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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): April 27, 2022
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)(IRS Employer Identification No.)
200 Public Square,Suite 3300,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 5.07.Submission of Matters to a Vote of Security Holders.
The Annual Meeting of Shareholders (the "Annual Meeting") of the Company was held on April 27, 2022. The final voting results for the proposals submitted for a vote of shareholders at the Annual Meeting are set forth below:
As of February 28, 2022, there were 524,409,717 common shares of the Company entitled to vote at the Annual Meeting. Each such share was entitled to one vote. There were present at the Annual Meeting, in person or by proxy, holders of 389,154,229 common shares representing more than a majority of the voting power and constituting a quorum.
At the Annual Meeting, the shareholders voted on the following items:
Proposal No. 1: Election of Directors
All of the Company's nominees were elected as directors by the votes indicated below for a term that will expire on the date of the 2023 annual meeting of Shareholders:
NOMINEESFORWITHHELD
BROKER
NON-VOTES
Lourenco Goncalves231,552,75433,498,091124,103,384Douglas C. Taylor194,418,34270,632,503124,103,384John T. Baldwin198,725,76966,325,076124,103,384Robert P. Fisher, Jr.262,658,1792,392,666124,103,384William K. Gerber263,347,0811,703,764124,103,384Susan M. Green261,035,1524,015,693124,103,384Ralph S. Michael, III197,191,00567,859,840124,103,384Janet L. Miller262,532,5552,518,290124,103,384Gabriel Stoliar263,302,9251,747,920124,103,384Arlene M. Yocum263,186,1971,864,648124,103,384
Proposal No. 2: Approval, on an Advisory Basis, of the Named Executive Officers' Compensation
This proposal, which was on an advisory basis, received an affirmative vote of a majority of the shares present, in person or represented by proxy, at the Annual Meeting and entitled to vote. The voting results were as follows:
FOR166,353,283 AGAINST96,626,555 ABSTAIN2,071,007 BROKER NON-VOTES124,103,384
2
Proposal No. 3: Ratification of Deloitte & Touche LLP as Independent Registered Public Accounting Firm for 2022
This proposal received an affirmative vote of more than a majority of the shares present, in person or represented by proxy, at the Annual Meeting and entitled to vote. The voting results were as follows:
FOR384,307,521 AGAINST2,755,252 ABSTAIN2,091,456
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
NumberDescription101Cover 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.
3
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:April 29, 2022By:/s/ James D. GrahamName:James D. GrahamTitle:Executive Vice President, Human Resources, Chief Legal and Administrative Officer & Secretary
4
They know it's going to $47.
Cleveland-Cliffs hiring at local mills
Employees at the 80” Hot Strip Mill at Cleveland-Cliffs Indiana Harbor Works meet with CEO Lourenco Goncalves and U.S. Rep. Frank Mrvan earlier this month. Jeffrey D. Nicholls, file, The Times?
Joseph S. Pete joseph.pete@nwi.com, 219-933-3316
Updated 43 min ago
Much is often made of the decline of the good-paying steel mill jobs that made the Calumet Region what it is today.
But Cleveland-Cliffs, one of the Region's largest employers, is again hiring.
The Cleveland-based steelmaker has opened up the hiring pool for its Burns Harbor, Indiana Harbor and Riverdale steel mills. It's now accepting applications for hourly utility workers to fill any positions that open up.
"The application process is open to any individual that chooses to apply," USW Local 6787 President Pete Trinidad Sr. said in a hiring notice. "Pursuant to existing labor agreements with the United Steelworkers, hiring preference is given to direct relatives of USW-represented Cleveland-Cliffs employees and retirees. Salaried non-represented employees may also refer direct relatives."
People can apply on the Indiana Career Connect website. Cleveland-Cliffs, the successor to ArcelorMittal USA, also has several other jobs posted there, including for service technicians, truck drivers, IT operators, business analysts, associate electrical engineers and site safety engineers at Indiana Harbor Works. It's also posted an opening for welding controls IT engineers, maintenance technicians, finance analysts, environmental engineers, maintenance specialists and process control engineers at Burns Harbor.
Other openings include plant engineers, process control engineers, shift managers and rail fleet logistics planners.
"Due to the expected high volume of interest, there may be periods when the maximum limit for applicants in the job pool is reached," Trinidad said. "When this occurs, the candidate will need to check back periodically on the Indiana Career Connect website to apply when the position is made available again."
