Cleveland-Cliffs Inc.
Cleveland-Cliffs Inc. Announces Preliminary Financial Results and Private Note Offering
Summary
On February 3, 2025, Cleveland-Cliffs Inc. (CLF) announced preliminary financial results for 2024, following the acquisition of Stelco Holdings Inc., and launched a private offering of $850 million of senior guaranteed notes due 2031. The company expects full-year 2024 steel shipments of 15.6 million net tons and revenues of approximately $19.2 billion, with adjusted EBITDA of approximately $775 million. The notes will bear interest at an annual rate of 7.500% and are expected to close on February 6, 2025. A full earnings report is expected on February 24, 2025.
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About Cleveland-Cliffs Inc.
Cleveland-Cliffs Inc. is a leading integrated producer of flat-rolled steel products in North America. The company operates through a robust supply chain that spans a wide range of steel manufacturing processes, including mining, pelletizing, and direct reduced iron production. As a major supplier of steel to various industries, Cleveland-Cliffs serves critical sectors such as automotive, construction, and manufacturing, providing essential materials used in the production of vehicles, appliances, and infrastructure projects. Founded in 1847, Cleveland-Cliffs has evolved from a small iron mining operation into a comprehensive steel powerhouse, reflecting its importance to the U.S. economy and robust industrial base. The firm's strategic acquisitions and production capabilities enhance its position in the market, allowing it to reduce reliance on third-party suppliers and maintain greater control over the quality of its steel products. Cleveland-Cliffs stands out in the financial market due to its significant impact on raw material supply chains and its role in supporting industrial growth and development across North America.
Official SEC Documents
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