Cleveland-Cliffs Inc. today announced the results of its COVID-19 Vaccination Incentive Program. In July, the Company launched a vaccine incentive program that it developed in partnership with its labor unions, including the United Steelworkers, the United Autoworkers, and the International Association of Machinists. The intent of the Program was to protect the workforce by providing employees with a positive incentive to [...]
Cleveland-Cliffs Inc. announced today that its employees represented by the United Auto Workers Local 600 have ratified a three-year labor contract for its Dearborn Works operations. The new contract is retroactively effective from August 1, 2021 through July 31, 2024, and will cover approximately 1,000 UAW-represented workers at Dearborn. Lourenco Goncalves, Chairman, President and CEO, stated, "We are extremely pleased [...]
Cleveland-Cliffs Inc. today reported second-quarter results for the period ended June 30, 2021. Second-quarter 2021 consolidated revenues were $5.0 billion, compared to the prior-year second-quarter revenues of $1.1 billion. For the second quarter of 2021, the Company recorded net income of $795 million, or $1.33 per diluted share. This included the following charges totaling $77 million, or $0.13 per diluted share [...]
Cleveland-Cliffs Inc. announced today the release of its full Sustainability Report 2020. In response to feedback from many of its stakeholders, Cleveland-Cliffs developed its Sustainability Report 2020 with reference to the widely-used Global Reporting Initiative's comprehensive sustainability reporting framework and Sustainability Accounting Standards Board standards. The GRI framework encourages greater transparency [...]
Cleveland-Cliffs Inc. 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 [...]
Cleveland-Cliffs Inc. today provided updated financial guidance based on its most recent 2021 financial forecast. The Company's forecast includes the following expectations: Second-quarter 2021 adjusted EBITDA* of $1.3 billion Full-year 2021 adjusted EBITDA* of $5 billion 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 [...]
Cleveland-Cliffs Inc. is celebrating today the initial six months of continued operation and production of hot-briquetted iron 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 [...]
Baker Botts L.L.P. is pleased to represent Plaintiffs JSW Steel Inc. and JSW Steel Ohio, Inc. in their important antitrust lawsuit filed today in the Southern District of Texas against three of the largest domestic steel companies, Nucor Corp., United States Steel Corp., and Cleveland-Cliffs Inc., including its recent acquisition, AK Steel Holding Corp. The lawsuit alleges that the defendant companies conspired to boycott [...]
Cleveland-Cliffs Inc. today published its Sustainability Report 2020 Executive Summary highlighting the progress toward the achievement of its sustainability goals and reaffirming the company's agenda to build a more sustainable steel company. Later in the second quarter, the Company will publish its full Sustainability Report 2020 consistent with Global Reporting Initiative and Sustainability Accounting Standards Board [...]
Cleveland-Cliffs Inc. today reported first-quarter results for the period ended March 31, 2021. First-quarter 2021 consolidated revenues were $4.0 billion, compared to the prior-year first-quarter revenues of $359 million. For the first quarter of 2021, the Company recorded net income of $41 million, or $0.07 per diluted share. This included the following charges totaling $160 million, or $0.28 per diluted share: charges [...]
Cleveland-Cliffs Inc. announced today a tentative agreement with the United Steelworkers for a new 53-month labor contract that is effective as of April 1, 2021. The new contract will cover approximately 300 USW-represented workers. Lourenco Goncalves, Chairman, President and CEO, stated, "We are pleased to reach a new labor contract with the USW for our employees at Mansfield Works, one of our several EAF steel mills. As [...]
Cleveland-Cliffs Inc. will announce its first-quarter 2021 earnings results before the U.S. market open on Thursday, April 22, 2021. The Company invites interested parties to listen to a live broadcast of a conference call with securities analysts and institutional investors to discuss the results on April 22, 2021 at 10:00am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and available [...]
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