All articles tagged with #cleveland cliffs
Cleveland-Cliffs reported strong Q2 earnings driven by cost-cutting and record shipments, benefiting from Trump tariffs that reduced imports. The company hinted at potential asset sales or acquisitions, highlighting the attractiveness of the U.S. steel market amid ongoing trade tensions. Its stock surged, reflecting investor optimism, while other steel stocks also gained.
Cleveland-Cliffs stock rose over 4.5% after reporting a better-than-expected Q2 2025 earnings, with revenue beating estimates despite a year-over-year decline, and provided optimistic guidance for cost reductions and capital expenditures, though analysts remain cautious with a hold rating and a target price suggesting potential downside.
President Trump announced an increase in steel tariffs from 25% to 50%, boosting steel-related stocks like Cleveland Cliffs and U.S. Steel, amid a deal between U.S. Steel and Nippon Steel. The move aims to support domestic steel profits, but analysts express caution over the valuation and potential risks of the deal, which has yet to close.
Cleveland-Cliffs Inc. has agreed to acquire Canadian steelmaker Stelco Holdings Inc. for approximately $2.8 billion, marking a significant move after its failed bid for United States Steel Corp. last year. The deal, which offers a substantial premium to Stelco shareholders, will expand Cliffs' steelmaking footprint and double its exposure to the flat-rolled spot market. The acquisition is expected to close in the fourth quarter of 2024, pending regulatory and shareholder approvals.
Cleveland-Cliffs Inc. has announced its acquisition of Stelco Holdings Inc. for approximately USD $2.5 billion, expanding its steelmaking footprint in North America. The deal, supported by the United Steelworkers union, is expected to bring significant cost savings and synergies, while maintaining Stelco's operations and legacy in Canada. The transaction is anticipated to close in the fourth quarter of 2024, subject to regulatory and shareholder approvals.
The closure of a West Virginia tin mill, putting nearly 1,000 jobs at risk, has sparked outrage from the United Steelworkers Local 2911 union president, who criticizes the International Trade Commission's decision against tariffs on foreign tin imports. The president vows to fight the closure, emphasizing the national security implications and the impact on the local community. Support from Washington, including Senator Joe Manchin, is sought to overturn the decision and revitalize domestic manufacturing.
The announcement of the closure of the Cleveland-Cliffs mill in Weirton has left the community in a state of shock, but residents are showing resilience in the face of this news. The closure will have a significant impact on the local economy and workforce, but the community is coming together to support those affected and explore opportunities for the future.
Cleveland-Cliffs is indefinitely shutting down a tin production facility in West Virginia and laying off 900 workers after the International Trade Commission voted against imposing tariffs on tin imports from Canada, China, and Germany. The decision comes after the U.S. Department of Commerce had determined that these products were sold in the United States at less than fair value and subsidized by the Chinese government. The company plans to offer severance packages or relocation opportunities for affected workers, and its CEO expressed disappointment in the trade commission's ruling, calling for stronger trade laws to protect American industry and workers.
Cleveland-Cliffs Inc. announced the idling of its tinplate production plant in Weirton, potentially resulting in 900 job losses, due to the International Trade Commission's decision to reject anti-dumping and countervailing duties on tin mill products. This move has drawn criticism from politicians and union leaders, who argue that it undermines fair competition and domestic manufacturing. The company and the United Steelworkers had filed petitions about unfairly traded tin and chromium coated sheet steel products, but the commission found the impact of tin imports from certain countries to be negligible. This decision has sparked a debate about the impact on American jobs and the domestic food supply chain.
Cleveland-Cliffs Inc. will indefinitely idle its tinplate production plant in Weirton, West Virginia in April 2024 due to an unfavorable International Trade Commission (ITC) ruling that rejected the implementation of anti-dumping and countervailing duties on tin mill products. Approximately 900 employees will be impacted, with relocation opportunities and severance packages being offered. The company's CEO expressed disappointment in the ruling, citing an uneven playing field and the impact on American jobs and the food supply chain. Cleveland-Cliffs is maintaining its 2024 sales volume guidance despite this development.
Several stocks are experiencing significant movement in after-hours trading, including Whirlpool, F5, and Cleveland-Cliffs.
Pennsylvania Senator John Fetterman expresses dissatisfaction with the $14 billion sale of US Steel to Nippon Steel, the largest steelmaker in Japan. The deal marks a further decline for the once-iconic American company, and the United Steelworkers Union may oppose it, as they had previously pledged support for a purchase offer from Cleveland Cliffs, another American steel company.
United States Steel (X) has reportedly received multiple acquisition offers for over $40 per share, including a bid from Cleveland-Cliffs (CLF) that is believed to be higher than their previous offer in August. The board is set to meet later today to discuss the bids. US Steel has expressed openness to exploring strategic options, and the news has caused the company's shares to rise by about 3%.
U.S. Steel has reportedly received multiple bids in excess of $40 per share, causing its stock to rise. The sale process, which began in August with an unsolicited bid from Cleveland Cliffs, is nearing its conclusion. Cleveland Cliffs' current bid is higher than its original offer, potentially structured to mitigate anti-trust concerns. If successful, the merger would create a company accounting for a significant portion of flat-rolled and auto-grade steel in the U.S. ArcelorMittal also submitted a bid, with potential financing to offer $45 per share in all cash.
U.S. Steel and Cleveland-Cliffs are in a dispute over a confidentiality agreement that would allow Cleveland-Cliffs to participate in the sale process of U.S. Steel. U.S. Steel has not granted access to its books to Cleveland-Cliffs, as the latter refuses to sign a standstill agreement preventing it from challenging U.S. Steel's board of directors. Cleveland-Cliffs wants to keep its options open as it pursues the acquisition. U.S. Steel has made the standstill agreement a condition for due diligence and participation in the sale process. Other potential bidders are being granted access on the same terms. It remains uncertain whether U.S. Steel will agree to a deal with any party.