Cleveland-Cliffs Inc. (CLF) Moves To Bolster Balance Sheet to Manage Debt

Core Insights - Cleveland-Cliffs Inc. is enhancing its financial position by upsizing an additional $275 million in senior unsecured notes due 2034, part of a larger $850 million issuance of 7.625% Senior Guaranteed Notes [1][2] - The company plans to utilize the net proceeds from this offering to repay borrowings under its asset-based credit facility, indicating a focus on debt management [2] - Cleveland-Cliffs remains optimistic about the second half of the year despite a challenging macroeconomic environment and is exploring non-core asset sales and strategic foreign investments to further reduce debt [3] Company Overview - Cleveland-Cliffs Inc. is a leading North American steel producer with a vertically integrated business model, controlling the entire production process from iron ore mining to steel processing [4] - The company is the largest supplier of steel to the automotive industry, highlighting its significant role in this sector [4]