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It's crashing. Be careful.
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The Zacks Analyst Blog Highlights: AMC Entertainment, Corsair Gaming, Cleveland-Cliffs, Tilray and ContextLogic
Zacks Equity Research
June 24, 2021, 7:17 am
https://finance.yahoo.com/news/zacks-analyst-blog-highlights-amc-111711847.html
Cleveland-Cliffs Awarded by General Motors GM’s Supplier of the Year for Fourth Straight Year
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) was named GM Supplier of the Year by General Motors during a virtual ceremony honoring the recipients of the company’s 29th annual Supplier of the Year Awards on Tuesday, June 22, 2021. This is the fourth consecutive year Cleveland-Cliffs/AK Steel has received the award.
GM recognized its best suppliers from 16 countries for their performance in the 2020 calendar year. The annual awards highlight global suppliers that distinguish themselves by exceeding GM’s requirements, in turn providing GM customers with innovative technologies and among the highest quality in the automotive industry.
“As GM works to achieve a future with zero crashes, zero emissions and zero congestion, we are proud to have innovative and dedicated suppliers around the world as partners in this mission,” said Shilpan Amin, GM vice president, Global Purchasing and Supply Chain. “Throughout a challenging year, our suppliers have showed resilience and dedication in working toward our shared goal of long-term sustainability for our planet and the communities we serve, while meeting our present needs,” Amin said. “We are pleased with what we’ve accomplished together in the past year and we are excited by the opportunity that lies ahead.”
Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President and Chief Executive Officer said, “We are proud to be named GM Supplier of the Year winner for the fourth straight year. Our leading position in automotive steel is undeniable, and we value GM’s recognition of our outstanding quality, reliability and delivery performance.” Mr. Goncalves added, “This prestigious award recognizes the performance of the Cleveland-Cliffs’ team and our first-class R&D and equipment capabilities, supporting our well-known ability to deliver a more comprehensive offering of high-end steel products to the automotive industry than any other steel supplier in the United States.”
The 2020 Supplier of the Year winners were selected by a global team of GM purchasing, engineering, quality, manufacturing and logistics leaders. Winners were chosen based on performance criteria in Product Purchasing, Global Purchasing and Manufacturing Services, Customer Care and Aftersales, and Logistics.
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 and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing. The Company serves a diverse range of markets due to its comprehensive offering of flat-rolled steel products and is the largest supplier of steel to the automotive industry in North America. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada. For more information, visit www.clevelandcliffs.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005497/en/
MEDIA CONTACT:
Patricia Persico
Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
Paul Finan
Vice President, Investor Relations
(216) 694-6544
He should be a politician with his line of BS.
Cramer's a clown.
Jim Cramer: Sell Cleveland-Cliffs and Buy This Steel Stock
Jim Cramer discusses Cleveland-Cliffs and Nucor.
BY KATHERINE ROSS , JUN 21, 2021 12:15 PM EDT
https://www.thestreet.com/jim-cramer/jim-cramer-id-sell-cleveland-cliffs
Strong Q1 Results
The company reported first quarter revenues of $4.05 billion, considerably higher than $385 million reported in the year-ago quarter.
"There are now 512 institutions which have possession in CLF’s shares."
5 analysts on E*Trade has a buy for Cleveland Cliffs.
ArcelorMittal Offloads Cliff’s Remaining Shares; Rewards Shareholders with $750M Share Buyback
Source: TipRanks
ArcelorMittal SA (MT), a global steel manufacturer and mining company announced that its subsidiary, ArcelorMittal North America Holding, sold all of its remaining 38.2 million shares of Cleveland Cliffs, Inc. (CLF). Shares of MT closed down 1.2% at $28.42 on June 18. (See MT stock chart on TipRanks) ArcelorMittal has been gradually selling its stake in CLF, and with the latest sale, the total cash proceeds from the sale stand at $1.9 billion. The company has been returning all of the cash proceeds from the sale to shareholders through share buyback programs.
https://www.tipranks.com/news/arcelormittal-offloads-cliffs-remaining-shares-rewards-shareholders-with-750m-share-buyback
Cleveland-Cliffs (CLF) - Get Report shares fell 92 cents, or 4.34%, to $20.27. Cramer argued recently that Cleveland-Cliffs is more than just a meme story, as it has moved to a dominant position as a vertically integrated steel producer at a time when industrial production is beginning to shift back to the U.S.
https://www.thestreet.com/investing/meme-stocks-fall-blackberry-falls-clean-energy-gains
Cleveland-Cliff's Stock Pulls Back, Options Traders Buy The Dip
by Melanie Schaffer4 min read
Cleveland-Cliffs Inc (NYSE: CLF) was trading down over 8% at one point Thursday amid overall market weakness following inflation fears stoked by the Federal Reserve’s policy statement.
On Wednesday, JPMorgan helped prop the stock up after initiating an Overweight rating and giving the steel producer a price target of $39. The stock is also popular in a number of Reddit communities and has all the typical characteristics of other recent short squeeze targets such as AMC Entertainment Holdings Inc. (NYSE: AMC) and GameStop Corporation (NYSE: GME):
High levels of ownership: Institutions and insiders own 75.31% of Cleveland-Cliffs' float, with insiders owning 8.88% and institutions owning 66.43%.
