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Hedge Funds Have Never Been This Bullish On Cleveland-Cliffs Inc (CLF)
Abigail Fisher
June 28, 2021, 9:05 am
The 800+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the first quarter, which unveil their equity positions as of March 31st. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Cleveland-Cliffs Inc (NYSE:CLF).
Cleveland-Cliffs Inc (NYSE:CLF) investors should pay attention to an increase in hedge fund interest of late. Cleveland-Cliffs Inc (NYSE:CLF) was in 36 hedge funds' portfolios at the end of the first quarter of 2021. The all time high for this statistic was previously 35. This means the bullish number of hedge fund positions in this stock currently sits at its all time high. Our calculations also showed that CLF isn't among the 30 most popular stocks among hedge funds (click for Q1 rankings).
Why do we pay any attention at all to hedge fund sentiment? Our research has shown that a select group of hedge fund holdings outperformed the S&P 500 ETFs by 115 percentage points since March 2017 (see the details here). That's why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to.
Scott Bessent of Key Square Capital Management
Scott Bessent of Key Square Capital Management
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium mining is one of the fastest growing industries right now, so we are checking out stock pitches like this emerging lithium stock. We go through lists like the 10 best battery stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. Now let's take a gander at the recent hedge fund action encompassing Cleveland-Cliffs Inc (NYSE:CLF).
Do Hedge Funds Think CLF Is A Good Stock To Buy Now?
At the end of March, a total of 36 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 33% from the previous quarter. By comparison, 23 hedge funds held shares or bullish call options in CLF a year ago. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Ken Fisher's Fisher Asset Management has the biggest position in Cleveland-Cliffs Inc (NYSE:CLF), worth close to $262.8 million, amounting to 0.2% of its total 13F portfolio. Sitting at the No. 2 spot is Ken Griffin of Citadel Investment Group, with a $93.9 million call position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Remaining members of the smart money that are bullish contain Scott Bessent's Key Square Capital Management, Ben Levine, Andrew Manuel and Stefan Renold's LMR Partners and Jeffrey Gendell's Tontine Asset Management. In terms of the portfolio weights assigned to each position Key Square Capital Management allocated the biggest weight to Cleveland-Cliffs Inc (NYSE:CLF), around 13.66% of its 13F portfolio. Tontine Asset Management is also relatively very bullish on the stock, designating 7.54 percent of its 13F equity portfolio to CLF.
Now, specific money managers have jumped into Cleveland-Cliffs Inc (NYSE:CLF) headfirst. Adage Capital Management, managed by Phill Gross and Robert Atchinson, assembled the largest position in Cleveland-Cliffs Inc (NYSE:CLF). Adage Capital Management had $35.2 million invested in the company at the end of the quarter. Benjamin A. Smith's Laurion Capital Management also initiated a $30.2 million position during the quarter. The other funds with brand new CLF positions are Richard Driehaus's Driehaus Capital, Len Kipp and Xavier Majic's Maple Rock Capital, and Alexander Mitchell's Scopus Asset Management.
Let's go over hedge fund activity in other stocks - not necessarily in the same industry as Cleveland-Cliffs Inc (NYSE:CLF) but similarly valued. These stocks are Dolby Laboratories, Inc. (NYSE:DLB), Aegon N.V. (NYSE:AEG), Comerica Incorporated (NYSE:CMA), Floor & Decor Holdings, Inc. (NYSE:FND), Elastic N.V. (NYSE:ESTC), Everest Re Group Ltd (NYSE:RE), and Formula One Group (NASDAQ:FWONK). This group of stocks' market caps are similar to CLF's market cap.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position DLB,34,783499,3 AEG,6,26294,2 CMA,32,704137,-6 FND,38,1100201,7 ESTC,52,1884446,3 RE,32,520803,3 FWONK,37,1672098,-5 Average,33,955925,1 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 33 hedge funds with bullish positions and the average amount invested in these stocks was $956 million. That figure was $968 million in CLF's case. Elastic N.V. (NYSE:ESTC) is the most popular stock in this table. On the other hand Aegon N.V. (NYSE:AEG) is the least popular one with only 6 bullish hedge fund positions. Cleveland-Cliffs Inc (NYSE:CLF) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for CLF is 72.6. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. This is a slightly positive signal but we'd rather spend our time researching stocks that hedge funds are piling on. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 19.3% in 2021 through June 25th and beat the market again by 4.8 percentage points. Unfortunately CLF wasn't nearly as popular as these 5 stocks and hedge funds that were betting on CLF were disappointed as the stock returned 5.4% since the end of March (through 6/25) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as many of these stocks already outperformed the market since 2019.