Applicants must be 18 years old and have a high school diploma or equivalent. They must be willing to work eight, 10 and 12 hour shifts, including rotating shifts and weekends.
Cleveland-Cliffs, the largest flat-rolled steelmaker in Northwest Indiana, offers a number of benefits including profit-sharing, holiday premium pay, a 401k, pension contributions and medical, dental, vision and life insurance with no monthly premiums.
For more information, visit www.indianacareerconnect.com.
Seized by who?
He knows this is going to $47 plus.
Imo
With Trump and Rumble, Florida becomes conservative media HQ
??
Selene San Felice
Sara Fischer
Axios on facebook
Axios on twitter
Axios on linkedin
Axios on email
?Illustration: Allie Carl/Axios
Donald Trump is bringing conservative media — a multi-billion-dollar industry — to Sarasota County.
Driving the news: Trump Media and Technology Group Corp., which owns social media app Truth Social, registered as a business in Florida earlier this month, using an office building on North Cattlemen Road in Sarasota as its address, per the Herald-Tribune.
Just 11 miles down the road, Canadian media company Rumble, a video platform commonly used by conservatives, recently made Longboat Key its U.S. headquarters.
Why it matters: Rumble, which also powers Truth Social's back-end technology, is expected to merge with special purpose acquisition company CF Acquisition Corp, which would make it worth $2 billion.
Rumble moved to Longboat Key last month despite Sarasota County rescinding the company's $825,000 incentive grant in response to community backlash over its broadcasting of Russian media after Russia's invasion of Ukraine.
The big picture: Florida has become a popular destination for conservative media upstarts — Newsmax, the cable network owned by Chris Ruddy, is headquartered in Boca Raton, Florida.
Tampa has become a hub for young Republicans and conservative media influencers.
Dan Bongino, a well-known conservative podcaster, lives in Palm City.
Plus: Jimmy Finkelstein, most recently the owner of political newspaper and website The Hill, is planning to launch a new media company that will have its base in Florida — where Finkelstein now resides.
The Hill has come under fire in the past for pushing conspiracy theories about Ukraine and for his ties to former President Trump.
State of play: Florida Gov. Ron DeSantis is not generally friendly toward progressive media. Last week, DeSantis asked legislators to repeal a law that allows the Walt Disney World Resort to operate as a self-governing body, in response to Disney's position against a law that he recently signed, dubbed by critics "Don't Say Gay."
Be smart: In addition to Florida, Nashville is proving to also be a center for conservative media companies. The Daily Wire moved its headquarters to Nashville from California last year.
Parler, the Twitter alternative often used by conservatives, is based in Nashville.
Cleveland-Cliffs Stock: Value Play for Investors
Source: TipRanks
Based in Ohio, Cleveland-Cliffs (CLF) is among the largest flat-rolled steel producers in North America. I am bullish on the stock. As America entered into the Industrial Age in the 1800s and early 1900s, steel was in high demand to build railroads. As a result, steel moguls made millions of dollars, and people flocked to steel manufacturing towns for jobs. Fast-forward to the 2020s, and times have changed dramatically. Steel isn't on people's minds much anymore, and steel producers like Cleveland-Cliffs weren't exactly the talk of the town during the past decade. In 2022, however, supply chain disruptions have driven strong demand and elevated prices for commodities, including steel.
https://www.tipranks.com/news/article/cleveland-cliffs-stock-value-play-for-investors?utm_source=advfn.com&utm_medium=referral
Trump SPAC Digital World stock gains after Truth Social migrates to Rumble cloud | Seeking Alpha
Trump SPAC Digital World gains after Truth Social migrates to Rumble cloud https://seekingalpha.com/news/3825762-trump-spac-digital-world-gains-after-truth-social-migrates-to-rumble-cloud
Cleveland-Cliffs Inc. (CLF) CEO Lourenco Goncalves on Q1 2022 Results - Earnings Call Transcript | Seeking Alpha
Cleveland-Cliffs Inc. (CLF) CEO Lourenco Goncalves on Q1 2022 Results - Earnings Call Transcript https://seekingalpha.com/article/4503078-cleveland-cliffs-inc-clf-ceo-lourenco-goncalves-on-q1-2022-results-earnings-call-transcript
Just wait shorts. It's COMMING.