High short interest: As of May 28, 52.48 million, or 12.15% of the stock’s total 454.47 million float, is held short.
Cleveland-Cliffs' options traders weren’t deterred by the pullback in the stock and purchased dozens of calls Thursday totally over $769,456.
See Also: Thinking About Buying Stock Or Options In AT&T, Cleveland-Cliffs Or TAL Education Group?
Why It’s Important: When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays market price for the call option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.
These types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.
The Cleveland-Cliffs Option Trades: Below is a look at the most notable options alerts, courtesy of Benzinga Pro:
At 9:50 a.m., a trader executed a call sweep near the ask of 400 Cleveland-Cliffs options with a strike price of $24 expiring on Oct. 15. The trade represented a $127,200 bullish bet for which the trader paid $3.18 per option contract.
At 10:02 a.m., a trader executed a call sweep near the ask of 250 Cleveland-Cliffs options with a strike price of $35 expiring on Oct. 15. The trade represented a $31,500 bullish bet for which the trader paid $1.26 per option contract.
At 10:15 a.m., a trader executed a call sweep near the ask of 250 Cleveland-Cliffs options with a strike price of $25 expiring on Jan 21, 2022. The trade represented a $97,500 bullish bet for which the trader paid $3.90 per option contract.
At 10:35 a.m., a trader executed a call sweep near the ask of 300 Cleveland-Cliffs options with a strike price of $25 expiring on Oct. 15. The trade represented a $79,200 bullish bet for which the trader paid $2.64 per option contract.
At 11:03 a.m., a trader executed a call sweep at the ask of 288 Cleveland-Cliffs options with a strike price of $24 expiring on Aug. 20. The trade represented a $57,312 bullish bet for which the trader paid $1.99 per option contract.
At 11:32 a.m., a trader executed a call sweep above the ask of 200 Cleveland-Cliffs options with a strike price of $25 expiring on Oct. 15. The trade represented a $52,000 bullish bet for which the trader paid $2.60 per option contract.
At 11:35 a.m., a trader executed a call sweep at the ask of 200 Cleveland-Cliffs options with a strike price of $22 expiring on Aug. 20. The trade represented a $48,400 bullish bet for which the trader paid $2.42 per option contract.
At 11:46 a.m., a trader executed a call sweep near the ask of 363 Cleveland-Cliffs options with a strike price of $20 expiring on July 16. The trade represented a $127,200 bullish bet for which the trader paid $2.20 per option contract.
At 11:50 a.m., a trader executed a call sweep near the ask of 548 Cleveland-Cliffs options with a strike price of $22.50 expiring on June 25. The trade represented a $27,948 bullish bet for which the trader paid 51 cents per option contract.
At 12:03 p.m., a trader executed a call sweep at the ask of 200 Cleveland-Cliffs options with a strike price of $40 expiring on Jan. 21, 2022. The trade represented a $31,800 bullish bet for which the trader paid $1.59 per option contract.
At 12:29 p.m., a trader executed a call sweep near the ask of 402 Cleveland-Cliffs options with a strike price of $24 expiring on Oct. 15. The trade represented a $107,736 bullish bet for which the trader paid $2.68 per option contract.
At 12:29 p.m., a trader executed a call sweep near the ask of 200 Cleveland-Cliffs options with a strike price of $19.50 expiring on June 18. The trade represented a $29,000 bullish bet for which the trader paid $1.45 per option contract.
CLF Price Action: Cleveland-Cliffs was trading down 6.6% to $21.16 at publication time.
ArcelorMittal announces sale of Cleveland-Cliffs common stock with the proceeds to be returned to shareholders via a $750 million share buyback
June 18, 2021 02:00 ET| Source: ArcelorMittal S.A.
18 June 2021, 08:00 CET
ArcelorMittal North America Holding, a wholly owned subsidiary of ArcelorMittal SA (‘ArcelorMittal’ or ‘the Company’) announces today the conclusion of the sale of its remaining 38.2 million common shares in Cleveland-Cliffs Inc. (‘Cleveland-Cliffs’) following receipt of the shares on 9 June 2021.
The value crystalized from this sale of Cleveland-Cliffs common shares* will be returned to shareholders via a new $750 million share buyback program of ArcelorMittal common shares. This new share buyback program will commence immediately and follows the previous buyback program which is now complete.
The disposal of the remaining common shares in Cleveland Cliffs brings the total cash proceeds from the sale of ArcelorMittal USA to $1.9 billion so far, all of which will have been returned to ArcelorMittal shareholders via share buybacks.
ArcelorMittal North America Holdings LLC continues to hold non-voting preferred stock redeemable at Cleveland-Cliffs’ option for approximately 58 million common shares or cash equivalent to the value of such common shares.
*equivalent to approximately $20 per common share.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 17 countries. In 2020, ArcelorMittal had revenues of $53.3 billion and crude steel production of 71.5 million metric tonnes, while iron ore production reached 58.0 million metric tonnes.
Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/
Contact information ArcelorMittal Investor Relations General+44 20 7543 1128Retail+44 20 3214 2893SRI+44 20 3214 2801Bonds/Credit
E-mail+33 171 921 026
investor.relations@arcelormittal.com Contact information ArcelorMittal Corporate Communications
Lineage inks supply deal for HyStem biomaterial in solid tumors
Jun. 17, 2021 8:45 AM ETLineage Cell Therapeutics, Inc. (LCTX)By: Mamta Mayani, SA News Editor2 Comments
Lineage Cell Therapeutics (NYSE:LCTX) has granted an exclusive option to privately-held Amasa Therapeutics, to acquire an exclusive, royalty-bearing license to use Lineage’s HyStem technology for the development and commercialization of therapies for local treatment of solid tumors.
Under the option agreement, Amasa will purchase certain amounts of Lineage’s clinical-grade HyStem biomaterial and has the right to purchase additional amounts in connection with its up to 12-month option to acquire the exclusive license.
Lineage will receive an upfront cash payment and, if the option is exercised, would be entitled to additional payments, royalties on net sales and sublicense fees.
HyStem is a patented biomaterial that mimics the natural extracellular matrix and has potential applications in 3-D cell culture, stem cell propagation and differentiation, tissue engineering, regenerative medicine, cell-based therapies, and as delivery vehicles for bioactive molecules.
Cleveland-Cliffs, Steel Dynamics top steel picks at JPM; U.S. Steel a Sell
Jun. 16, 2021 2:57 PM ETCLF, SLX...By: Carl Surran, SA News Editor
Steel stocks have have surged this year but investors will need to be more selective about their picks from now on, J.P. Morgan says in recommending Cleveland Cliffs (CLF -1.3%) and Steel Dynamics (STLD -2.0%) while rating U.S. Steel (X -4.1%) at Underweight.
"While we are believers in a higher-for-longer market given the pace of economic recovery in the country, extended mill lead times and low inventories through the system, longer-term, new EAFs likely will add 10%-12% to sheet capacity, which along with imports, should ultimately catalyze a top in price," JPM's Michael Glick writes.
Cleveland-Cliffs owns both traditional blast and electric furnaces, and mines its own iron ore, which Glick likes, and he thinks value can be created as the company pays down debt from two recent acquisitions.
Steel Dynamics is one of the "highest quality" players in remelting, Glick says, and he touts the company's recent capacity expansions and low-cost structure.
U.S. Steel results are the best in years, but Glick says he likes other stocks more.
The firm rates Nucor (NUE -2.2%) and Commercial Metals (CMC -3.5%) at Neutral.
JPMorgan Sees Cleveland Cliffs (CLF) and Steel Dynamics (STLD) as Top Steel Picks, Strong Cash Flow Provided by High Prices a 'Generational Opportunity'
June 16, 2021 7:39 AM
https://www.streetinsider.com/dr/news.php?id=18565794&gfv=1
What’s Behind Cleveland-Cliffs Stock Jumping 14% In A Week
https://www.forbes.com/sites/greatspeculations/2021/06/16/whats-behind-cleveland-cliffs-stock-jumping-14-in-a-week/
Cleveland-Cliffs celebrates opening of new $1 billion hot-briquetted iron plant, billed as 'future of our industry'
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Cleveland-Cliffs' new direction reduction plant in Toledo is shown as company officials prepare for the ceremonial ribbon cutting. Provided?
Joseph S. Pete joseph.pete@nwi.com, 219-933-3316
Updated 14 hrs ago
Cleveland-Cliffs recently celebrated the grand opening of a $1 billion hot-briquetted plant that's intended to reduce greenhouse gas emissions and boost productivity.
The steelmaker, which runs several mills in Northwest Indiana, recently had a ribbon-cutting ceremony at the Toledo-based state-of-the-art direct reduction plant, which employs about 160 people.
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Cleveland-Cliffs raises earnings forecasts (again)
Today 8:48 AM
By Mary Vanac | Cleveland Business Journal
Cleveland-Cliffs Inc. on Tuesday raised its forecasts for adjusted operating income in both the second quarter and year as flat steel prices hit all-time highs in the United States.
The flat-rolled steel producer based in Cleveland added $1 billion to its 2021 expectations for adjusted operating income, raising its forecast to $5 billion, Cleveland-Cliffs said in a statement.
The full-year expectation is based on current contractual business and the conservative assumption that the US HRC index price averages $1,175 per net ton for the remainder of the year, the company said.
Read the full story on cleveland.com’s sister site, Cleveland Business Journal.
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I got it:
Mr. Cook will be paid an annual base salary of $405,000, will receive a one-time $15,000 sign-on bonus and relocation rental expense reimbursement of up to $5,000 per month for six months, and may be eligible for an annual bonus targeted at 40% of his annual salary, as may be approved by the Company’s Board of Directors or its Compensation Committee in its discretion, based on the achievement of predetermined company and/or individual objectives set by the Company’s Board of Directors or its Compensation Committee, from time to time. In connection with his appointment, Mr. Cook will receive an option to purchase 750,000 shares of the Company’s common stock, 25% of the shares underlying the option will vest on the first anniversary of his start date with the Company and the remainder will vest in 36 equal monthly installments thereafter, subject to his continued employment with the Company on each such date and the terms and provisions of the Company’s 2012 Equity Incentive Plan. Mr. Cook is also entitled to the standard benefits available to the Company’s employees generally, including health insurance.
