Tag: Cleveland-Cliffs

South Korean steelmaker POSCO is set to take at least a 10% stake in Cleveland-Cliffs and invest over $700 million, according to a South Korean media report.

Cleveland-Cliffs on Thursday said it had signed a memorandum of understanding (MoU) with POSCO to forge a strategic partnership, one Cliffs bills as "transformative."

Cliffs said it successfully completed a defect-free trial production of exposed steel parts using aluminum-forming equipment in collaboration with an unnamed OEM,

Lourenco Goncalves confirmed that Cleveland-Cliffs is actively selling off portions of its Ferrous Processing and Trading (FPT) assets. Its direct reduction plant in Toledo, Ohio, may also be up for grabs...

Cleveland-Cliffs is positioning itself as a key player in America’s push for industrial independence.

Cleveland-Cliffs executives pointed to growing automotive demand as the engine driving a turnaround at the company.

Cleveland-Cliffs Inc. pointed to signs of recovery in its third-quarter earnings report on Monday. Improved automotive volumes and a better product mix drove sequential gains, but the steelmaker’s financials continue to bled red.

Usually, I write about steel in this column because, well, we’re Steel Market Update. But before I get to steel, I want to give a shoutout to my colleagues at Aluminum Market Update (AMU) – SMU’s new sister publication.

The Cleveland-Cliffs name has been removed from its idled Steelton rail mill. SMU asked Cliffs about the move and if it might signal that it is selling the mill...

Another chapter of the Great U.S. Steel Buyout of the 2020s melodrama has closed, with all involved parties terminating the litigation disputes between them.

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).