CLF
MAY 2008 $108 PPS
JUNE 2008 $106 PPS
JULY 2008 $117 PPS
Nov 20, 2012 0.625 Dividend
Aug 13, 2012 0.625 Dividend
Apr 25, 2012 0.625 Dividend
Cleveland-Cliffs routs Q1 estimates, sees record free cash flow in 2022 https://seekingalpha.com/news/3825772?source=Messages
Cleveland-Cliffs Non-GAAP EPS of $1.71 beats by $0.22, revenue of $6B beats by $570M https://seekingalpha.com/news/3825672-cleveland-cliffs-non-gaap-eps-of-1_71-beats-0_22-revenue-of-6b-beats-570m?source=Messages
Cleveland-Cliffs Reports First-Quarter 2022 Results
Source: Business Wire
First-quarter revenue of $6.0 billion
First-quarter net income of $801 million
First-quarter Adjusted EBITDA1 of $1.5 billion
Cleveland-Cliffs Inc. (NYSE: CLF) today reported first-quarter results for the period ended March 31, 2022.
First-quarter 2022 consolidated revenues were $6.0 billion, compared to the prior-year first-quarter revenues of $4.0 billion.
For the first quarter of 2022, the Company recorded net income of $801 million, or $1.50 per diluted share. This included the following one-time non-cash charges totaling $111 million, or $0.21 per diluted share:
charges of $68 million, or $0.13 per diluted share, in accelerated depreciation related to the indefinite idle of the Indiana Harbor #4 blast furnace;
charges of $29 million, or $0.05 per diluted share, associated with the closure of the Mountain State Carbon cokemaking facility; and
charges of $14 million, or $0.03 per diluted share, for debt extinguishment costs.
In the prior-year first quarter, the Company recorded net income of $41 million, or $0.07 per diluted share.
First-quarter 2022 Adjusted EBITDA1 was $1.5 billion, compared to Adjusted EBITDA1 of $513 million in the first quarter of 2021.
(In Millions)
Three Months Ended
March 31,
2022
2021
Adjusted EBITDA1
Steelmaking
$
1,423
$
502
Other Businesses
29
11
Eliminations (A)
(1
)
—
Total Adjusted EBITDA1
$
1,451
$
513
(A) Starting in 2022, the Company has allocated Corporate SG&A to its operating segments. Prior periods have been adjusted to reflect this change. The Eliminations line now only includes sales between segments.
Lourenco Goncalves, Cliffs' Chairman, President, and CEO said: “Our first quarter results are a clear indication of the success we have been able to achieve as we renewed our fixed-price contracts last year. Despite the decline in spot prices for steel from Q4 to Q1 and its lagged impact on our results, we were able to continue to deliver strong profitability. As this trend persists, we expect to set another free cash flow record in 2022."
Mr. Goncalves continued: “The Russian aggression toward Ukraine has made it absolutely clear to everyone what we at Cleveland-Cliffs have been explaining to our clients for some time: overly extended supply chains are weak and prone to break down, particularly steel supply chains that are dependent on imported feedstock. No steel company can produce highly specified flat-rolled steel without using pig iron, or iron substitutes like HBI or DRI, as feedstock. Cleveland-Cliffs produces in house all the pig iron and HBI we need, right here in Ohio, Michigan and Indiana, using iron ore pellets from Minnesota and Michigan. With that, we generate and support good paying middle-class jobs right here in the United States. We do not import pig iron from Russia; and we do not import HBI, DRI or slabs. We are best in class under all aspects of ESG -- the E, the S and the G.”
Mr. Goncalves concluded: “Over the past eight years, our strategy has been to protect and strengthen Cleveland-Cliffs against the consequences of de-globalization, which we have always seen as inevitable. The importance of American manufacturing and the reliability of a USA-centric, vertically integrated footprint have been validated by the Russian invasion of the raw materials rich and shale gas rich Donets Coal Basin (Donbas) area of Ukraine. While other flat-rolled steelmakers scramble and pay high prices for their needed feedstock, we stand out from the crowd due to our preparation for the current geopolitical climate."
Steelmaking
Three Months Ended
March 31,
2022
2021
External Sales Volumes
Steel Products (net tons)
3,637
4,144
Selling Price - Per Net Ton
Average net selling price per net ton of steel products
$
1,446
$
900
Operating Results - In Millions
Revenues
$
5,794
$
3,919
Cost of goods sold
(4,572
)
(3,644
)
Gross margin
$
1,222
$
275
First-quarter 2022 steel product volume of 3.6 million net tons consisted of 34% coated, 25% hot-rolled, 18% cold-rolled, 6% plate, 5% stainless and electrical, and 12% other, including slabs and rail.
