage, labor and employment matters, or suits involving legacy operations and other matters; uncertain availability or cost, due to inflation or otherwise, of critical manufacturing equipment and spare parts; supply chain disruptions or changes in the cost, quality or availability of energy sources, including electricity, natural gas and diesel fuel, or critical raw materials and supplies, including iron ore, industrial gases, graphite electrodes, scrap metal, chrome, zinc, coke and metallurgical coal; 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; 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 OPEB 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, 2021, and other filings with the SEC.
FINANCIAL TABLES FOLLOW
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED OPERATIONS
Three Months Ended
December 31,
Year Ended
December 31,
(In Millions, Except Per Share Amounts)
2022
2021
2022
2021
Revenues
$
5,044
$
5,346
$
22,989
$
20,444
Operating costs:
Cost of goods sold
(5,104
)
(4,072
)
(20,471
)
(15,910
)
Selling, general and administrative expenses
(116
)
(111
)
(465
)
(422
)
Acquisition-related costs
—
(2
)
(4
)
(20
)
Miscellaneous – net
(6
)
(42
)
(110
)
(80
)
Total operating costs
(5,226
)
(4,227
)
(21,050
)
(16,432
)
Operating income (loss)
(182
)
1,119
1,939
4,012
Other income (expense):
Interest expense, net
(71
)
(79
)
(276
)
(337
)
Gain (loss) on extinguishment of debt
1
—
(75
)
(88
)
Net periodic benefit credits other than service cost component
64
71
212
210
Other non-operating income (loss)
2
1
(4
)
6
Total other expense
(4
)
(7
)
(143
)
(209
)
Income (loss) from continuing operations before income taxes
(186
)
1,112
1,796
3,803
Income tax expense
(19
)
(214
)
(423
)
(773
)
Income (loss) from continuing operations
(205
)
898
1,373
3,030
Income from discontinued operations, net of tax
1
1
3
3
Net income (loss)
(204
)
899
1,376
3,033
Income attributable to noncontrolling interest
(10
)
(6
)
(41
)
(45
)
Net income (loss) attributable to Cliffs shareholders
$
(214
)
$
893
$
1,335
$
2,988
Earnings (loss) per common share attributable to Cliffs shareholders - basic
Continuing operations
$
(0.41
)
$
1.78
$
2.57
$
5.62
Discontinued operations
—
—
—
0.01
$
(0.41
)
$
1.78
$
2.57
$
5.63
Earnings (loss) per common share attributable to Cliffs shareholders - diluted
Continuing operations
$
(0.41
)
$
1.69
$
2.55
$
5.35
Discontinued operations
—
—
—
0.01
$
(0.41
)
$
1.69
$
2.55
$
5.36
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL POSITION
December 31,
(In millions)
This isn't a company. This is a scam.
Amended Statement of Ownership (sc 13g/a)
Source: Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No.: 12)*
Name of issuer: Cleveland-Cliffs Inc.
Title of Class of Securities: Common Stock
CUSIP Number: 185899101
Date of Event Which Requires Filing of this Statement: December 30, 2022
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
? Rule 13d-1(b)
? Rule 13d-1(c)
? Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
(Continued on the following page(s))
13G
CUSIP No.: 185899101
1. NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Vanguard Group - 23-1945930
2. CHECK THE APPROPRIATE [LINE] IF A MEMBER OF A GROUP
A.
B. X
3. SEC USE ONLY
4. CITIZENSHIP OF PLACE OF ORGANIZATION
Pennsylvania
(For questions 5-8, report the number of shares beneficially owned by each reporting person with:)
5. SOLE VOTING POWER
0
6. SHARED VOTING POWER
284,141
7. SOLE DISPOSITIVE POWER
49,630,693
8. SHARED DISPOSITIVE POWER
621,472
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50,252,165
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
N/A
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.75%
12. TYPE OF REPORTING PERSON
IA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Act of 1934
Item 1(a) - Name of Issuer:
Cleveland-Cliffs Inc.
Item 1(b) - Address of Issuer's Principal Executive Offices:
200 Public Square, Suite 3300
Cleveland, OH 44114-2315
Item 2(a) - Name of Person Filing:
The Vanguard Group - 23-1945930
Item 2(b) – Address of Principal Business Office or, if none, residence:
100 Vanguard Blvd.
Malvern, PA 19355
Item 2(c) – Citizenship:
Pennsylvania
Item 2(d) - Title of Class of Securities:
Common Stock
Item 2(e) - CUSIP Number
185899101
Item 3 - Type of Filing:
This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E).
Item 4 - Ownership:
(a) Amount Beneficially Owned:
(b) Percent of Class:
(c) Number of shares as to which such person has:
(i) sole power to vote or direct to vote:
(ii) shared power to vote or direct to vote:
(iii) sole power to dispose of or to direct the disposition of:
(iv) shared power to dispose or to direct the disposition of:
Comments:
The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.
Item 5 - Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following ?
Item 6 - Ownership of More Than Five Percent on Behalf of Another Person:
The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.
No one other person's interest in the securities reported herein is more than 5%.
Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company:
Not applicable
Item 8 - Identification and Classification of Members of Group:
Not applicable
Item 9 - Notice of Dissolution of Group:
Not applicable
Item 10 - Certification:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: February 9, 2023
By /s/ Ashley Grim
Name: Ashley Grim
Title: Head of Global Fund Administration
Are Robust Financials Driving The Recent Rally In Cleveland-Cliffs Inc.'s (NYSE:CLF) Stock?
