Tag: Cleveland-Cliffs

Cleveland-Cliffs Inc. has reportedly signed "unusually long" fixed-price supply agreements with multiple US automakers.

“We are committed to bring the hot-end back to full operation. The goal is to bring back to work all employees of the currently idled units as soon as we can," Chairman, President, and CEO Lourenco Goncalves said in a letter to colleagues on Wednesday.

Cleveland-Cliffs is idling blast furnace, BOF shop, and continuous caster functions at its Dearborn plant, but downstream operations will remain unaffected, the company confirmed.   Cliffs said its pickling line tandeom cold mill (PLTCM) and its extra wide automotive-grade galvanizing line for exposed parts will continue operations at the Dearborn, Michigan-based facility.

U.S. Steel and Nippon Steel are not done settling scores with those who opposed their historic, $14.9-billion partnership.

Cleveland-Cliffs lost more than $400 million for the third consecutive quarter but predicted results would improve in the second half of the year. And shares of the Cleveland-based steelmaker surged after company executives said during its Q2 earnings call on Monday that they could make billions by courting foreign investors or selling assets.

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.