Steelmaking revenues of $5.8 billion included $1.8 billion, or 31%, of sales to the distributors and converters market; $1.6 billion, or 28%, of sales to the automotive market; $1.5 billion, or 27%, of sales to the infrastructure and manufacturing market; and $816 million, or 14%, of sales to steel producers.
First-quarter 2022 Steelmaking cost of goods sold included depreciation, depletion and amortization of $290 million, including $68 million in accelerated depreciation related to the indefinite idle of the Indiana Harbor #4 blast furnace.
Liquidity and Cash Flow
As of April 20, 2022, the Company had $2.1 billion in total liquidity, following the completed redemption of all of its outstanding 9.875% senior secured notes due 2025, which closed earlier this week.
The Company reduced principal long-term debt by $254 million during the first quarter of 2022. In addition, Cliffs repurchased 1 million shares at an average price of $18.98 per share during the quarter, a use of $19 million in cash.
Outlook
Cliffs is increasing its full-year 2022 average selling price expectation by $220 to $1,445 per net ton, compared to its previous guidance of $1,225 per net ton, using the same methodology as provided in the prior quarter. The increase is driven by higher than expected prices on renewals of fixed-price contracts resetting April 1, 2022; higher expected spreads between hot-rolled and cold-rolled steel; and a higher futures curve that currently implies an average hot-rolled coil price of $1,300 per net ton for the full-year 2022.
As a result, Cliffs expects to generate record levels of free cash flow in 2022.
Conference Call Information
Cleveland-Cliffs Inc. will host a conference call this morning, April 22, 2022, 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. We are the largest supplier of steel to the automotive industry in North America and serve a diverse range of other markets due to our comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 26,000 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 a trend toward light weighting and supply chain disruptions, such as the semiconductor shortage, that could result in lower steel volumes being consumed; 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 the prolonged COVID-19 pandemic, conflicts or otherwise; severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges, due to the ongoing COVID-19 pandemic or otherwise, of one or more of our major customers, including customers in the automotive market, key suppliers or contractors, which, among other adverse effects, could 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 the ongoing COVID-19 pandemic, including the heightened risk that a significant portion of our workforce or on-site contractors may suffer illness or otherwise be unable to perform their ordinary work functions; 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; 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; the outcome of, and costs incurred in connection with, lawsuits, claims, arbitrations or governmental proceedings relating to commercial and business disputes, environmental matters, government investigations, occupational or personal injury claims, property damage, labor and employment matters, or suits involving legacy operations and other matters; uncertain cost or availability 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; 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; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; 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 ability to realize the anticipated synergies and benefits of our recent acquisition transactions and to successfully integrate the acquired businesses into our existing businesses, including uncertainties associated with maintaining relationships with customers, vendors and employees and known and unknown liabilities we assumed in connection with the acquisitions; our level of self-insurance and our ability to obtain sufficient third-party insurance to adequately cover potential adverse events and business risks; 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 ability to successfully identify and consummate any strategic capital investments or development projects, cost-effectively achieve planned production rates or levels, and diversify our product mix and add new customers; 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; availability of workers to fill critical operational positions and potential labor shortages caused by the ongoing COVID-19 pandemic, as well as our ability to attract, hire, develop and retain key personnel; 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; 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
(In Millions, Except Per
Share Amounts)
Three Months Ended
March 31,
2022
2021
Revenues
$
5,955
$
4,049
Operating costs:
Cost of goods sold
(4,706
)
(3,761
)
Selling, general and administrative expenses
(122
)
(108
)
Miscellaneous – net
(33
)
(3
)
Total operating costs
(4,861
)
(3,872
)
Operating income
1,094
177
Other income (expense):
Interest expense, net
(77
)
(92
)
