-

Cleveland-Cliffs Comments on Transformative Global Industry Consolidation and Updates Investors on Capital Allocation Priorities

CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs” or “the Company”) issued the following statement regarding the announced proposed acquisition of U.S. Steel by Nippon Steel.

Lourenco Goncalves, Chairman, President of CEO of Cleveland-Cliffs, said, “We identified U.S. Steel as an extremely undervalued company with significant synergy potential when combined with Cleveland-Cliffs, creating a union-friendly American champion among the top-10 steelmakers in the world. Even though U.S. Steel’s Board of Directors and CEO chose to go a different direction with a foreign buyer, their move validates our view that our sector remains undervalued by the broader market, and that a multiple re-rating for Cleveland-Cliffs is long overdue. We congratulate U.S. Steel on their announcement and wish them luck in closing the transaction with Nippon Steel.”

Lourenco Goncalves continued: “As we have been guiding, we have already reached our net debt target of $3.0 billion this quarter, with no borrowings on our ABL as of today. Given that our CLF shares are still significantly undervalued, we will now re-focus our capital allocation priorities towards more aggressive share buybacks under our existing share repurchase authorization.”

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. Cleveland-Cliffs is the largest supplier of steel to the automotive industry in North America and serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 people across its operations in the United States and Canada.

Contacts

MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316

INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719

Industry:

Cleveland-Cliffs Inc.

NYSE:CLF
Details
Headquarters: Cleveland, Ohio
CEO: Lourenco Goncalves
Employees: 26,000
Organization: PUB
Revenues: 20.40 BILLION (2021)
Net Income: 3.0 BILLION (2021)
Release Versions
English

Contacts

MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316

INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719

More News From Cleveland-Cliffs Inc.

Cleveland-Cliffs Announces $1 Billion Middletown Works Investment to be Supported by $500 Million U.S. Department of Energy Award

CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) today announced that the U.S. Department of Energy (DOE) has established a framework for Cliffs to finalize negotiations and implementation plans for its Middletown Works investment, rescoping the previously awarded $500 million DOE grant. The optimization project represents a $1 billion total investment in Middletown Works, with funding shared equally between Cleveland-Cliffs and the DOE. The investment is expected to be...

Cleveland-Cliffs Announces Promotion of Chief Financial Officer Celso Goncalves from Executive Vice President to President and Appointment to Board of Directors

CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) today announced that its Board of Directors has promoted Executive Vice President and Chief Financial Officer Celso Goncalves to serve as President and Chief Financial Officer, and appointed him to the Company's Board of Directors, effective immediately. The appointment marks an important step in the evolution of Cleveland-Cliffs' leadership and reflects the Board's confidence in Celso Goncalves' proven leadership, strategic vision,...

Cleveland-Cliffs Reports Second-Quarter 2026 Results

CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2026. Second-Quarter Consolidated Results Revenues of $5.2 billion, a $300 million increase from the prior quarter Operating cash flow of $230 million GAAP net loss of $134 million and adjusted net loss1 of $115 million Adjusted EBITDA2 of $286 million, a $191 million increase from the prior quarter GAAP net loss of $0.25 per diluted share and adjusted net loss1 of $...
Back to Newsroom