Simply Wall St
Wed, February 8, 2023 at 5:59 AM EST·3 min read
In this article:
CLF
+1.17%
Most readers would already be aware that Cleveland-Cliffs' (NYSE:CLF) stock increased significantly by 44% over the past three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. Particularly, we will be paying attention to Cleveland-Cliffs' ROE today.
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
See our latest analysis for Cleveland-Cliffs
Scroll to continue with content
How Is ROE Calculated?
The formula for ROE is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Cleveland-Cliffs is:
34% = US$2.5b ÷ US$7.3b (Based on the trailing twelve months to September 2022).
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.34 in profit.
What Has ROE Got To Do With Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don’t share these attributes.
A Side By Side comparison of Cleveland-Cliffs' Earnings Growth And 34% ROE
Firstly, we acknowledge that Cleveland-Cliffs has a significantly high ROE. Additionally, the company's ROE is higher compared to the industry average of 21% which is quite remarkable. Under the circumstances, Cleveland-Cliffs' considerable five year net income growth of 43% was to be expected.
As a next step, we compared Cleveland-Cliffs' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 34%.
past-earnings-growth
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Is Cleveland-Cliffs fairly valued compared to other companies? These 3 valuation measures might help you decide.
Is Cleveland-Cliffs Efficiently Re-investing Its Profits?
Cleveland-Cliffs doesn't pay any dividend to its shareholders, meaning that the company has been reinvesting all of its profits into the business. This is likely what's driving the high earnings growth number discussed above.
Summary
On the whole, we feel that Cleveland-Cliffs' performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. With that said, on studying the latest analyst forecasts, we found that while the company has seen growth in its past earnings, analysts expect its future earnings to shrink. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
Cleveland-Cliffs (CLF) Scheduled to Post Quarterly Earnings on Tuesday
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TUE., FEBRUARY 7, 2023|MARKETBEAT
?Cleveland-Cliffs (NYSE:CLF - Get Rating) will issue its quarterly earnings data before the market opens on Tuesday, February 14th. Analysts expect the company to announce earnings of ($0.27) per share for the quarter. Parties interested in participating in the company's conference call can do so using this link.
Cleveland-Cliffs Stock Performance
? A gold storm is coming… (From Wall Street Watch Dogs)?
Is Cleveland-Cliffs Stock a Safe Bet After Earnings?
NYSE CLF opened at $20.84 on Tuesday. The company's 50 day moving average is $18.03 and its 200-day moving average is $16.67. Cleveland-Cliffs has a 12-month low of $11.82 and a 12-month high of $34.04. The company has a quick ratio of 0.78, a current ratio of 2.33 and a debt-to-equity ratio of 0.62. The firm has a market cap of $10.74 billion, a P/E ratio of 4.52 and a beta of 2.23.
Analyst Ratings Changes
CLF has been the topic of several research reports. Wolfe Research lowered shares of Cleveland-Cliffs from a "peer perform" rating to an "underperform" rating and set a $12.00 price target on the stock. in a research report on Wednesday, November 2nd. StockNews.com started coverage on shares of Cleveland-Cliffs in a report on Wednesday, October 12th. They set a "hold" rating on the stock. The Goldman Sachs Group increased their price target on shares of Cleveland-Cliffs from $18.00 to $23.00 and gave the stock a "buy" rating in a report on Wednesday, January 18th. Exane BNP Paribas lowered shares of Cleveland-Cliffs from a "neutral" rating to an "underperform" rating and set a $14.30 price target on the stock. in a report on Tuesday, October 18th. Finally, UBS Group assumed coverage on shares of Cleveland-Cliffs in a research note on Friday, December 16th. They issued a "neutral" rating and a $17.00 price objective for the company. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $22.03.
Institutional Investors Weigh In On Cleveland-Cliffs
Ad Investing Trends
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The Top 3 Stocks to Buy in April
Several institutional investors and hedge funds have recently modified their holdings of CLF. Natixis Advisors L.P. lifted its position in shares of Cleveland-Cliffs by 39.8% in the 1st quarter. Natixis Advisors L.P. now owns 43,986 shares of the mining company's stock worth $1,417,000 after purchasing an additional 12,531 shares during the period. Acadian Asset Management LLC bought a new position in shares of Cleveland-Cliffs in the 1st quarter worth about $486,000. Great West Life Assurance Co. Can increased its stake in shares of Cleveland-Cliffs by 12.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 259,092 shares of the mining company's stock worth $8,577,000 after acquiring an additional 29,178 shares in the last quarter. Cibc World Market Inc. increased its stake in shares of Cleveland-Cliffs by 1.1% in the 1st quarter. Cibc World Market Inc. now owns 58,149 shares of the mining company's stock worth $1,873,000 after acquiring an additional 623 shares in the last quarter. Finally, Blair William & Co. IL increased its stake in shares of Cleveland-Cliffs by 14.5% in the 1st quarter. Blair William & Co. IL now owns 167,800 shares of the mining company's stock worth $5,405,000 after acquiring an additional 21,233 shares in the last quarter. 65.25% of the stock is owned by hedge funds and other institutional investors.
?
Cleveland-Cliffs Company Profile
(Get Rating)
Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Should you invest $1,000 in Cleveland-Cliffs right now?
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