Loss on extinguishment of debt
(14
)
(66
)
Net periodic benefit credits other than service cost component
49
47
Other non-operating expense
(2
)
—
Total other expense
(44
)
(111
)
Income from continuing operations before income taxes
1,050
66
Income tax expense
(237
)
(9
)
Income from continuing operations
813
57
Income from discontinued operations, net of tax
1
—
Net income
814
57
Income attributable to noncontrolling interest
(13
)
(16
)
Net income attributable to Cliffs shareholders
$
801
$
41
Earnings per common share attributable to Cliffs shareholders - basic
Continuing operations
$
1.54
$
0.08
Discontinued operations
—
—
$
1.54
$
0.08
Earnings per common share attributable to Cliffs shareholders - diluted
Continuing operations
$
1.50
$
0.07
Discontinued operations
—
—
$
1.50
$
0.07
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL POSITION
(In Millions)
March 31,
2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents
$
35
$
48
Accounts receivable, net
2,667
2,154
Inventories
5,562
5,188
Other current assets
295
263
Total current assets
8,559
7,653
Non-current assets:
Property, plant and equipment, net
9,012
9,186
Goodwill
1,127
1,116
Other non-current assets
1,070
1,020
TOTAL ASSETS
$
19,768
$
18,975
LIABILITIES
Current liabilities:
Accounts payable
$
2,271
$
2,073
Accrued employment costs
541
585
Other current liabilities
939
903
Total current liabilities
3,751
3,561
Non-current liabilities:
Long-term debt
5,028
5,238
Pension liability, non-current
552
578
OPEB liability, non-current
2,346
2,383
Other non-current liabilities
1,483
1,441
TOTAL LIABILITIES
13,160
13,201
TOTAL EQUITY
6,608
5,774
TOTAL LIABILITIES AND EQUITY
$
19,768
$
18,975
CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CASH FLOWS
(In Millions)
Three Months Ended
March 31,
2022
2021
OPERATING ACTIVITIES
Net income
$
814
$
57
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation, depletion and amortization
301
217
Impairment of long-lived assets
29
—
Pension and OPEB credits
(27
)
(21
)
Loss on extinguishment of debt
14
66
Amortization of inventory step-up
—
81
Other
82
26
Changes in operating assets and liabilities, net of business combination:
Receivables and other assets
(441
)
(480
)
Inventories
(372
)
(172
)
Pension and OPEB payments and contributions
(60
)
(175
)
Payables, accrued expenses and other liabilities
193
22
Net cash provided (used) by operating activities
533
(379
)
INVESTING ACTIVITIES
Purchase of property, plant and equipment
(236
)
(136
)
Other investing activities
1
1
Net cash used by investing activities
(235
)
(135
)
FINANCING ACTIVITIES
Proceeds from issuance of common shares
—
322
Repurchase of common shares
(19
)
—
Proceeds from issuance of debt
—
1,000
Repayments of debt
(360
)
(902
)
Borrowings under credit facilities
1,715
1,158
Repayments under credit facilities
(1,609
)
(1,010
)
Other financing activities
(38
)
(56
)
Net cash provided (used) by financing activities
(311
)
512
Net decrease in cash and cash equivalents
(13
)
(2
)
Cash and cash equivalents at beginning of period
48
112
Cash and cash equivalents at end of period
$
35
$
110
1 CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - EBITDA AND ADJUSTED EBITDA
In addition to the consolidated financial statements presented in accordance with U.S. GAAP, the Company has presented EBITDA and Adjusted EBITDA on a consolidated basis. EBITDA and Adjusted EBITDA are non-GAAP financial measures that management uses in evaluating operating performance. The presentation of these measures is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of these measures may be different from non-GAAP financial measures used by other companies. A reconciliation of these consolidated measures to their most directly comparable GAAP measures is provided in the table below.
(In Millions)
Three Months Ended
March 31,
2022
2021
Net income
$
814
$
57
Less:
Interest expense, net
(77
)
(92
)
Income tax expense
(237
)
(9
)
Depreciation, depletion and amortization
(301
)
(217
)
Total EBITDA
$
1,429
$
375
Less:
EBITDA of noncontrolling interests
$
22
$
22
Asset impairment
(29
)
—
Loss on extinguishment of debt
Cleveland-Cliffs (CLF) to Post Q1 Earnings: Factors At Play
Zacks Equity Research
April 20, 2022, 8:24 am
Cleveland-Cliffs Inc. CLF is slated to release first-quarter 2022 results before the opening bell on Apr 22.
The company’s earnings beat the Zacks Consensus Estimate in two of the last four quarters, while missed twice. It has a trailing four-quarter negative earnings surprise of roughly 0.8%, on average. The company posted a negative earnings surprise of around 12.3% in the last reported quarter. Benefits of higher year-over-year steel prices and contributions of AK Steel and ArcelorMittal USA acquisitions are likely to get reflected on the company’s first-quarter performance.
The stock has rallied 84.4% in a year’s time compared with the industry’s 9.5% rise.
Let’s see how things are shaping up for the upcoming announcement.
Zacks Model
Our proven model predicts an earnings beat for Cleveland-Cliffs this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earning beat.