Yeah. Hom much are they paying Mr. Cook?
Cleveland-Cliffs forecasts $5B full-year adjusted EBITDA
Jun. 15, 2021 7:17 AM ETCleveland-Cliffs Inc. (CLF)By: Carl Surran, SA News Editor
?Monty Rakusen/Cultura via Getty Images
Cleveland-Cliffs (NYSE:CLF) +2.7% pre-market after raising guidance for adjusted EBITDA for the current quarter and full year.
The company now sees adjusted EBITDA for Q2 of $1.3B and FY 2021 of $5B, based on current contractual business and the "conservative assumption" that the U.S. hot-rolled coll index price averages $1,175/ton for the rest of the year.
Even after more than tripling over the past year, Cleveland-Cliffs remains "fundamentally undervalued with potential to more than double in the near term," Livy Investment Research writes in a bullish new analysis published on Seeking Alpha.
How Will the Market React to Cleveland-Cliffs Inc (CLF) Stock Getting a Bullish Rating
Monday, June 14, 2021 10:58 AM | InvestorsObserver Analysts
Overall market sentiment has been high on Cleveland-Cliffs Inc (CLF) stock lately. CLF receives a Bullish rating from InvestorsObserver's Stock Sentiment Indicator.
Cleveland-Cliffs Inc has a Bullish sentiment reading. Find out what this means for you and get the rest of the rankings on CLF!
See Full CLF Report
What is Stock Sentiment?
Sentiment is a very short-term indicator that is entirely technical. There is no information about the health of profitability of the underlying company in our sentiment score.
As a technical indicator, news about the stock, or company, such as an earnings release or other event, could move the stock counter to the recent trend.
Price action is generally the best indicator of sentiment. For a stock to go up, investors must feel good about it. Similarly, a stock that is in a downtrend must be out of favor.
InvestorsObserver’s Sentiment Indicator considers price action and recent trends in volume. Increasing volumes often mean that a trend is strengthening, while decreasing volumes can signal that a reversal could come soon.
The options market is another place to get signals about sentiment. Since options allow investors to place bets on the price of a stock, we consider the ratio of calls and puts for stocks where options are available.
What's Happening With CLF Stock Today?
Cleveland-Cliffs Inc (CLF) stock is trading at $22.42 as of 10:43 AM on Monday, Jun 14, a decline of -$2.02, or -8.29% from the previous closing price of $24.44. The stock has traded between $22.32 and $24.07 so far today. Volume today is less active than usual. So far 13,784,190 shares have traded compared to average volume of 28,548,040 shares.
To see the top 5 stocks in the Steel industry click here.
More About Cleveland-Cliffs Inc
Cleveland-Cliffs Inc is an independent iron ore mining company in the United States and is a supplier of iron ore pellets to the North American steel industry from its mines and processing facilities located in Michigan and Minnesota. It is also engaged in the production of Hot-Briquetted Iron in the Great Lakes region with the development of a production plant in Toledo, Ohio.
Click Here to get the full Stock Score Report on Cleveland-Cliffs Inc (CLF) Stock.
Cleveland-Cliffs Has Been Putting the Pedal to the Metal
Bottom line strategy: Continue to hold longs from previous recommendations. Raise stops to $19 from $16.50. The $35 area is our first price target now followed by $76.
https://realmoney.thestreet.com/investing/cleveland-cliffs-is-soaring-higher-new-targets-15681898
Shorts lucky Reddit and friends didn't come to play.
Meme stocks hit a wall on Thursday with GameStop, AMC and Clover down big
PUBLISHED THU, JUN 10 2021
https://www.cnbc.com/2021/06/10/meme-stocks-hit-a-wall-on-thursday-with-gamestop-amc-and-clover-down-big.html
Reddit chatter:
$CLF is an early stage $WISH and $CLOV: Vol Expansion, Momentum, Gamma Ramps, SI, Market Maker capitulation
$CLF will be the next $WISH, $CLOV, $CLNE. Call volume and underlying price action is forming the similar ramps to how those stocks began. If you got in at this stage for those stocks, you would have 20x+ your money in literally a few days.
(My APE positions that are already free money)
A combination of high short interest, low float, increasing call volume and volatility expansion (leading to IV expansion) will force Market Makers to delta and gamma hedge and shorts to capitulate themselves into a death spiral.
All signals are GO. It's a fucknado powder keg about to explode.
What will happen next? If you look at the 1min chart, $CLF is primed to break the $21.50 price resistance 6-year-high, and afterwards there will be no reason for anyone holding any $CLF for the past 6 years to sell. This is the same story as $WISH:
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The IV expansion of all existing strikes will cause MMs to overhedge, making the options market weigh more on the underlying market, and as strikes become in the money the price action becomes a self-perpetuating feedback loop. In fact, Market Makers tend to LEAVE after meme-ification of a stock, decreasing the float even more, destabilizing price resistance while demand skyrockets.
