Steel Products Prices North America
Cliffs to Offer $750M in Unsecured, Guaranteed Notes
April 13, 2023
Cleveland-Cliffs is set to offer $750 million in unsecured guaranteed notes due in 2030.
“The offering is expected to close on April 14, 2023, subject to the satisfaction of customary closing conditions,” Cliffs said in a statement on Tuesday, April 11.
The Cleveland-based steelmaker said the offering is exempt from the registration requirements of the Securities Act of 1933, adding that the notes will bear interest at an annual rate of 6.75% and will be issued at par.
Also, the notes will be guaranteed on a senior unsecured basis by the company’s “material direct and indirect wholly owned domestic subsidiaries, other than certain excluded subsidiaries.”
The company said it intends to use the net proceeds from the notes “to repay a portion of the borrowings under the company’s existing asset-based revolving credit facility.”
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Steel Products Prices North America
CRU: Longs pricing trends diverge in North, South America
Most longs prices in the US were unchanged this month, except for rebar, which declined by $1.50/cwt ($30/short ton) m/m. While end-use demand is stable, inventories are well-stocked, keeping purchases limited. Domestic availability is sufficient to meet current demand, hindering the appetite for imported material. Meanwhile, prices for scrap remained under pressure in June, with […]
Nucor cuts plate prices by $125/ton, cites ongoing competition
Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its August order book.
Nucor cuts HR price for fourth straight week
Nucor lowered its consumer spot price (CSP) for hot-rolled (HR) coil by another $10 per short ton (st) for the first week of July. The steelmaker said in a letter to customers on Monday that its CSP base price for the week will be $670/st for all of its sheet mills with the exception of California Steel Industries (CSI).
Cliffs sets $720/ton HR price with opening of August books
Cleveland-Cliffs on Tuesday announced its monthly hot-rolled (HR) coil price of $720 per short ton (st) with the official opening of its August order book. The rate is down from last month’s price of $800/st.
CRU: Demand weakness continues to weigh on global sheet markets
Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]