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Cleveland-Cliffs: Market Is Still Not Pricing The Fair Value
Jun. 26, 2021 9:03 AM ETCleveland-Cliffs Inc. (CLF)5 Comments
Summary
A transformed company, CLF is now the largest flat-rolled steel producer in the United States and the largest iron ore miner.
CLF's inevitable debt paydown has not yet been priced in and the stock should trade in line with Wall Street favorite Nucor.
Despite huge returns over the last 12 months, the stock has >50% upside remaining through year end.
Appropriate multiples of conservative 2022 EBITDA estimates value the company at >$30 per share.
?SlobodanMiljevic/E+ via Getty Images
If you've invested in steel stocks over the last 12 months, you've done very well. Even in the midst of a bull market, steel stocks have vastly outperformed the S&P500. Among major steel producers, Cleveland Cliffs (CLF) has been the clear winner returning over 295% over the last 12 months. However, I think it has another 50% return waiting for investors.
?Data by YCharts
Cleveland Cliffs
Cleveland Cliffs is an historic US company founded in 1847 with a visionary CEO, Laurenco Goncalves (Laurenco might also be the most entertaining CEO in the business). Instead of re-hashing the company profile, I'll let CLF speak for themselves.
In 2020, Cleveland-Cliffs conducted an enormous transformation that will keep the company thriving for the next century with the acquisition of two prominent steel companies in the United States. AK Steel was acquired in March 2020 and it was the Company’s initial entry into high-end steelmaking. With a U.S.-centric strategy, the investment in AK Steel was a perfect fit and aligned with the Company’s positive future outlook for automotive production and manufacturing in the United States. The second and final step of Cleveland-Cliffs’ transformation into a fully integrated high-value steel enterprise was completed with its acquisition of ArcelorMittal USA in December 2020. This acquisition positions Cleveland-Cliffs more competitively in an increasingly quality-focused marketplace, and amplifies its position in the discerning automotive steel marketplace, and further improves its position in important U.S. markets such as construction, appliances, infrastructure, machinery and equipment. 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. Cliffs has the unique advantage of being self-sufficient with its production of raw materials for its steel manufacturing, which includes iron ore pellets, hot briquetted iron (NYSE:HBI) feedstock and coking coal.
Source:
The State of the Industry
Steel prices are currently sitting at all time records at $1,750 per short ton. Historical pricing for the July contract is below.
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Source: https://www.tradingview.com/x/5IRznoG9/
There are numerous drivers for this price increase, and while some are transient, others are structural. Transient drivers of steel shortages and high prices include:
Steel mill shutdowns due to Covid-19 - like most industries, steel producers reacted aggressively to allay the financial fallout from the pandemic. They expected a drop in demand, so idled mills and began to reduce inventory.
Consumer demand spike during lockdowns - manufacturers were surprised when demand didn't just return but soared during lockdown periods. With Americans and Europeans not spending money on travel, dining, or services, and cash in their pockets from increased unemployment benefits, they've renovated their homes, replaced appliances, and bought new vehicles - all of which require steel.
Government infrastructure spending - Governments all over the world have tried to prevent a pandemic induced depression by fiscal stimulus. Generally that means more roads, rail, and airports, all of which require structural steel. While these projects in the west are still in the planning stages, China stimulus spending has been going strong for months.
Steel is not the only commodity experiencing shortages from these effects. Lumber, copper, and other metals all saw similar leaps in price. Lumber has since come back down to earth, and prices of non-ferrous metals have been temporarily suppressed after China committed to releasing some of its strategic mineral reserves.
