![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Monday, December 18, 2023 10:04:52 PM
Cleveland-Cliffs pivots to share buybacks after losing US Steel to Nippon
18th December 2023
By: Bloomberg
Font size: - +
Cleveland-Cliffs announced an “aggressive” share-buyback program just months after making an ultimately unsuccessful takeover bid for rival United States Steel Corp. Cliffs shares jumped as much as 12%.
Cliffs Chief Executive Officer Lourenco Goncalves said Nippon Steel Corp.’s $14.1 billion deal to buy US Steel validated his view that the steel sector remains undervalued.
“Given that our CLF shares are still significantly undervalued, we will now re-focus our capital allocation priorities towards more aggressive share buybacks under our existing share repurchase authorization,” Goncalves said in a statement Monday. “We congratulate US Steel on their announcement and wish them luck in closing the transaction with Nippon Steel.”
The statement signals Cliffs has no plans to submit a counterbid. The United Steelworkers, who exclusively supported Cliffs’ bid, have a transferable right to make a counterbid as part of its collective bargaining agreement. The union said repeatedly it would transfer that right to Cliffs if US Steel chose another company.
Cliffs rose 12% to $20.92 at 11: 34 a.m. in New York, brining the year-to-date gain to 30%. ?
Edited by Bloomberg
Recent CLF News
- Cleveland-Cliffs Posts Press Conference and Q&A with U.S. Senator Sherrod Brown and USW International President David McCall on Website • Business Wire • 06/26/2024 07:09:00 PM
- Cleveland-Cliffs to Host U.S. Senator Sherrod Brown and USW International President David McCall at Cleveland Works • Business Wire • 06/24/2024 08:49:00 PM
- Cleveland-Cliffs to Host U.S. Senator Sherrod Brown and USW International President David McCall at Cleveland Works • Business Wire • 06/24/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 10:16:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 06:26:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 04:05:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/13/2024 12:53:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/12/2024 05:16:16 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/11/2024 10:02:07 PM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/24/2024 09:13:48 PM
- Cleveland-Cliffs Announces New Greenhouse Gas Emissions Reduction Goals • Business Wire • 05/24/2024 11:00:00 AM
- Cleveland-Cliffs Reminds U.S. Steel: You Have No Path to Close • Business Wire • 05/21/2024 05:08:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/20/2024 08:48:21 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 09:23:36 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 09:15:56 PM
- Cleveland-Cliffs Applauds International Trade Commission’s Decision to Uphold Tariffs on Japanese Imports • Business Wire • 05/10/2024 04:08:00 PM
- Cleveland-Cliffs to Publish Monthly Hot Rolled Coil Spot Price • Business Wire • 04/26/2024 11:00:00 AM
- Apple Loses Market Share in China, GM Surges in Pre-Market Following Upward Revisions for 2024 Projections, and More News • IH Market News • 04/23/2024 11:25:34 AM
- Cleveland-Cliffs Reports First-Quarter 2024 Results and Announces New $1.5 Billion Share Repurchase Program • Business Wire • 04/22/2024 08:05:00 PM
- U.S. Index Futures Surge While Wall Street Eyes Rebound on Earnings Focus, Oil Prices Slip • IH Market News • 04/22/2024 12:09:47 PM
- Cleveland-Cliffs to Host United States Secretary of Energy Jennifer Granholm at its Butler Works • Business Wire • 04/22/2024 11:00:00 AM
- Cleveland-Cliffs Applauds DOE’s Final Transformer Efficiency Standard Rule • Business Wire • 04/04/2024 02:37:00 PM
- Cleveland-Cliffs Issues Sustainability Report for 2023 • Business Wire • 04/03/2024 08:05:00 PM
- Cleveland-Cliffs to Announce First-Quarter 2024 Earnings Results on April 22 and Host Conference Call on April 23 • Business Wire • 04/02/2024 08:10:00 PM
- Cleveland-Cliffs Announces Price Increase for Hot Rolled, Cold Rolled and Coated Steel Products • Business Wire • 03/27/2024 01:21:00 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM
North Bay Resources Announces Successful Flotation Cell Test at Bishop Gold Mill, Inyo County, California • NBRI • Jun 27, 2024 9:00 AM
Branded Legacy, Inc. and Hemp Emu Announce Strategic Partnership to Enhance CBD Product Manufacturing • BLEG • Jun 27, 2024 8:30 AM
POET Wins "Best Optical AI Solution" in 2024 AI Breakthrough Awards Program • POET • Jun 26, 2024 10:09 AM
HealthLynked Promotes Bill Crupi to Chief Operating Officer • HLYK • Jun 26, 2024 8:00 AM