Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) today
announced that it has successfully completed its acquisition of
Stelco Holdings Inc. (“Stelco”). The addition of Stelco enhances
Cliffs’ position as the largest flat-rolled steel producer in North
America, diversifies Cliffs’ end-markets and expands its
geographical presence in Canada. Stelco will continue operations as
a wholly-owned subsidiary of Cliffs, preserving the name and iconic
Canadian legacy of the business.
Lourenco Goncalves, Chairman, President and CEO of Cliffs,
stated: “Today marks a transformative step forward for
Cleveland-Cliffs. By bringing Stelco into the Cliffs family, we are
building on our commitment to integrated steelmaking and good
paying union jobs in North America. This acquisition allows us to
further diversify our customer base and lower our cost structure.
We are excited about the opportunities this acquisition brings and
appreciate the warm welcome we have received from all government
officials in Canada. We take our permission to operate very
seriously and aim to continue the Stelco legacy with dedication and
purpose.”
Wells Fargo, J.P. Morgan and Moelis & Company LLC acted as
financial advisors and Davis Polk & Wardwell LLP and Blake,
Cassels & Graydon LLP served as legal counsel to Cliffs.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is a leading North America-based steel producer
with focus on value-added sheet products, particularly for the
automotive industry. The Company is vertically integrated from the
mining of iron ore, production of pellets and direct reduced iron,
and processing of ferrous scrap through primary steelmaking and
downstream finishing, stamping, tooling, and tubing. Headquartered
in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000
people across its operations in the United States and Canada.
Forward-Looking Statements
This release contains statements that constitute
"forward-looking statements" within the meaning of the federal
securities laws. All statements other than historical facts,
including, without limitation, statements regarding our current
expectations, estimates and projections about our industry, our
businesses or the transaction with Stelco, are forward-looking
statements. We caution investors that any forward-looking
statements are subject to risks and uncertainties that may cause
actual results and future trends to differ materially from those
matters expressed in or implied by such forward-looking statements.
Investors are cautioned not to place undue reliance on
forward-looking statements. Among the risks and uncertainties that
could cause actual results to differ from those described in
forward-looking statements are the following: continued volatility
of steel, iron ore and scrap metal market prices, which directly
and indirectly impact the prices of the products that we sell to
our customers; uncertainties associated with the highly competitive
and cyclical steel industry and our reliance on the demand for
steel from the automotive industry; potential weaknesses and
uncertainties in global economic conditions, excess global
steelmaking capacity, oversupply of iron ore, prevalence of steel
imports and reduced market demand; severe financial hardship,
bankruptcy, temporary or permanent shutdowns or operational
challenges of one or more of our major customers, key suppliers or
contractors, which, among other adverse effects, could disrupt our
operations or lead to reduced demand for our products, increased
difficulty collecting receivables, and customers and/or suppliers
asserting force majeure or other reasons for not performing their
contractual obligations to us; risks related to U.S. government
actions with respect to Section 232 of the Trade Expansion Act of
1962 (as amended by the Trade Act of 1974), the United
States-Mexico-Canada Agreement and/or other trade agreements,
tariffs, treaties or policies, as well as the uncertainty of
obtaining and maintaining effective antidumping and countervailing
duty orders to counteract the harmful effects of unfairly traded
imports; impacts of existing and increasing governmental
regulation, including potential environmental regulations relating
to climate change and carbon emissions, and related costs and
liabilities, including failure to receive or maintain required
operating and environmental permits, approvals, modifications or
other authorizations of, or from, any governmental or regulatory
authority and costs related to implementing improvements to ensure
compliance with regulatory changes, including potential financial
assurance requirements, and reclamation and remediation
obligations; potential impacts to the environment or exposure to
hazardous substances resulting from our operations; our ability to
maintain adequate liquidity, our level of indebtedness and the
availability of capital could limit our financial flexibility and
cash flow necessary to fund working capital, planned capital
expenditures, acquisitions, and other general corporate purposes or
ongoing needs of our business, or to repurchase our common shares;
our ability to reduce our indebtedness or return capital to
shareholders within the currently expected timeframes or at all;
adverse changes in credit ratings, interest rates, foreign currency
rates and tax laws; the outcome of, and costs incurred in
connection with, lawsuits, claims, arbitrations or governmental
proceedings relating to commercial and business disputes, antitrust
claims, environmental matters, government investigations,
occupational or personal injury claims, property-related matters,
labor and employment matters, or suits involving legacy operations
and other matters; supply chain disruptions or changes in the cost,