The ultimate reason why this is a great fundamental play? It's not even a shitty MEME company. It has great fundamentals and is one of the greatest beneficiaries of our inflationary environment-- the steel shortage is a powerful macro trend that's increasing the cash flows and fundamental value of the company, and the leadership is one that will use this macro trend to reinvest, balance their balance sheets, and prime themselves to increase their dominance in the iron/steel industries.
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Not financially advising anyone that the price target is $35+
FOMO on the WSB rallies of June? Now's your chance.
BOIL THOSE SHORTS:
Some intriguing due diligence has been posted on the typical social media forums including Reddit. A similar theme has emerged. Investors seem to like the idea of “boiling short-sellers like frogs,” a quote retail investors have pulled from an old 2019 article on the company. That was a long time ago. And CLF stock was trading in a much different pattern than today.
https://investorplace.com/2021/06/clf-stock-how-high-can-r-wallstreetbets-squeeze-cleveland-cliffs/
GET READY:
Cleveland-Cliffs shares experienced more than four times their normal trading volume, rising 14.6% to $23.22 on Wednesday. Trading in the company's call options was five times the average, according to Bloomberg.
A forum on Reddit channel.
WallStreetBets claims the company is being shorted and that it is undervalued at a time when steel prices are rising and there are long wait times for big steel orders due to shortages.
https://www.thestreet.com/investing/cleveland-cliffs-jumps-on-support-from-meme-stock-traders
$23.50 after hours.
YES SIR. GOING $100 a share.
When Reddit got involved with Game Stop and AMC they went as high as 1700% to 2300%.
US HRC: Prices increase on strong demand
Published date: 08 June 2021
US mills continued their relentless push to increase hot-rolled coil (HRC) pricing toward $1,700/short ton (st), helped along by strong demand despite recovering steel production rates.
The Argus weekly domestic US HRC Midwest assessment rose by $17.25/st to $1,662.25/st ex-works. Lead times increased to 7-9 weeks from 6-9 weeks.
The Argus weekly domestic US HRC south assessment increased by $2.50/st to $1,640/st.
Spot offers were muted in the week after the Memorial Day weekend, with many service centers noting that it had become harder to find available spot tons.
The increased prices come as the US steel mill utilization rate rose above 80pc two weeks ago for the first time since the beginning of the Covid-19 pandemic in mid-March 2020. Steel mill utilization rates for the week ending 5 June were at 82.3pc.
The higher utilization rates indicated that there is more supply than before the pandemic. Coronavirus-related economic shutdowns led to tens of millions of tons of steel production being taken offline in the second quarter of 2020, with all but one blast furnace since then brought back online. A 1.65mn st/yr production expansion by Arkansas-based electric arc furnace (EAF) minimill steelmaker Big River Steel has added to available steel production. Higher crude oil prices has also led to increased demand from tube and pipe mills, which have ramped up ferrous scrap consumption over the past two months.
The spread between #1 busheling scrap delivered US Midwest mills and HRC selling prices slipped by less than a percent to $1,133.23/st from $1,142.77/st the week before, the first decrease since the beginning of March.
The spread is more than five times higher than a year ago, when it was $228.71/st.
Prices for #1 busheling delivered US Midwest consumer increased by $60/gross ton (gt) in the June trade.
The Argus weekly domestic US cold-rolled coil (CRC) assessment increased by $26.50/st to $1,848.50/st, while the hot-dipped galvanized (HDG) assessment rose by $27.75/st to $1,858.75/st.
Cleveland-Cliffs was said to be targeting $2,000/st for HDG products, but no sales have been confirmed at these levels.
Lead times for CRC increased to 9-11 weeks from 10 weeks, while HDG lead times rose to 11-13 weeks from 10-12 weeks.
The CME HRC Midwest futures market continued to increase compared to the prior week. For July, prices edged up by $4/st to $1,652/st, while August futures increased by $60/st to $1,630/st. September futures pricing jumped by $69/st to $1,574/st, while October pricing lept upward by $80/st to $1,480/st. November pricing rose by $67/st to $1,402/st.
HRC import prices into Houston were flat at $1,486.75/st ddp as no new trades were reported.
Plate
The Argus weekly domestic US plate assessment fell by $13.25/st to $1,469/st delivered. Lead times shrank to 5-7 weeks from 6-10 weeks.
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Cleveland-Cliffs Holds Ribbon Cutting Ceremony at Direct Reduction Plant in Toledo
Source: Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) is celebrating today the initial six months of continued operation and production of hot-briquetted iron (HBI) at the Company’s state-of-the art Direct Reduction plant in Toledo, Ohio. Cliffs’ Chairman, President and Chief Executive Officer Lourenco Goncalves will host Ohio Governor Mike DeWine for a ribbon cutting ceremony on site. The plant employs nearly 160 employees.
Cleveland-Cliffs will be live streaming the ribbon cutting event from the Direct Reduction facility today, June 9, at 10:00 AM ET. The live broadcast is accessible via Cleveland-Cliffs’ YouTube channel at https://www.youtube.com/c/ClevelandCliffsInc or via a link on the homepage of Cleveland-Cliffs’ website at www.clevelandcliffs.com.
