Trade Cases
Cliffs Closes $750M Notes Offering
April 14, 2023
Cleveland-Cliffs said Friday it has closed its previously announced offering of $750 million in unsecured guaranteed notes.
The Cleveland-based steelmaker made the announcement on April 11 for the notes due in 2030, which were priced at 6.75% annual coupon and issued at par.
The company said it intends to use the net proceeds from the notes to repay a portion of the borrowings under its existing asset-based revolving credit facility.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Trade Cases
Price: Reciprocal tariff changes and potential new tariffs for Brazil, Canada, others
Trade issues do not seem poised to leave the headlines anytime soon. And as recent developments show, the administration’s tariff policy remains ever-changing.
Bessent on Vietnam: 20% tariff stands, Section 232 protections apply
US Treasury Secretary Scott Bessent told reporters that tariffs for Vietnamese imports to the US are 20% and "specific industries" have trade protections under the Section 232 tariffs.
Steel groups welcome passage of budget bill
Steel trade groups praised the passage of the Big Beautiful Bill (BBB) in Congress on Thursday.
Canada moves to curb steel imports with TRQs
Canada has implemented tariff-rate quotas (TRQs) on steel imports to help stabilize its domestic market.
Commerce launches probe into unfairly traded rebar imports
Here are the details and a case timeline for the rebar trade case recently initiated by the Commerce Department.