Earnings ESP: Earnings ESP for Cleveland-Cliffs is +8.85%. The Zacks Consensus Estimate for the first quarter is currently pegged at $1.51. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Cleveland-Cliffs currently carries a Zacks Rank #1.
What do the Estimates Say?
The Zacks Consensus Estimate for first-quarter consolidated revenues for Cleveland-Cliffs is currently pegged at $5,527 million, which calls for a rise of 36.5% year over year.
Some Factors to Watch For
Cleveland-Cliffs is expected to have gained from its acquisitions of AK Steel and ArcelorMittal USA, which might have had a positive impact on its first-quarter revenues and earnings. It is also expected to have benefited from a rebound in end-market demand for steel, especially in automotive.
Higher year-over-year steel prices are also likely to have aided the company’s performance in the March quarter. U.S. steel prices witnessed a significant rally in 2021 supported by strong underlying supply and demand fundamentals. However, prices came under pressure since the beginning of the fourth quarter of 2021, partly due to rising production levels.
The benchmark hot-rolled coil (“HRC”) prices started to retreat since October after peaking in September 2021, pulled down by shorter lead times and higher supply. Prices tumbled to nearly $1,000 per short ton at the beginning of March 2022. However, HRC prices started to recover since then amid the supply concerns stemming from Russia's invasion of Ukraine along with extending lead times. Prices have rebounded to above $1,400 per short ton.
Higher domestic steel prices are likely to have boosted Cleveland-Cliffs’ margins in the quarter to be reported. It is likely to have gained from higher year-over-year average steel selling prices.
ClevelandCliffs Inc. Price and EPS Surprise
ClevelandCliffs Inc. Price and EPS Surprise
ClevelandCliffs Inc. price-eps-surprise | ClevelandCliffs Inc. Quote
Stocks That Warrant a Look
Here are some companies in the basic materials space you may want to consider as our model shows these too have the right combination of elements to post an earnings beat this quarter:
Dow Inc. DOW, scheduled to release earnings on Apr 21, has an Earnings ESP of +5.45% and carries a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Dow’s first-quarter earnings has been revised 5.2% upward over the past 60 days. The Zacks Consensus Estimate for DOW’s earnings for the quarter is currently pegged at $2.02.
The Mosaic Company MOS, scheduled to release earnings on May 2, has an Earnings ESP of +0.89% and carries a Zacks Rank #1.
The Zacks Consensus Estimate for Mosaic’s first-quarter earnings has been revised 14.6% upward over the past 60 days. The Zacks Consensus Estimate for MOS’s earnings for the quarter is currently pegged at $2.44.
Westlake Corporation WLK, expected to release earnings on May 3, has an Earnings ESP of +12.08% and carries a Zacks Rank #1.
The Zacks Consensus Estimate for Westlake's first-quarter earnings has been revised 22.1% upward over the past 60 days. The consensus estimate for WLK’s earnings for the quarter is currently pegged at $4.53.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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The Mosaic Company (MOS) : Free Stock Analysis Report
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Credit Suisse Group Boosts Cleveland-Cliffs (NYSE:CLF) Price Target to $37.00
Posted by admin on Apr 19th, 2022
?Cleveland-Cliffs (NYSE:CLF – Get Rating) had its price target boosted by equities research analysts at Credit Suisse Group from $34.00 to $37.00 in a research report issued to clients and investors on Tuesday, The Fly reports. Credit Suisse Group’s price objective points to a potential upside of 17.57% from the company’s previous close.
Several other equities research analysts have also recently weighed in on CLF. Wolfe Research cut Cleveland-Cliffs from an “outperform” rating to a “peer perform” rating and set a $23.00 price target for the company. in a research note on Tuesday, January 11th. Zacks Investment Research upgraded Cleveland-Cliffs from a “hold” rating to a “strong-buy” rating and set a $25.00 target price on the stock in a research report on Tuesday, January 4th. TheStreet lowered Cleveland-Cliffs from a “b-” rating to a “c+” rating in a research report on Tuesday, March 1st. StockNews.com initiated coverage on Cleveland-Cliffs in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. upped their target price on Cleveland-Cliffs from $37.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 24th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $29.82.