Lourenco Goncalves, Chairman, President and Chief Executive Officer, said, “Today we are celebrating a new era for the iron and steel industry in the United States. This event formally marks the culmination of our $1 billion investment to build and operate the world’s most modern and environmentally friendly Direct Reduction plant, and the first plant of its kind constructed for the present and for the future.” Mr. Goncalves added, “Natural gas based iron reduction is the future of our industry. The production and use of HBI within our operations has catalyzed what has been a phenomenal year for us and, very importantly, has supercharged our greenhouse emissions reduction program. It has also boosted our profitability through enhanced productivity in our blast furnaces and the avoidance of prime scrap purchases from third parties for use in our EAFs and BOFs.”
“I’m happy to be part of the celebration of Cleveland-Cliffs’ new Direct Reduction plant in Toledo,” said Governor DeWine. “This plant is bringing new life to a site that is now producing domestically a much-needed product for the steel industry using an environmentally friendly process, and providing jobs and opportunities for workers in Northwest Ohio,” said Governor Mike DeWine. “When Cleveland-Cliffs was searching for a home for this plant, they recognized that Ohio is a great place to do business and chose Toledo because it has a ready workforce, excellent infrastructure, and good partners to help lay the groundwork, such as JobsOhio, the Toledo-Lucas County Port Authority, the Regional Growth Partnership, the City of Toledo, and others.”
Lourenco Goncalves, Cliffs' Chairman, President and Chief Executive Officer will be speaking at the event along with the following dignitaries:
Governor Mike DeWine
Congresswoman Marcy Kaptur
Toledo Mayor Wade Kapszukiewicz
Cleveland-Cliffs has the nominal capacity to produce 1.9 million metric tons per year of customized high-quality HBI using natural gas based iron reduction. HBI can be used in blast furnaces to improve productivity and reduce GHG by lowering the amount of coke needed for steel production. HBI can also be used in EAFs and BOFs to replace foreign-sourced pig iron and prime scrap, thereby lowering costs and reducing the higher GHG emissions associated with pig iron production and transportation.
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 and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing. The Company serves a diverse range of markets due to its comprehensive offering of flat-rolled steel products and is the largest supplier of steel to the automotive industry in North America. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada. For more information, visit www.clevelandcliffs.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210609005453/en/
MEDIA CONTACT:
Patricia Persico
Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
Paul Finan
Vice President, Investor Relations
(216) 694-6544
JSW USA Accuses Nucor, U.S. Steel, and Cleveland-Cliffs Of Group Boycott In Suit, Vows To End Their Illegal Cartel and Vindicate Rights of Steel Buyers and Steelworkers
https://www.prnewswire.com/news-releases/jsw-usa-accuses-nucor-us-steel-and-cleveland-cliffs-of-group-boycott-in-suit-vows-to-end-their-illegal-cartel-and-vindicate-rights-of-steel-buyers-and-steelworkers-301308083.html
Cleveland-Cliffs Inc. (NYSE:CLF) Receives Consensus Rating of "Buy" from Analysts
Posted on Saturday, June 5th, 2021 by MarketBeat
Cleveland-Cliffs Inc. (NYSE:CLF) has been given an average rating of "Buy" by the eight brokerages that are covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $21.17.
https://www.marketbeat.com/instant-alerts/nyse-clf-consensus-analyst-rating-2021-06/
Cellectar Presents Data in Waldenstrom’s Macroglobulinemia in Poster at the 2021 American Society of Clinical Oncology (ASCO) Annual Meeting
June 04, 2021 09:00 ET| Source: Cellectar Biosciences
Mean treatment free remission 1.1 years and remains ongoing
Progression free survival for MYD88 wild type and high-risk patients 18 months and ongoing
FLORHAM PARK, N.J., June 04, 2021 (GLOBE NEWSWIRE) -- Cellectar Biosciences, Inc. (NASDAQ: CLRB), a late-stage clinical biopharmaceutical company focused on the discovery and development of drugs for the treatment of cancer, today presented a poster at the American Society of Clinical Oncology (ASCO) Annual meeting. In conjunction with the poster presentation, management will host a KOL call with the lead investigator for the company’s Phase 2 CLOVER-1 study of CLR 131 in patients with relapsed/refractory B-cell hematologic cancers, Dr. Sikander Ailawadhi, M.D. of the Mayo Clinic.