At the same time, there are several secular trends that are bullish for steel over a longer timeframe that will not fade as the world moves past Covid-19.
Shift to electric vehicles - electric vehicle supply and demand are growing exponentially. All the major automakers are beginning to offer electric drive trains, and consumers love them. Due to battery weight, electric vehicles tend to be heavier and require more and higher strength steel. Higher auto fleet replacement rates as electric vehicle adoption accelerates will be bullish for steel demand. Automotive is also Cleveland Cliffs' largest customer segment.
Reduced Chinese steel exports - China continues to be the low cost producer of steel globally with significant exports. It effectively sets the global price as the marginal supplier. Chinese leadership has publicly committed to reduced steel production in order to reduce CO2 emissions and improve local air quality. While these changes have not yet been enforced, there have been significant actions to curb exports.
China eliminated its export rebate. Previously, steel exports would receive a rebate in the amount of 13% of sales for all overseas steel shipments. This amounted to a subsidy for exported steel. The removal of this subsidy increased Chinese steel export prices by 13% overnight.
China is rumored to be adding export taxes on top of the rebate removal. While not yet final, this would make international steel sales even less attractive, keep domestic prices low, and support higher margins for US and European steel producers.
China has also publicly committed to converting its highly polluting legacy blast furnaces fed by sinter mills to cleaner Electric Arc Furnaces (EAFs). Moreover, it is not replacing its mills on a one-for-one basis. For every 1.5 tonnes of blast furnace capacity that is shuttered, only 1 tonne of EAF production is licensed to replace it. This will provide a slow but persistent decrease in China's steel production capacity.
Green power - the switch from fossil fuels to solar, wind, and storage is going to require enormous investments in new generation and transmission. While copper and other rare earth metals are the most obvious beneficiaries, all these projects will also require steel. CLF is the largest producer of electrical steel in North America and stands to benefit from any grid modernization efforts.
Fiscal stimulus - government infrastructure spending launched in 2020 and 2021 will have a long tail. US and EU projects will take months or years to get off the ground. Incremental demand for structural steel will be here for years to come.
What China's Switch to EAF Means for Cleveland Cliffs
In addition to macro trends across the steel industry, there is also a catalyst that may give CLF a persistent and long term advantage.
EAFs such as those operated by Nucor (NUE) depend on scrap metal. In the US, scrap generation and collection is fully developed. There are markets for scrap, regional collection centers, and competitive pricing. That is the not yet the case in China. As China converts more and more of its production to EAFs, it will need greater and greater volumes of scrap steel. In a compound effect, China's emissions reduction initiatives will also reduce the supply of pig iron, pushing traditional basic oxygen furnaces to integrate more scrap in their supply chain. While China will certainly begin to develop a domestic scrap collection industry, it will also depend on imports for the foreseeable future.
This competition for scrap steel has been discussed for years, with McKinsey writing a report on it back in 2017. Today we see higher scrap prices in China as well as domestically at $670 per ton, but it isn't yet clear if this is a permanent change in scrap market dynamics or simply a function of all-time high steel prices.
CLF's CEO Laurenco Goncalves has made much of the coming wave of scrap demand in China. He believes higher scrap prices are here to stay, and there will be increasing competition for access to scrap. As a major producer of direct-reduced iron ((DRI)) and hot briquetted iron ((HBI)), Cleveland Cliffs' has a supply of the leading scrap alternative. EAFs are unable to directly use crude iron ore like blast furnaces and need further refined feedstocks such as pig iron, DRI, and HBI. CLF can deliver those products. CLF has the opportunity to use these feedstocks internally to provide a sustained price advantage for its steel production or to sell them competitively to EAFs challenged by high scrap prices. While potentially an additional value driver, a tightening scrap market is not necessary to drive stock price appreciation for CLF.
