Cleveland-Cliffs Inc.

Cleveland-Cliffs Inc. today announced that its Board of Directors has authorized the Company to buy back its outstanding common shares. Under the share repurchase program, the Company will have ample flexibility to buy up to a maximum of $200 million worth of shares, via acquisitions in the open market or privately negotiated transactions, including through accelerated share repurchases or pursuant to the terms of a Rule [...]

Cleveland-Cliffs Inc. today said it will be webcasting the fireside chat with Lourenco Goncalves at the Goldman Sachs Global Metals & Mining Conference in New York. The Company invites interested parties to listen to a live broadcast of the presentation. When: Wednesday, November 28, 2018, at 1:45 p.m. ET Presenter: Lourenco Goncalves, Chairman, President and Chief Executive Officer Web Address: www.clevelandcliffs.com If [...]

Cleveland-Cliffs Inc. today reported third-quarter results for the period ended September 30, 2018. The Company reported consolidated revenues of $742 million, compared to the prior year's third-quarter consolidated revenues of $597 million. Cost of goods sold was $480 million compared to $439 million reported in the third quarter of 2017. Net income was $438 million, or $1.41 per diluted share, compared to $53 million [...]

Cleveland-Cliffs Inc. announced today that its employees represented by the United Steelworkers at its Tilden and Empire mines in Michigan, and its United Taconite and Hibbing Taconite mines in Minnesota ratified a new 4-year labor contract. The new contract is retroactively effective from October 1, 2018 through September 30, 2022. The new contract covers approximately 1,800 USW-represented workers at Cliffs&rsquo [...]

Cleveland-Cliffs Inc. announced today that, as of the close of business on October 5, 2018, it has redeemed in full, as set forth in notices of redemption issued on September 5, 2018, all of its outstanding 5.90% senior notes due March 2020 and 4.80% senior notes due October 2020. The aggregate principal amount outstanding of debt redeemed was approximately $211 million. These redemptions decrease annualized interest [...]

Cleveland-Cliffs Inc. and the United Steelworkers announced jointly today a tentative agreement for a new 4-year labor contract that is effective as of October 1, 2018. The new contract will cover approximately 1,800 USW-represented workers at Cliffs’ Tilden and Empire mines in Michigan, and its United Taconite and Hibbing Taconite mines in Minnesota. Lourenco Goncalves, Chairman, President and CEO, stated [...]

Cleveland-Cliffs Inc. today said it will be announcing third-quarter 2018 financial results before the U.S.-market open on Friday, October 19, 2018. 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, October 19, 2018, at 10 a.m. ET Hosts: Lourenco Goncalves, Chairman, President and Chief [...]

Cleveland-Cliffs Inc. announced today that it intends to redeem the entirety of its outstanding 5.90% senior notes due March 2020 and 4.80% senior notes due October 2020 . The aggregate principal amount outstanding of the Notes is approximately $211 million. Pursuant to the terms of the Notes and the Indenture governing the Notes, the Company expects total payment to holders of the Notes to be approximately $220 million [...]

Cleveland-Cliffs Inc. announced today that it has closed the sale of its Asia Pacific Iron Ore assets to Mineral Resources Ltd. . With the transaction, Cliffs’ previously disclosed costs of closing the Australian operations were reduced by approximately $85 million. Included in this amount are asset retirement obligations assumed by MRL. As a result of the transaction, in the third quarter Cliffs will be recording a [...]

Cleveland-Cliffs Inc. announced today that the United States Bankruptcy Court for the District of Delaware reaffirmed the 2017 Cliffs acquisition of land located in Nashwauk, MN. The ruling resolved the land dispute in favor of Cliffs and Glacier Park Iron Ore Properties LLC . With that, Cliffs expects to be able to utilize the acquired real estate interests to implement a financially sustainable plan for the site. In his [...]