Cleveland-Cliffs announced today that it is redeeming in full, as set forth in the notice of redemption issued on April 30, 2019, all of its outstanding 4.875% Senior Notes due April 2021. Cliffs’ nearest debt maturity date is now in 2024. This redemption is part of the liability management transaction that also included the retirement of $600 million of Cliffs’ outstanding 5.75% Senior Guaranteed Notes due [...]
Cleveland-Cliffs Inc. announced today the early results of its previously announced offer to purchase for cash up to $600 million aggregate principal amount of its outstanding 5.75% Senior Guaranteed Notes due 2025 , subject to the terms and conditions set forth in the Company’s Offer to Purchase dated April 29, 2019 , including the Financing Condition, as defined therein. The Company expects the Financing Condition [...]
Cleveland-Cliffs Inc. announced today that it has priced $750 million aggregate principal amount of Senior Notes due 2027 in an offering that is exempt from the registration requirements of the Securities Act of 1933 . The Notes will bear interest at an annual rate of 5.875 percent and will be issued at a price of 96.125 percent of their principal amount. The Notes will be guaranteed on a senior unsecured basis by the [...]
Cleveland-Cliffs Inc. announced today the commencement of an offer to purchase for cash , subject to certain terms and conditions, up to $600 million aggregate principal amount of its outstanding 5.75% Senior Guaranteed Notes due 2025 . The Tender Offer is being made pursuant to an Offer to Purchase , which set forth a more detailed description of the Tender Offer. Holders of the Notes are urged to carefully read the [...]
Cleveland-Cliffs Inc. today announced that it intends to offer to sell, subject to market and other conditions, $750 million aggregate principal amount of Senior Notes due 2027 in an offering that is exempt from the registration requirements of the Securities Act of 1933 . The Notes will be guaranteed on a senior unsecured basis by the Company’s material direct and indirect wholly-owned domestic subsidiaries. The [...]
Cleveland-Cliffs Inc. today reported first-quarter results for the period ended March 31, 2019. The Company reported consolidated revenues of $157 million, compared to the prior year's first-quarter consolidated revenues of $180 million. Cost of goods sold was $126 million compared to $119 million reported in the first quarter of 2018. The Company recorded a loss of $22 million, or $0.08 per diluted share, compared to a [...]
Cleveland-Cliffs Inc. today said it will be announcing first-quarter 2019 financial results before the U.S.-market open on Thursday, April 25, 2019. 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. When: Thursday, April 25, 2019, at 9 a.m. ET Hosts: Lourenco Goncalves, Chairman, President and Chief [...]
Cleveland-Cliffs Inc. today announced that its Board of Directors declared a quarterly cash dividend on the Company's common shares of $0.05 per share. The cash dividend will be payable on April 15, 2019, to shareholders of record as of the close of business on April 5, 2019. About Cleveland-Cliffs Inc. Founded in 1847, Cleveland-Cliffs Inc. is the largest and oldest independent iron ore mining company in the United [...]
Cleveland-Cliffs Inc. announced today that Keith A. Koci has been appointed Executive Vice President, Chief Financial Officer of the company, effective immediately. Mr. Koci replaces Timothy K. Flanagan, who will be leaving the company, effective immediately. Mr. Koci joins Cliffs from Metals USA Holdings Corp., where he served most recently as its Senior Vice President and Chief Financial Officer. Prior to that role, Mr [...]
Cleveland-Cliffs Inc. today reported fourth-quarter and full-year results for the period ended December 31, 2018. Fourth-quarter 2018 consolidated revenues were $696 million, compared to prior-year fourth-quarter revenues of $512 million. Cost of goods sold and operating expenses were $494 million, compared to $396 million reported in the fourth quarter of 2017. For the fourth quarter of 2018, the Company recorded net [...]
Cleveland-Cliffs Inc. announced today that it has appointed M. Ann Harlan and Janet L. Miller to its Board of Directors, effective immediately. Ms. Harlan was formerly Vice President, General Counsel and Secretary at The JM Smucker Company, a fortune 500 food manufacturing and marketing company. She currently serves on the Board of Gorman Rupp Company, also a company listed on the New York Stock Exchange, where she has [...]
Cleveland-Cliffs Inc. today said it will be announcing fourth-quarter and full-year 2018 financial results before the U.S.-market open on Friday, February 8, 2019. 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. When: Friday, February 8, 2019, at 9 a.m. ET Hosts: Lourenco Goncalves, Chairman, President [...]
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