Cleveland-Cliffs Inc. (CLF) shares have lost 19.6% in the past month, underperforming the Zacks Mining – Miscellaneous industry’s decline of 7.5%. The bearishness is partly due to the underlying challenges in the steel industry as reflected by the significant retreat in U.S. steel prices driven by a combination of demand slowdown and oversupply, which have triggered a downward revision in CLF’s earnings estimates.Technical indicators show that CLF has been trading below the 200-day simple moving average (SM ...

Cleveland-Cliffs Inc. (CLF) announced that it upsized and priced an additional $600 million in Senior Guaranteed Notes due 2032. This offering, exempt from registration under the Securities Act of 1933, features Additional Notes with an annual interest rate of 7%, issued at 99.25% of their principal amount. The Notes will be guaranteed on a senior unsecured basis by Cliffs’ key direct and indirect wholly-owned domestic subsidiaries, excluding certain subsidiaries.This upsized offering reduces the amount of ...

Cleveland-Cliffs (CLF) reported $5.09 billion in revenue for the quarter ended June 2024, representing a year-over-year decline of 14.9%. EPS of $0.11 for the same period compares to $0.69 a year ago. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 1-8944 CLEVELAND-CLIFFS INC. (Exact Name of Registrant as Specified in Its Charter) Ohio 34-1464672 (I.R.S. Employer Identi ...

Cleveland-Cliffs Inc. (CLF) stated that it will establish a new electrical distribution transformer production plant in Weirton, WV. This strategic investment aims to alleviate the significant shortage of distribution transformers that is currently hindering economic growth across the United States.Cleveland-Cliffs will repurpose its Half Moon Warehouse in Weirton to produce three-phase distribution transformers, which are used in electric power distribution systems. The total capital investment for this pr ...

Cleveland-Cliffs Inc. (NYSE:CLF) Q2 2024 Earnings Conference Call July 23, 2024 8:30 AM ET Company Participants Celso Goncalves - Executive Vice President & Chief Financial Officer Lourenco Goncalves - Chairman, President & Chief Executive Officer Conference Call Participants Lucas Pipes - B. Riley Securities Lawson Winder - Bank of America Carlos De Alba - Morgan Stanley Philip Gibbs - KeyBanc Capital Markets Operator Good morning, ladies and gentlemen. My name is Daryl, and I am your conference facilitato ...

Cleveland-Cliffs Inc.’s (CLF) second-quarter 2024 adjusted earnings were 11 cents per share, down from 69 cents in the prior-year quarter. The Zacks Consensus Estimate was pegged at break-even for the quarter.Revenues fell 14.9% to $5,092 million in the quarter. The top line missed the Zacks Consensus Estimate of $5,199.9 million.Operational HighlightsThe company reported Steelmaking revenues of roughly $4.9 billion in the second quarter, down around 15.4% year over year. Average net selling price per net t ...

NEWS RELEASE Cleveland-Cliffs Reports Second-Quarter 2024 Results CLEVELAND—July 22, 2024—Cleveland-Cliffs Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2024. Second-Quarter 2024 Highlights • Revenues of $5.1 billion • Steel shipments of 4.0 million net tons 1 • Net income of $9 million and adjusted net income of $50 million 1 • Adjusted EPS of $0.11 per diluted share 2 • Adjusted EBITDA of $323 million 3 • Net debt decrease of $237 million to $3.4 billion • Cash flow ...

Cleveland-Cliffs Inc. (CLF) is slated to release second-quarter 2024 results after the closing bell on Jul 22. While CLF is expected to have benefited from lower steelmaking unit costs and healthy overall volumes, lower steel prices are likely to have weighed on its performance.The Zacks Consensus Estimate for second-quarter 2024 earnings has been revised 100% downward in the past 60 days. The consensus estimate suggests break-even earnings per share. The Zacks Consensus Estimate for revenues is currently p ...

Cleveland-Cliffs Inc. (CLF) has announced a definitive agreement to acquire Stelco Holdings Inc., reinforcing CLF's dedication to integrated steel production in North America. This acquisition will bring 1,800 United Steelworkers ("USW") union employees into CLF's workforce.Under the deal, Stelco shareholders will receive C$60 in cash and 0.454 shares of Cleveland-Cliffscommon stock per Stelco common share (or C$10 per share as of Jul 12, 2024), totaling C$70 per Stelco share.The acquisition values Stelco a ...