Relative Valuations
Historically, steel companies have traded in two different valuation ranges. There have been the "legacy" steel producers that were primarily producing steel with blast furnaces from iron ore and coking coal. These companies such as US Steel (X) and Arcelor Mittal (MT) tend to have significant debt, legacy pension obligations to current and former employees, and lower margins. With steel prices set by low cost producers in China, the legacy producers struggled to compete and traded at 5-6x EBITDA. In contrast, newer "mini-mills" are typified by Nucor (NUE) and Steel Dynamics (STLD). These companies use Electric Arc Furnaces (EAFs) to melt scrap, are younger companies without long term pension obligations, have lower debt, and historically had higher margins due to a meaningful cost advantage. Additionally, EAFs allow quicker startup and shutdown than blast furnaces, making them more responsive to steel demand. Given these advantages, mini-mill producers traded at 7-8x forward EBITDA.
Sustained record high steel prices this year are delivering huge 2021 EBITDA numbers across the industry, so multiples are far below their historic average. Current valuations and 2021 EBITDA Forecasts are below.
CompanyTickerMkt. Cap (6/18/21)Net DebtOther*EVConsensus '21 EBITDADebt / EBITDAEV / EBITDANucorNUE$27.8$2.4$0.0$30.3$7.30.3x4.1xSteel DynamicsSTLD$12.2$1.8$0.0$14.1$3.60.5x3.9xCleveland CliffsCLF$10.1$5.6$3.9$19.6$5.21.8x3.8xArcelor MittalMT$29.5$5.9$4.7$40.0$13.60.8x2.9xUS SteelX$6.1$5.3$0.8$12.2$4.71.3x2.6x*Includes pension liabilities and capital lease obligations where applicable.Median0.8x3.8x
At first glance, CLF is trading right in the middle of the pack and matches the median for the industry. However, this simple analysis doesn't fully reflect the new company's cash flow.
Below I've charted the EV/EBITDA multiple vs. Debt/EBITDA for CLF and its peers. You can see a very direct relationship between valuation and leverage levels - the lower the debt load, the higher the EBITDA multiple. At this stage Cleveland Cliffs appears as an outlier whose valuation is far out of line with its debt load and therefore its risk level. Once again, I don't think this is the whole picture.
As mentioned previously, CLF has increased its guidance twice this year as HRC prices continue to exceed expectations. First, from $3.5B to $4B, then from $4B to $5B. Even the $5B guidance presumes HRC prices fall to $1,175 for the remainder of the year, or 50% below today's levels. Using the current HRC price curve, I believe CLF will beat guidance and generate $6B in EBITDA, which will correspond to $4.3B in cash flow. With $650M in capex, that leaves $3.7B available for debt retirements. At current HRC prices, CLF is likely to once again update their guidance around its Q2 earnings call next month to a still conservative $5.5B. With steel delivery lead times at 8-10 weeks at the moment, today's spot prices will flow through the P&L at the end of August, so by July earnings the only meaningful pricing uncertainty for 2021 is the 4th quarter.
Moreover, CEO Lorenzo Goncalves has stated multiple times that he intends to pay down debt aggressively with this excess cash. We can adjust CLF's current multiple with these two changes and plot the "new" Cleveland Cliffs on the same chart. The "CLF 2" point shows the change from $5.2B in EBITDA to $6B in EBITDA, and the "CLF 3" data point assumes debt paydown from $5.6B at the end of Q1 to $2B in net debt at year end. The $3.9B in outstanding pension obligations remain in all scenarios.
Now the company actually looks undervalued compared to its peers.
It's also necessary to forecast 2022 profitability to arrive at an end-of-year price target. The market is currently expecting a reversion to the mean for steel pricing in 2022. Consensus EBITDA estimates for CLF next year are $2.9B. At the beginning of 2021 when steel prices were 40% lower than they are today, CLF provided guidance of $3.5B in EBITDA assuming an HRC price of $975 per tonne through year end. $2.9B in EBITDA for 2022 implies HRC pricing of around $800 per tonne.
While I fully expect HRC prices to drop down to $1,000 per tonne or less over the next 12 months, the annual contract renewals that have provided a drag on profitability this year are going to be delivering tailwinds next year.