The poster presentation entitled: Treatment Free Remission (TFR) and Overall Response Rate (ORR) Results in Patients with Relapsed/Refractory Waldenstrom’s Macroglobulinemia (WM) Treated with CLR 131 is an in-depth update of six patients from the company’s Phase 2a study of CLR 131 in Waldenstrom’s macroglobulinemia. To date, data have shown:
100% (6/6) overall response rate, 83.3% (5/6) major response rate and a 16.7% (1/6) complete response rate
Median time to initial response was 22 days after first infusion
Median time to major response, as defined as at least a 50% reduction in IgM, was 44 days after first infusion
Mean treatment free remission, as defined as the time from the last CLR 131 infusion to progression of disease, is 1.1 years and remains ongoing
Duration of response has not been reached, with 100% of the MYD88 wild type and high risk patients exceeding 8.5 months
Progression free survival (PFS) for both MYD88 wild type patients as well as the high-risk subgroup has not been reached after 18 months; PFS for multidrug refractory patients was 11 months
The most frequently reported treatment emergent adverse events were cytopenias
“CLR 131 is a differentiated targeted radiotherapy that has the potential to address patients with any mutational status, risk profile or multi-drug refractoriness in WM. Our pivotal study strategy will leverage these properties to address the treatment needs of patients, including the potential to provide durable response rates and meaningful treatment-free remission,” said Dr. John Friend, chief medical officer at Cellectar. “CLR 131 has demonstrated impressive results including, to our knowledge, the only monotherapy to result in a complete response in this challenging WM patient set.”
James Caruso, president and CEO of Cellectar added, “The data presented today from our ongoing Phase 2 CLOVER-1 study of CLR 131 in Waldenstrom’s further validates our clinical development program and gives us confidence in our goal of providing a new and better treatment with the potential to prolong and improve the quality of life for patients suffering from this devastating disease.”
Management will host a conference call and webcast today, June 4, at 10:00 am ET featuring key opinion leader Dr. Sikander Ailawadhi. Dr. Ailawadhi is a Professor of Medicine, Lead, International Cancer Center, Division of Hematology/Oncology, Departments of Medicine and Cancer Biology at Mayo Clinic Florida. He was awarded the 2013 NCI Cancer Clinical Investigator Team Leadership Award as an Assistant Professor of Medicine at the USC Norris Comprehensive Cancer Center. Subsequently, he joined the Division of Hematology and Oncology at Mayo Clinic in Florida as a Senior Consultant in order pursue his career goal of clinical, translational and outcomes-based research in B-cell malignancies.
Dial-in & Webcast informationDomestic: 877-705-6003International: 201-493-6725Conference ID: 13719983Webcast: http://public.viavid.com/index.php?id=145036
A replay of the call will be available on the Events page of company website following the live event.
About the Pivotal Trial of CLR 131 in Waldenstrom’s macroglobulinemia (WM)
The pivotal trial is designed as a global, non-comparator, single arm, expansion cohort of the currently ongoing Phase 2 CLOVER-1 study of CLR 131. The study will enroll 50 WM patients. Patients in the trial will receive up to four doses of CLR 131 over two cycles (cycle one days 1, 15, and cycle two days 57, 71). The primary endpoint of the trial is response rate as defined as a partial response (a minimum of a 50% reduction in the biological marker IgM) or better in patients that receive a minimum total body dose of 60 mCi with secondary endpoints of treatment free survival, duration of response and progression free survival. An independent data monitoring committee (iDMC) will perform an interim safety and futility evaluation on the first 10 patients enrolled. The assessment will occur patient by patient and will conclude after the tenth patient is evaluated; there is no planned study stoppage.
About Waldenstrom’s macroglobulinemia
Waldenstrom’s macroglobulinemia (WM) is a rare and incurable disease defined by specific genotypic subtypes that defines patient responses and long-term outcomes. The annual incidence is 6,500 with prevalence of approximately 60,000 patients globally. WM is a lymphoma, or cancer of the lymphatic system. The disease occurs in a type of white blood cell called a B-lymphocyte or B-cell, which normally matures into a plasma cell whose job is to manufacture immunoglobulins (antibodies) to help the body fight infection. In WM, there is a malignant change to the B-cell in the late stages of maturing, and it continues to proliferate into a clone of identical cells, primarily in the bone marrow but also in the lymph nodes and other tissues and organs of the lymphatic system. These clonal cells over-produce an antibody of a specific class called IgM.
WM cells have characteristics of both cancerous B-lymphocytes (NHL) and plasma cells (multiple myeloma), and they are called lymphoplasmacytic cells. For that reason, WM is classified as a type of non-Hodgkin’s lymphoma called lymphoplasmacytic lymphoma (LPL). About 95% of LPL cases are WM; the remaining 5% do not secrete IgM and consequently are not classified as WM.
There is no standard treatment for WM. Several drugs have demonstrated activity either alone or in combinations, but only a single drug has received regulatory approval. Treatment is mainly focused on the control of symptoms and the prevention of organ damage. Front-line treatments for WM include rituximab alone or in combination with other agents. In the salvage therapy (second line or later) setting, ibrutinib, combinations of proteosome inhibitors and immunomodulatory drugs and stem cell transplantation are considered. Ibrutinib is the only drug to receive regulatory approval (2015) as a salvage therapy; in late 2019, it was approved for front-line treatment in combination with rituximab. Factors such as long-term cytopenias, age, hyper viscosity, the need for quick disease control, lymphadenopathy, co-morbidities, and IgM-related end-organ damage are key consideration in the choice of treatment.
About Cellectar Biosciences, Inc.
