Cleveland-Cliffs Inc

Dec. 9: Cleveland-Cliffs Completes Acquisition of ArcelorMittal USA

Cleveland-Cliffs Inc. announced that it has successfully completed the acquisition of substantially all of the operations of ArcelorMittal USA LLC and its subsidiaries (“ArcelorMittal USA”), forming the largest flat-rolled steel producer in North America. On a full-year 2019 basis, the combined Company generated pro-forma revenues of approximately $17 billion and combined adjusted EBITDA of approximately $1.7 billion, including previously disclosed expected synergies.

In connection with the acquisition of ArcelorMittal USA, which includes the interests of ArcelorMittal USA of 60% in I/N Tek L.P. and 50% in I/N Kote L.P., Cleveland-Cliffs also acquired Nippon Steel Corporation’s remaining interests of 50% in I/N Kote and 40% in I/N Tek, for a total consideration of approximately $183 million. With this additional transaction, Cleveland-Cliffs becomes the sole owner of 100% of I/N Tek and I/N Kote, which generated a combined $121 million of adjusted EBITDA in 2019.

You can read the complete news release online.

CEO Lourenco Goncalves on "Closing Bell" October 23, 2019

Lourenco Goncalves, Chairman, President and CEO of Cleveland-Cliffs, was interviewed live on CNBC's "Closing Bell" on October 23.  He discussed the effect of China on the global economy, the steel tariffs and the importance of U.S. manufacturing.

The interview can be watched on Cleveland-Cliffs’s YouTube channel.

Cliffs CEO Lourenco Goncalves Meets Dr. Peter Navarro at White House October 3, 2019

Cliffs Chairman, President & CEO Lourenco Goncalves recently traveled to Washington D.C. to meet with Dr. Peter Navarro, Assistant to the President and Director of the Office of Trade and Manufacturing Policy.

During the meeting at the White House, Mr. Goncalves and Dr. Navarro discussed the trade distortion caused by China’s polluting steel industry, as well as Cleveland-Cliffs’ investment of more than $1 billion to produce DR-grade pellets in Minnesota and HBI in Toledo, Ohio.

Northshore DR-Grade Pellet Project Ribbon Cutting August 6, 2019

Cleveland-Cliffs held its a ribbon cutting ceremony for its expansion at Northshore Mining in Silver Bay, Minnesota on August 6. 

Cliffs is celebrating the startup of the new production equipment, including supporting infrastructure, which was completed on schedule and within a total investment budget of $100 million. The Company invested in upgrading the concentrator building, a new scavenger building, new conveyor systems, a limestone tank and a steam generating plant to support large-scale commercial production of DR-grade pellets.

Cleveland-Cliffs broke ground for the project in March 2018, and the execution of the project concluded after nearly 500,000 labor hours of work. The project employed 150 people at peak construction, which included management, craft and labor. 

Northshore Mining is now the only U.S. based iron ore processing facility to produce low silica DR-grade pellets. The Northshore operation is producing DR-grade pellet feedstock inventory for Cliffs’ Hot Briquetted Iron Plant in Toledo, OH, which will be commissioned in mid-2020.

CEO Lourenco Goncalves on CNBC "Closing Bell" July 22, 2019

Cleveland-Cliffs CEO Lourenco Goncalves joined CNBC's "Closing Bell" on Friday, July 19 to discuss his company's recent earnings beat and his take on President Trump's head-to-head with China.

The interview is available on CNBC’s “Closing Bell” page.

"Eye on Mining" Highlights Northshore Project March 13, 2019

Cliffs Chairman, President and CEO Lourenco Goncalves was interviewed as part of a CBS 3 Duluth "Eye on Mining" feature on the DR-pellet project underway at Northshore Mining.  When the project is completed in mid 2019, Northshore will be able to produce up to 3.5 million long tons of DR-grade pellets. It will be the only facility in the United States capable of producing both DR-grade and regular blast furnace iron ore pellets.

You can watch the interview on CBS 3 Duluth’s website.

Latest Events

Cleveland-Cliffs to Acquire AK Steel Announcement Call
December 3, 2019

Cleveland-Cliffs and AK Steel Holding Corporation are pleased to announce that they have entered into a definitive merger agreement pursuant to which Cliffs will acquire all of the issued and outstanding shares of AK Steel common stock. Lourenco Goncalves, Chairman of the Board, President and CEO of Cliffs, will lead the expanded organization.

Cleveland-Cliffs and AK Steel will conduct a live conference call and webcast with analysts and investors on December 3, 2019 at 8:30 a.m. ET.

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