Cleveland-Cliffs Enters the Scrap Business and Announces Acquisition

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Cleveland-Cliffs Enters the Scrap Business and Announces Acquisition

Cleveland-Cliffs Inc. announced that it has entered into a definitive agreement to acquire Ferrous Processing and Trading Company, for a total enterprise value of $775 million. Based in Detroit, FPT is among the largest processors and distributors of prime ferrous scrap in the United States, currently processing three million tons of scrap per year.

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Historical Share Performance

Cleveland-Cliffs (NYSE:CLF) 1-year historical share price performance versus the peer group of North American steel companies. These peer companies include:

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Latest Quarterly Results

Q2 2021

Quarter Ended Jun 30, 2021

$5B

Second-quarter 2021 consolidated revenues were $5.0 billion, compared to the prior-year second-quarter revenues of $1.1 billion.

$1.4B

Second-quarter 2021 Adjusted EBITDA* was $1.4 billion, compared to a $82 million loss in the second quarter of 2020.

Source: 10-Q 2021 Q2

For complete information regarding our financials, see our periodic filings

* Non-GAAP Financial Measures. View full reconciliation in our Q2 earnings press release.

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Latest Annual Report

For Fiscal Year Ending Dec 31, 2020

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About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing. The Company serves a diverse range of markets due to its comprehensive offering of flat-rolled steel products and is the largest steel supplier to the automotive industry in North America. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada.

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Cleveland-Cliffs at a Glance

25K

Employees with 20,000 Union represented across our Mining, Steel, and downstream manufacturing operations in the US and Canada.

46

Operating Facilities

As of Dec. 31, 2020 • 10-K 2020

Cleveland-Cliffs Company Performance in FY 2020

Total Revenue

In millions

Revenues by Product Line

  • Coated: 33%
  • Iron Products: 25%
  • Stainless/Electrical: 16%
  • Hot-rolled: 7%
  • Cold-rolled: 9%
  • Other: 10%

Revenue by Market

  • Automotive: 45%
  • Infrastructure and Manufacturing: 15%
  • Distributors and Converters: 13%
  • Steel Producers*: 27%

* Includes Realization of deferred revenue of $35 million for the year ended December 31, 2020

As of Dec. 31, 2020 • 10-K 2020
For complete information regarding our financials, see our periodic filings.

Learn More About Cleveland-Cliffs

Best-in-Class Steelmaking

Best-in-Class Steelmaking

Following the acquisitions of ArcelorMittal USA and AK Steel in 2020, we are a different company.  We have transformed into a vertically integrated high-value steel enterprise. We prioritize value over volume. We have the unique advantage of being self-sufficient, beginning with the extraction of raw materials through the manufacturing of steel products, including stamping, tooling and tubing. Our size and scale provide us flexibility to best serve our customers.   
Creating Innovative Steel Solutions

Creating Innovative Steel Solutions

We now have a world-class research and development team expanding our capabilities to bring new steel products to the marketplace. Our broad product mix includes carbon, stainless, electrical, and third-generation advanced high-strength carbon and specialty steels serving all major markets.
Supplying High-value Steel Across North America

Supplying High-value Steel Across North America

Our competitive advantage in an increasingly quality-focused marketplace strengthens our position in important U.S. markets such as construction, appliances, infrastructure, machinery, equipment, and automotive steel.
Producing Clean Steel

Producing Clean Steel

We have a long history of providing a safe workplace, striving to be good stewards of the environment, and establishing strong and respectful relationships with our communities. Our commitment to sustainability is core to our values and business operations and it extends to our partnerships with stakeholders.

IR Contacts

Corporate Office

Cleveland-Cliffs Inc.
200 Public Square
Suite 3300
Cleveland, OH 44114
T: (216) 694-5700
info@clevelandcliffs.com

Investor Relations

Paul Finan
Senior Vice President of Finance

James Kerr
Manager, Investor Relations
ir@clevelandcliffs.com

Transfer Agent

Broadridge Corporate Issuer Solutions
P.O. Box 1342
Brentwood, NY 11717
T: 303-562-9695
shareholder@broadridge.com
https://shareholder.broadridge.com/clf/