Get Cleveland-Cliffs alerts:
CLF traded up $0.63 on Tuesday, reaching $31.47. The stock had a trading volume of 714,739 shares, compared to its average volume of 22,977,980. Cleveland-Cliffs has a fifty-two week low of $15.81 and a fifty-two week high of $34.04. The firm has a 50-day moving average of $26.38 and a 200-day moving average of $22.96. The company has a current ratio of 2.15, a quick ratio of 0.69 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $16.53 billion, a price-to-earnings ratio of 5.81 and a beta of 2.13.
Cleveland-Cliffs (NYSE:CLF – Get Rating) last issued its quarterly earnings results on Friday, February 11th. The mining company reported $1.78 earnings per share for the quarter, missing the consensus estimate of $2.03 by ($0.25). The company had revenue of $5.35 billion during the quarter, compared to analyst estimates of $5.65 billion. Cleveland-Cliffs had a net margin of 14.62% and a return on equity of 80.10%. The company’s quarterly revenue was up 137.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 EPS. Sell-side analysts anticipate that Cleveland-Cliffs will post 5.52 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Joseph P. Lucia & Associates LLC bought a new position in shares of Cleveland-Cliffs in the first quarter valued at approximately $26,000. Tyler Stone Wealth Management bought a new position in shares of Cleveland-Cliffs in the fourth quarter valued at approximately $26,000. Rational Advisors LLC purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $26,000. UMB Bank N A MO purchased a new stake in shares of Cleveland-Cliffs during the fourth quarter valued at approximately $26,000. Finally, Assetmark Inc. purchased a new stake in shares of Cleveland-Cliffs during the third quarter valued at approximately $26,000. Institutional investors own 59.73% of the company’s stock.
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.
Good to hear. Thanks
Global Preform Injection Molding Equipment Market 2022 Research Analysis – SACMI, CLF, Dakumar Machinery Co., Ltd.
https://www.bloomingprairieonline.com/global-preform-injection-molding-equipment-market-2022-research-analysis-sacmi-clf-dakumar-machinery-co-ltd-2/
Great. Elio still has my $100 deposit. But they'll probably say that was only for the gas powered car. The crooked bastards.
Wait and see.
Don't fall for it. IMO
Show the Announcement from this scam company.
CF Acquisition VI Is Running Hot After Rumble Announces Latest Metrics
Rumble saw a 22% increase in monthly active users in Q1 versus Q4
8h ago · By Faizan Farooque
Source: T. Schneider / Shutterstock.com
CF Acquisition VI (NASDAQ:CFVI), a blank check company bringing YouTube competitor Rumble to the public markets, gained some healthy ground after reporting the latest Rumble statistics. Over the last six months, CFVI stock is up 16.14%.
According to the latest press release, Rumble saw a 22% increase in monthly active users in Q1 versus Q4, reaching 44.3 million MAUs. It also shattered engagement records during the quarter, with total viewing hours averaging 10.5 billion minutes per month.
Rumble will debut in the second quarter, which will result in a $2.1 billion value for the enterprise. The deal is getting a lot of interest because the platform has attracted conservative-leaning commentators.
Also, Rumble has announced a new partnership with Trump’s social media company, Truth Social. In a separate deal, Trump Media & Technology Group will debut in the coming months and through a reverse merger with special-purpose acquisition company Digital World Acquisition (NASDAQ:DWAC).
Due to the permanent suspension of Trump from Twitter (NYSE:TWTR) and Meta Platforms’ (NASDAQ:FB) Facebook, he no longer has access to roughly 150 million of his followers. Therefore, any platform associated with him is likely to gain traction.
Is CFVI Stock a Buy, Hold or Sell?
Big tech companies have been the subject of many controversies. They’ve been accused of censoring content, data collection and monopolizing the market. According to Pew Research Center, many Americans believe that social media censors political opinions. Hence, there is a market for the company to tap.
CFVI stock will continue gaining steam in the run-up to the merger completion on the back of positive near-term catalysts. Although the SPAC space is considered volatile, CFVI is a good stock in the short run.
When the merger completes, we will see an inevitable drop in the stock price after the expiration of the lock-up period. At that point, you can decide whether to purchase shares again. The market is there for the company to exploit. Rumble has also kept certain moderation rules to avoid becoming too volatile on its platform. However, there is an inherent risk in its business model. Therefore, you should not dedicate a huge segment of your investment portfolio to such a risky enterprise.
On the publication date, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.
Yeah
Down
Right
According to our latest data, CLF has moved about 47.1% on a year-to-date basis. In comparison, Basic Materials companies have returned an average of 15.7%. This means that Cleveland-Cliffs is performing better than its sector in terms of year-to-date returns.
https://finance.yahoo.com/news/clevelandcliffs-clf-outpaced-other-basic-134001081.html
Yeah right.
