Company profile

C. Lourenço Gonçalves
Incorporated in
Fiscal year end
Industry (SEC)
Former names
Cleveland Cliffs Inc, Cliffs Natural Resources Inc.
IRS number

CLF stock data



11 May 20
9 Jul 20
31 Dec 20


Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 359.1M 534.1M 555.6M 743.2M
Net income -48.6M 63.2M 90.9M 160.8M
Diluted EPS -0.18 0.23 0.33 0.57
Net profit margin -13.53% 11.83% 16.36% 21.64%
Operating income -78.8M 81.7M 121.6M 226.8M
Net change in cash -165.7M -46.7M 22.1M -53M
Cash on hand 186.9M 352.6M 399.3M 377.2M
Cost of revenue 356M 407.2M 400.7M 480.2M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 1.99B 2.33B 1.87B 1.55B
Net income 292.8M 1.13B 363.1M 199.3M
Diluted EPS 1.03 3.71 1.26 0.87
Net profit margin 14.71% 48.37% 19.46% 12.82%
Operating income 429.3M 673.2M 390.2M 130.7M
Net change in cash -470.6M -155.1M 665.5M 27.6M
Cash on hand 352.6M 823.2M 978.3M 312.8M
Cost of revenue 1.41B 1.52B 1.4B 1.27B

Financial data from company earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
1 Jul 20 Fisher Robert P Jr Common Shares Grant Aquire A No 5.37 1,397 7.5K 164,798
1 Jul 20 Harlan M Ann Common Shares Grant Aquire A No 5.37 2,793 15K 61,393.145
1 Jul 20 Stoliar Gabriel Common Shares Payment of exercise Dispose F No 5.37 1,676 9K 213,282
1 Jul 20 Stoliar Gabriel Common Shares Grant Aquire A No 5.37 5,587 30K 214,958
1 Jul 20 Taylor Douglas C Common Shares Grant Aquire A No 5.37 2,130 11.44K 161,197.21
1 Jul 20 Miller Janet L Common Shares Grant Aquire A No 5.37 1,397 7.5K 60,498
0.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 6 0 NEW
Opened positions 6 0 NEW
Closed positions 0 1 EXIT
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 983K 0 NEW
Total shares 249K 0 NEW
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Sonora Investment Management 235.78K $931K NEW
Shikiar Asset Management 11.64K $46K NEW
Gemmer Asset Management 959 $4K NEW
C M Bidwell & Associates 619 $2K NEW
Huntington National Bank 1 $0 NEW
IFP Advisors 0 $0
Largest transactions
Shares Bought/sold Change
Sonora Investment Management 235.78K +235.78K NEW
Shikiar Asset Management 11.64K +11.64K NEW
Gemmer Asset Management 959 +959 NEW
C M Bidwell & Associates 619 +619 NEW
Huntington National Bank 1 +1 NEW
IFP Advisors 0 0