The following drivers lead me to believe Cleveland Cliffs can easily generate $3.5B to $4.0B in cash flow next year:
CLF's industry leading low-cost structure due to DRI and HBI feedstock costs well below prevailing scrap prices
Automotive contracts signed in the current elevated pricing environment
Incremental cost savings efficiencies from the combination of Arcelor Mittal and AK Steel's US operations that have only been partially realized in 2021
Increased productivity from the continued switch to HBI in CLF blast furnaces
With $4B in EBITDA and a lower debt load, CLF will be generating more than $2.5 in cash, allowing it to invest a run-rate $500M in capex and still completely extinguish its remaining debt. For this reason more than any other, CLF should be trading comparably to its mini-mill competitors such as Nucor and Steel Dynamics. The sensitivity table below shows implied stock prices against a range of HRC prices and EBITDA multiples. Using this range, I arrive at an end-of-year price target of $30 to $35 per share with potential upside to $40.
While margins may continue to compress in 2023 with softening steel prices, Cleveland Cliffs will be a transformed company. With no debt service costs and the ability to return cashflow to shareholders via buybacks and/or dividends, the share price will have long term support even if the company is "only" generating $3B in run-rate EBITDA.
Summary
In conclusion, Cleveland Cliffs has completely reinvented itself over the last 12 months. While the initial transformation into a highly profitable, integrated steel producer has richly rewarded shareholders, the market has not yet valued CLF as the debt-free, high cash flow company it will soon become. As it begins to trade at industry leading multiples alongside Nucor, current shareholders stand to benefit tremendously.
This article was written by
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Former finance professional working in Silicon Valley
Disclosure: I am/we are long CLF, NUE, MT. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
METALS
28 May 2021 | 17:40 UTC
ArcelorMittal increases steel coils prices by Eur20/mt
AuthorLaura Varriale
EditorDiana Kinch
CommodityMetals
Europe's biggest steelmaker ArcelorMittal has increased coil offers again by Eur20/mt ($24.40/mt) to Eur1,170/mt for hot-rolled coil, Eur1,320/mt for cold-rolled and hot-dipped galvanized across Europe, sources told S&P Global Platts late May 28.
The Awarding of a Cannabis Cultivation and Processing License to Kaya Holdings’ (OTCMKTS: KAYS) Israeli Subsidiary
June 24, 2021
By
Ward Sport
Kaya Holdings Inc. (OTCMKTS: KAYS) is a well-known veteran in the legal cannabis industry. The vertically integrated and the first US publicly traded company is a top cannabis retailer, cultivator, processor, and distributor of premium cannabis products, primarily cannabis-infused baked goods, candies, flowers, and concentrates. The company also operates medical marijuana dispensaries and medical marijuana growing operations.
In the recent past, there has been evident growth within Kaya Holdings. Thanks to the support from its subsidiaries. And today, the company has reported awarding an initial permit to its Israeli subsidiary, Kaya Shalvah (Kaya Farms Israel), to develop an Israeli cannabis cultivation and processing facility. The Department for Medical Cannabis permit in the Israeli Ministry of Health is one of the major strongholds for the company as it pursues emerging markets significant to its growth and expansion.
The Formal Permission Demonstrates the Progress in Seeking to Establish KAYS
KAYS is currently operating two OLCC licensed marijuana retail stores in Oregon. They both service legalized medical and recreational markets. Meanwhile, the company is working on a third retail cannabis license relocation task, the Eugene and Southern Oregon Cannabis Market being primary targets and as delivery hubs.
Thus, obtaining formal permission is such an incredible milestone, according to KAYS’ CEO Craig Frank. He says, “… Israel offers an attractive market, access to additional markets, and proximity to an excellent knowledge base and cutting-edge technologies, which will aid us as we execute our international growth plan….”
The company is already tapping onto international expansion opportunities presented through an earlier acquisition of a 50% interest in Greekkannabis, its Greek Joint Venture partner.
And in other news, KAYS has confirmed having received a buy rating with a fair value of $0.89 from Fundamental Research Corp (FRC). In addition, a report filed under cover of 8-K outlined the company’s significant highlights included an expected launch of 14 brands, likely to happen later in the year.
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
RELATED TOPICS:CRAIG FRANKKAYA HOLDINGS INCKAYA HOLDINGS INC. (OTCMKTS: KAYS)OTCMKTS: KAYS
Watch China. China bad.
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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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
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(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