Current-Quarter Estimate Revisions
The company is expected to earn $1.51 per share for the current quarter, which represents a year-over-year change of +331.43%.
Shorters. LOL
Why Cleveland-Cliffs (CLF) Might be Well Poised for a Surge
Zacks Equity Research
April 14, 2022, 12:20 pm
Cleveland-Cliffs (CLF) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving.
The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this mining company, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For Cleveland-Cliffs, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
?
Current-Quarter Estimate Revisions
The company is expected to earn $1.51 per share for the current quarter, which represents a year-over-year change of +331.43%.
Over the last 30 days, one estimate has moved higher for Cleveland-Cliffs while one has gone lower. As a result, the Zacks Consensus Estimate has increased 35.85%.
Current-Year Estimate Revisions
For the full year, the company is expected to earn $5.52 per share, representing a year-over-year change of -5.96%.
There has been an encouraging trend in estimate revisions for the current year as well. Over the past month, three estimates have moved up for Cleveland-Cliffs versus no negative revisions. This has pushed the consensus estimate 30.42% higher.
Favorable Zacks Rank
Thanks to promising estimate revisions, Cleveland-Cliffs currently carries a Zacks Rank #2 (Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom Line
While strong estimate revisions for Cleveland-Cliffs have attracted decent investments and pushed the stock 22.3% higher over the past four weeks, further upside may still be left in the stock. So, you may consider adding it to your portfolio right away.
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ClevelandCliffs Inc. (CLF) : Free Stock Analysis Report
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https://finance.yahoo.com/news/why-cleveland-cliffs-clf-might-162004414.html
Yes. Exactly. That's why I wish he would buy Rumble. Let freedom ring.
The hell with Twitter, Google, Facebook & the other WOKE Companies.
What The Experts Say On Cleveland-Cliffs:
JP Morgan has decided to maintain their Overweight rating on Cleveland-Cliffs, which currently sits at a price target of $44.
B. Riley Securities has decided to maintain their Buy rating on Cleveland-Cliffs, which currently sits at a price target of $46.
Goldman Sachs has decided to maintain their Buy rating on Cleveland-Cliffs, which currently sits at a price target of $31.
https://www.benzinga.com/markets/options/22/04/26622054/cleveland-cliffs-whale-trades-for-april-13
Here's the past.
CLF
MAY 2008 $108 PPS
JUNE 2008 $106 PPS
JULY 2008 $117 PPS
Nov 20, 2012 0.625 Dividend
Aug 13, 2012 0.625 Dividend
Apr 25, 2012 0.625 Dividend
Cleveland-Cliffs CEO Bullish on Indiana Harbor Works
Wednesday, April 13, 2022 11:48 AM EDT
By Alex Brown, Assistant Managing Editor
?Cleveland-Cliffs CEO Lourenco Goncalves visited employees at Indiana Harbor Works on Monday. (The Times of Northwest Indiana Photo/Jeffrey D. Nicholls)
EAST CHICAGO, Ind. - The president and chief executive officer of Ohio-based Cleveland-Cliffs Inc. (NYSE: CLF) says the Indiana Harbor Works steel mill in East Chicago remains a key operation for the company. Lourenco Goncalves visited the facility Monday, nearly two months after the company announced it was indefinitely idling one of its two remaining blast furnaces.
Cleveland-Cliffs detailed the idling of the Indiana Harbor No. 4 blast furnace in February, leaving only Indiana Harbor No. 7 in operation. The steel mill at one time had 11 blast furnaces.
Goncalves tells our partners at The Times of Northwest Indiana the company’s $100 million investment in IH#7 last year prepared the blast furnace for continued productivity, including the use of more hot briquetted iron instead of coke to reduce its carbon footprint.
“We’re going to have it for the long run,” Goncalves said. “That’s the biggest and most efficient blast furnace in the western hemisphere. We are now in a position to use a lot of HBI in the blast furnace and iron ore pellets to reduce coke rate to a level that our emissions are the envy of the world. It has the lowest coke rate in the footprint.”
When the No. 4 blast furnace was idled, the company said no Hoosier jobs would be lost and any affected employees would be reassigned to other positions.
Goncalves says the company plans to continue investment in infrastructure and reliability at the steel mill.
You can read the full story from Joseph S. Pete at The Times of Northwest Indiana by clicking here.