Financial report summary

  • We face risks related to the current COVID-19 pandemic.
  • Uncertainty or weaknesses in global economic conditions, reduced economic growth in China, and excess steel and oversupply of iron ore or imported products could affect adversely our businesses.
  • The volatility of commodity prices, namely steel and iron ore, affects our ability to generate revenue, maintain stable cash flow and fund our operations, including growth and expansion projects.
  • Severe financial hardship or bankruptcy of one or more of our major customers or key suppliers could adversely affect our business operations and financial performance.
  • We sell a significant portion of our steel products to the automotive market and fluctuations or changes in the automotive market could adversely affect our business operations and financial performance.
  • If steelmakers use methods other than blast furnace production to produce steel or use other inputs, or if their blast furnaces shut down or otherwise reduce production, the demand for our current iron ore products may decrease.
  • Due to economic conditions and volatility in commodity prices, or otherwise, our iron ore pellet customers could fail to perform under or fail to renew our existing long-term sales agreements, which could impact adversely our sales, margins, profitability and cash flows.
  • Capacity expansions and limited rationalization of supply capacity within the steel and mining industries could lead to lower or more volatile global steel or iron ore prices, impacting our profitability.
  • U.S. government actions on trade agreements and treaties, laws, regulations or policies affecting trade could lead to lower or more volatile global steel or iron ore prices, impacting our profitability.
  • We are subject to extensive governmental regulation, which imposes, and will continue to impose, potential significant costs and liabilities on us. Future laws and regulations or the manner in which they are interpreted and enforced could increase these costs and liabilities or limit our ability to produce steel or iron ore products.
  • Although the numerous regulations, operating permits and our management systems mitigate potential impacts to the environment, our operations inadvertently may impact the environment or cause exposure to hazardous substances, which could result in material liabilities to us.
  • We may be unable to obtain and/or renew permits necessary for our operations or be required to provide additional financial assurance, which could reduce our production, cash flows, profitability and available liquidity. We also could face significant permit and approval requirements that could delay our commencement or continuation of new or existing production operations which, in turn, could affect materially our profitability and available liquidity.
  • Our existing and future indebtedness may limit cash flow available to invest in the ongoing needs of our business, which could prevent us from fulfilling our obligations under our senior notes and ABL Facility, and we may be forced to take other actions to satisfy our obligations under our debt, which may not be successful.
  • Changes in credit ratings issued by nationally recognized statistical rating organizations could adversely affect our cost of financing and the market price of our securities.
  • Our ability to collect payments from our customers depends on their creditworthiness.
  • Our operating expenses could increase significantly if the price of raw materials, electrical power, fuel or other energy sources increases.
  • A substantial majority of our iron ore pellet sales are made under supply agreements with specified durations to a limited number of customers that contain price-adjustment clauses that could adversely affect our profitability.
  • A court, arbitrator or regulatory body could find that we are responsible, in whole or in part, for liabilities we transferred to third-party purchasers.
  • Our actual operating results may differ significantly from our guidance.
  • Our assets as of March 31, 2020, include a deferred tax asset, the full value of which we may not be able to realize.
  • Holders of our common shares may not receive dividends on their common shares.
  • We rely on our joint venture partners to meet their payment obligations, and we are subject to risks involving the acts or omissions of our joint venture partners.
  • Steelmaking facility or mine closures entail substantial costs. If we prematurely close one or more of our facilities or mines, our results of operations and financial condition would likely be affected adversely.
  • Our sales and competitive position depend on the ability to transport our products to our customers at competitive rates and in a timely manner.
  • Natural disasters, weather conditions, disruption of energy, unanticipated geological conditions, equipment failures, infectious disease outbreaks, and other unexpected events may lead our customers, our suppliers or our facilities to curtail production or shut down operations.
  • We incur certain costs when production capacity is idled, including increased costs to resume production at idled facilities and costs to idle facilities.
  • We may not have adequate insurance coverage for some business risks.
  • A disruption in or failure of our information technology systems, including those related to cybersecurity, could adversely affect our business operations and financial performance.
  • Our operations and capital projects could be adversely affected by the failure of outside contractors and/or suppliers to perform.
  • The cost and time to implement a strategic capital project may prove to be greater than originally anticipated.
  • We continually must replace ore reserves depleted by production. Exploration activities may not result in additional discoveries.
  • We rely on estimates of our recoverable reserves, which is complex due to geological characteristics of the properties and the number of assumptions made.
  • Defects in title or loss of any leasehold interests in our mining properties could limit our ability to mine these properties or result in significant unanticipated costs.
  • In order to continue to foster growth in our business and maintain stability of our earnings, we must maintain our social license to operate with our stakeholders.
  • Our HBI project requires the commitment of substantial resources. Any unanticipated costs or delays associated with our HBI project could have a material adverse effect on our financial condition or results of operations.
  • Our profitability could be affected adversely if we fail to maintain satisfactory labor relations.
  • We may encounter labor shortages for critical operational positions, which could affect adversely our ability to produce our products.
  • Our expenditures for pension and OPEB obligations could be materially higher than we have predicted if our underlying assumptions differ from actual outcomes, there are facility or mine closures, or our joint venture partners fail to perform their obligations that relate to employee pension plans.
  • We depend on our senior management team and other key employees, and the loss of these employees could adversely affect our business.
  • We are subject to business uncertainties following the Merger, which could adversely affect us.
  • The Merger may be less accretive than expected, or may be dilutive, to our earnings per share, which may negatively affect the market price of our common shares.
  • We have incurred and will in the future incur significant transaction and Merger-related costs in connection with the Merger, which may be in excess of those anticipated by us.
  • We may fail to realize all of the anticipated benefits of the Merger, and our integration with AK Steel may not be as successful as anticipated.
  • In connection with the Merger, we may record tangible and intangible assets, including goodwill, that could become impaired and result in material non-cash charges to our results of operations in the future.
  • The ability to use AK Steel’s and our respective pre-Merger net operating loss carryforwards and certain other tax attributes to offset future taxable income may be subject to certain limitations.
Management Discussion
  • Management's Discussion and Analysis of Financial Condition and Results of Operations is designed to provide a reader of our financial statements with a narrative from the perspective of management on our financial condition, results of operations, liquidity and other factors that may affect our future results. We believe it is important to read our Management's Discussion and Analysis of Financial Condition and Results of Operations in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019, as well as other publicly available information.
  • Founded in 1847, Cleveland-Cliffs is among the largest vertically integrated producers of iron ore and steel in North America. With an emphasis on non-commoditized products, Cliffs is uniquely positioned to supply both customized iron ore pellets and sophisticated steel solutions to a quality-focused customer base, with an industry-leading market share in the automotive industry. A commitment to environmental sustainability is core to our business operations and extends to how we partner with stakeholders across our communities and the steel value chain. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 12,000 people across mining and steel manufacturing operations in the United States, Canada and Mexico.
  • The COVID-19 pandemic has negatively disrupted, to varying degrees, effectively all of the end markets that we serve. As a result, we expect decreased demand for our steel and raw material products until we see stabilization in the industrial markets that were impacted, most notably the automotive industry. In response to the COVID-19 pandemic and the corresponding reduction in demand, we have made several operational adjustments necessary to keep both our employees and Company healthy for the long term. See "–COVID-19" below.
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