quality or availability of energy sources, including electricity,
natural gas and diesel fuel, critical raw materials and supplies,
including iron ore, industrial gases, graphite electrodes, scrap
metal, chrome, zinc, other alloys, coke and metallurgical coal, and
critical manufacturing equipment and spare parts; problems or
disruptions associated with transporting products to our customers,
moving manufacturing inputs or products internally among our
facilities, or suppliers transporting raw materials to us; the risk
that the cost or time to implement a strategic or sustaining
capital project may prove to be greater than originally
anticipated; our ability to consummate any public or private
acquisition transactions and to realize any or all of the
anticipated benefits or estimated future synergies, as well as to
successfully integrate any acquired businesses into our existing
businesses; uncertainties associated with natural or human-caused
disasters, adverse weather conditions, unanticipated geological
conditions, critical equipment failures, infectious disease
outbreaks, tailings dam failures and other unexpected events;
cybersecurity incidents relating to, disruptions in, or failures
of, information technology systems that are managed by us or third
parties that host or have access to our data or systems, including
the loss, theft or corruption of sensitive or essential business or
personal information and the inability to access or control
systems; liabilities and costs arising in connection with any
business decisions to temporarily or indefinitely idle or
permanently close an operating facility or mine, which could
adversely impact the carrying value of associated assets and give
rise to impairment charges or closure and reclamation obligations,
as well as uncertainties associated with restarting any previously
idled operating facility or mine; our level of self-insurance and
our ability to obtain sufficient third-party insurance to
adequately cover potential adverse events and business risks;
uncertainties associated with our ability to meet customers' and
suppliers' decarbonization goals and reduce our greenhouse gas
emissions in alignment with our own announced targets; challenges
to maintaining our social license to operate with our stakeholders,
including the impacts of our operations on local communities,
reputational impacts of operating in a carbon-intensive industry
that produces greenhouse gas emissions, and our ability to foster a
consistent operational and safety track record; our actual economic
mineral reserves or reductions in current mineral reserve
estimates, and any title defect or loss of any lease, license,
easement or other possessory interest for any mining property; our
ability to maintain satisfactory labor relations with unions and
employees; unanticipated or higher costs associated with pension
and other post-employment benefit obligations resulting from
changes in the value of plan assets or contribution increases
required for unfunded obligations; uncertain availability or cost
of skilled workers to fill critical operational positions and
potential labor shortages caused by experienced employee attrition
or otherwise, as well as our ability to attract, hire, develop and
retain key personnel; the amount and timing of any repurchases of
our common shares; potential significant deficiencies or material
weaknesses in our internal control over financial reporting; the
risk that the transaction with Stelco may be less accretive than
expected, or may be dilutive, to Cliffs’ earnings per share, which
may negatively affect the market price of Cliffs’ common shares;
the risk that adverse reactions or changes to business or
regulatory relationships may result from the completion of the
transaction; the risk of shareholder litigation relating to the
transaction that could be instituted against Stelco, Cliffs or
their respective directors and officers; the risk that the
financing transactions undertaken in connection with the
transaction may have a negative impact on the combined company’s
credit profile, financial condition or financial flexibility; the
possibility that the anticipated benefits of the acquisition of
Stelco are not realized to the same extent as projected and that
the integration of the acquired business into our existing
business, including uncertainties associated with maintaining
relationships with customers, vendors and employees, is not as
successful as expected; the risk that future synergies from the
transaction may not be realized or may take longer than expected to
achieve; the possibility that the business and management
strategies currently in place or implemented in the future for the
maintenance, expansion and growth of the combined company’s
operations may not be as successful as anticipated; the risk
associated with the retention and hiring of key personnel,
including those of Stelco; the risk that the completion of the
transaction could have adverse effects on the market price of
Cliffs' common shares; and the risk of any unforeseen liabilities
and future capital expenditures related to the transaction.
For additional factors affecting the business of Cliffs, refer
to Part I – Item 1A. Risk Factors of our Annual Report on Form 10-K
for the year ended December 31, 2023, Part II – Item 1A. Risk
Factors of our Quarterly Report on Form 10-Q for the quarterly
period ended June 30, 2024, and other filings with the U.S.
Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20241101910934/en/
MEDIA CONTACT: Patricia Persico Senior Director,
Corporate Communications (216) 694-5316
INVESTOR CONTACT: James Kerr Director, Investor Relations
(216) 694-7719
Cleveland Cliffs (NYSE:CLF)
過去 株価チャート
から 10 2024 まで 11 2024
Cleveland Cliffs (NYSE:CLF)
過去 株価チャート
から 11 2023 まで 11 2024