Cellectar Biosciences is focused on the discovery and development of drugs for the treatment of cancer. The company is developing proprietary drugs independently and through research and development collaborations. The company’s core objective is to leverage its proprietary Phospholipid Drug Conjugate™ (PDC) delivery platform to develop PDCs that specifically target cancer cells, delivering improved efficacy and better safety as a result of fewer off-target effects. The company’s PDC platform possesses the potential for the discovery and development of the next-generation of cancer-targeting treatments, and it plans to develop PDCs independently and through research and development collaborations.
The company’s product pipeline includes CLR 131, a small-molecule PDC designed to provide targeted delivery of iodine-131 (radioisotope), and proprietary preclinical PDC chemotherapeutic programs and multiple partnered PDC assets.
For more information, please visit www.cellectar.com or join the conversation by liking and following us on the company’s social media channels: Twitter, LinkedIn, and Facebook.
Forward-Looking Statement Disclaimer
This news release contains forward-looking statements. You can identify these statements by our use of words such as "may," "expect," "believe," "anticipate," "intend," "could," "estimate," "continue," "plans," or their negatives or cognates. These statements are only estimates and predictions and are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes including our expectations of the impact of the COVID-19 pandemic. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties related to the ability to raise additional capital, uncertainties related to any potential disruptions at our sole source supplier of CLR 131, the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development thereof, patient enrollment and the completion of clinical studies, the FDA review process and other government regulation, our ability to maintain orphan drug designation in the United States for CLR 131, the volatile market for priority review vouchers, our pharmaceutical collaborators' ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product pricing and third-party reimbursement. A complete description of risks and uncertainties related to our business is contained in our periodic reports filed with the Securities and Exchange Commission including our Form 10-K for the year ended December 31, 2020. These forward-looking statements are made only as of the date hereof, and we disclaim any obligation to update any such forward-looking statements.
Contacts
Investors:
Monique Kosse
Managing Director
LifeSci Advisors
212-915-3820
Monessen coke plant to recall workers
Scott Beveridge/Observer-ReporterThe Monessen Coke Battery, as seen from the Donora-Monessen Bridge in December 2017, is scheduled to resume operations in August.?
The new owner of a coke plant in Monessen will be recalling about 100 laid off employees.
Paul Finan, spokesman for Cleveland-Cliffs, said the Monessen works in Westmoreland County will resume production in August.
https://observer-reporter.com/news/localnews/monessen-coke-plant-to-recall-workers/article_8bf8f24e-c3c0-11eb-952d-7f96b7bdaf7d.html
CLF July 23rd Options Begin Trading
PUBLISHED
JUN 3, 2021 11:41AM EDT
CLF July 23rd Options Begin Trading | NASDAQ
Investors in Cleveland-Cliffs Inc (Symbol: CLF saw new options become available today, for the July 23rd expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the CLF options chain for the new July 23rd contracts and identified one put and one call contract of particular interest.
The put contract at the $18.50 strike price has a current bid of 86 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $18.50, but will also collect the premium, putting the cost basis of the shares at $17.64 (before broker commissions). To an investor already interested in purchasing shares of CLF, that could represent an attractive alternative to paying $19.88/share today.
Because the $18.50 strike represents an approximate 7% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage, there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks suggest the current odds of that happening are 100%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 4.65% return on the cash commitment, or 33.94% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Cleveland-Cliffs Inc , and highlighting in green where the $18.50 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $21.00 strike price has a current bid of 71 cents. If an investor was to purchase shares of CLF stock at the current price level of $19.88/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $21.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 9.21% if the stock gets called away at the July 23rd expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if CLF shares really soar, which is why looking at the trailing twelve month trading history for Cleveland-Cliffs Inc , as well as studying the business fundamentals becomes important. Below is a chart showing CLF's trailing twelve month trading history, with the $21.00 strike highlighted in red:
Considering the fact that the $21.00 strike represents an approximate 6% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage, there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks suggest the current odds of that happening are 99%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted. Should the covered call contract expire worthless, the premium would represent a 3.57% boost of extra return to the investor, or 26.07% annualized, which we refer to as the YieldBoost.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 252 trading day closing values as well as today's price of $19.88) to be 72%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
BNK Invest Inc. provides investment services and information. BNK Invest owns and operates a market news family of websites including DividendChannel, ETFChannel, StockOptionsChannel, and others, which make up an investor community featuring stock message boards, ratings, research, and strategies. BNK Invest caters to investing firms and individual investors internationally.
Mesabi Metallics sues Minnesota for canceling its mineral leases in Nashwauk
https://m.startribune.com/mesabi-metallics-sues-minnesota-for-canceling-its-mineral-leases-in-nashwauk/600063532/
Cleveland-Cliffs: Not Mispriced But Undervalued
Jun. 1, 2021 12:57 PMCleveland-Cliffs Inc. (CLF)
https://seekingalpha.com/article/4432399-cleveland-cliffs-not-mispriced-but-undervalued
Cleveland-Cliffs (CLF) to Redeem Entire 5.75% Senior Notes
Zacks Equity Research Published on May 31, 2021
https://www.zacks.com/stock/news/1633833/cleveland-cliffs-clf-to-redeem-entire-575-senior-notes