Tag: Cleveland-Cliffs

CEO Lourenco Goncalves, flanked by state leaders and union reps, touted the project as proof that US manufacturing is not only alive, but also advancing.

Cliffs has idled facilities in Riverdale, Ill., and Conshohocken and Steelton, Pa.

Cleveland-Cliffs announced the commissioning of its new Vertical Stainless Bright Anneal Line at its Coshocton Works facility in Coshocton, Ohio, on Friday.

Several steel market sources say they were blindsided when mills increased spot prices for hot-rolled coils this week.

Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $950 per short ton (st) with the opening of its July spot order book. The Cleveland-based steelmaker said the price hike was effective immediately in a letter to customers dated Monday.

Cleveland-Cliffs Chairman, President, and CEO Lourenco Goncalves said he would keep one mill idled and still plans to idle another despite increased protections from Section 232 tariffs doubling to 50%.

Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves offered full-throated support for Section 232 tariffs on imported steel being doubled to 50%. And the top executive of the Cleveland-based steelmaker said the steel industry wanted to see as few exceptions as possible to the tariffs.

Cleveland-Cliffs opened its June order book for spot material at $910 per short ton (st).

Cliffs came tantalizing close to buying U.S. Steel in 2023. There were rumors in 2024 that Cliffs might buy NLMK USA before it ultimately purchased Stelco for $2.5 billion in November of last year. Who would have thought that asset sales would have been the focal point of discussion just six months later?

The future of two projects supported in part by funding through the Department of Energy remains uncertain.

Meanwhile, its Canadian operations have been hurt by the broader tariffs proposed by the United States.

Cleveland-Cliffs Inc. gushed red ink in the first quarter, and pledged to stem the bleeding by idling inefficient, “loss-making operations” and increasing focus on its core automotive business.

Cleveland-Cliffs plans to indefinitely idle its steel mill in Riverdale, Ill., as well as mills in Conshohocken, Pa., and Steelton, Pa. The Cleveland-based steelmaker said all three facilities would be idled on or around June 30. Approximately 950 jobs will be impacted, the company said.

Elon Musk's DOGE is determining which Department of Energy grants to advance and which ones to terminate, according to several media outlets

Cleveland-Cliffs opened its May order book for spot material at $975 per short ton (st).

After a March frenzy, are prices nearing a peak in April? Some of you have suggested that they are. Others think it's too early to make any such call.

Cleveland-Cliffs has decided to idle the steelmaking operations at its Dearborn Works in Michigan due to weak automotive demand.

The temporary measures “are necessary to re-balance working capital needs and consume excess pellet inventory produced in 2024,” Cliffs told SMU.

Cleveland-Cliffs Inc. has introduced a new employee incentive program to promote American-made vehicles, support domestic production, and strengthen US supply chains.

"The second half of last year was especially bad with the steel demand from the automotive sector slowing down, construction activity lagging and industrial production taking a hit," the CEO said.

Cleveland-Cliffs said it will open its April order book for spot material at $900 per short ton (st). The Cleveland-based steelmaker said the increase was necessary because of “rapidly changing market conditions” in a letter to customers dated Friday, Feb. 21.

Japan’s Prime Minister Shigeru Ishiba said on Monday that former President Joe Biden’s decision to block Nippon Steel’s buy of U.S. Steel was “unjust political interference,” according to a report in Reuters. This comes after another Reuters report on Friday saying that President Trump would not object to Nippon taking a minority stake in the […]

The union says the suit is "a frivolous and unsubstantiated attack on our union simply for exercising our First Amendment rights."

Muted demand from the auto industry took a particular toll later in the year.

He said a new entity would operate under the U.S. Steel name and would retain its Pittsburgh headquarters.

Cleveland-Cliffs could be teaming up with Nucor to make a play for U.S. Steel, according to an article at CNBC.

Nippon Steel and U.S. Steel have filed two lawsuits, one against the US government and the other against Cleveland-Cliffs and the United Steelworkers (USW) union's leader.

As one of my university professors once said (and it’s stuck with me for half a century), “Change is the only permanency.” On Friday, President Biden acted to block the acquisition of United States Steel by Nippon Steel Corp. of Japan, without acknowledging the changes that have already occurred in the steel industry, and which are likely to increase. After more than a year of raging debate, it seems that nobody was convinced by arguments. Nippon’s worker-centered concessions, including safeguarding the jobs of U.S. Steel’s unionized workers and committing to more than $2 billion in investments for the aging plants at Gary, Ind., and the Mon Valley complex in Pennsylvania, were not mentioned in the president’s announcement on Friday.

Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $800 per short ton (st). Cliffs said the increase announcement coincides with the opening of its February order book for both contract and spot tons of HR.

Cleveland-Cliffs has officially had spot HRC prices at $750/st since mid-September.