Cleveland-Cliffs Comments on Transformative Global Industry Consolidation and Updates Investors on Capital Allocation Priorities
18 Décembre 2023 - 3:25PM
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.
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MEDIA CONTACT: Patricia Persico Senior Director,
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