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Cleveland-Cliffs (CLF)

Cleveland-Cliffs, Inc. (Cliffs) is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, the company is also the largest producer of iron ore pellets in North America. In 2020, Cliffs acquired two major steelmakers, AK Steel and ArcelorMittal USA, vertically integrating its legacy iron ore business with quality-focused steel production and emphasis on the automotive end market. Its fully integrated portfolio includes custom-made pellets and hot briquetted iron (HBI); flat-rolled carbon steel, stainless, electrical, plate, tinplate and long steel products; as well as carbon and stainless steel tubing, hot and cold stamping and tooling. Headquartered in Cleveland, Ohio, Cliffs employ approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada.

Company profile

Ticker
CLF
Exchange
CEO
Lourenco Goncalves
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
CLEVELAND CLIFFS INC, CLIFFS NATURAL RESOURCES INC.
SEC CIK
Subsidiaries
Cannon Automotive Solutions - Bowling Green, Inc. • Cleveland-Cliffs Burns Harbor LLC • Cleveland-Cliffs Cleveland Works LLC • Cleveland-Cliffs Columbus LLC • Cleveland-Cliffs FPT Services Company • Cleveland-Cliffs Investments Inc. • Cleveland-Cliffs Kote Inc. • Cleveland-Cliffs Kote L.P. • Cleveland-Cliffs Minorca Mine Inc. • Cleveland-Cliffs Monessen Coke LLC ...
IRS number
341464672

CLF stock data

Calendar

26 Apr 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 35M 35M 35M 35M 35M 35M
Cash burn (monthly) 4.33M 6.25M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 12.45M 17.96M n/a n/a n/a n/a
Cash remaining 22.55M 17.04M n/a n/a n/a n/a
Runway (months of cash) 5.2 2.7 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Jun 22 Taylor Douglas C Common Shares Sell Dispose S No No 22.7693 21,850 497.51K 156,974.21
7 Jun 22 Taylor Douglas C Common Shares Sell Dispose S Yes No 23.1232 28,150 650.92K 0
11 May 22 Koci Keith Common Shares Buy Acquire P No No 22.3782 4,600 102.94K 294,735
29 Apr 22 Celso L Goncalves Jr Common Shares Buy Acquire P No No 26.315 4,000 105.26K 143,284.613
26 Apr 22 Koci Keith Common Shares Buy Acquire P No No 27.135 4,500 122.11K 290,135
26 Apr 22 Baldwin John T Deferred Shares Common Shares Grant Acquire A No No 0 5,271 0 50,216.954
0.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1 1
Opened positions 0 0
Closed positions 0 1 EXIT
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 1 1
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Huntington National Bank 1 $0 0.0%
Largest transactions Shares Bought/sold Change
Huntington National Bank 1 0 0.0%

Financial report summary

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Competition
CanadaGerdau
Risks
  • The ongoing COVID-19 pandemic and the resulting economic volatility has had, and is expected to continue to have, an adverse impact on our businesses.
  • The volatility of commodity prices, including steel, iron ore and scrap metal, directly and indirectly affects our ability to generate revenue, maintain stable cash flows and fund our operations.
  • 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.
  • Global steelmaking overcapacity, steel imports and oversupply of iron ore could lead to lower or more volatile global steel and iron ore prices, directly or indirectly impacting our profitability.
  • 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.
  • U.S. government actions on trade agreements and treaties, laws, regulations or policies affecting trade could lead to lower or more volatile global steel prices, impacting our profitability.
  • We are subject to extensive governmental regulation, which imposes 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 our raw materials and products.
  • Our operations use hazardous materials and inadvertently may impact the environment, which could result in material liabilities to us.
  • We may be unable to obtain, maintain, renew or comply with permits necessary for our operations or be required to provide additional financial assurances, which could reduce our production, cash flows, profitability and available liquidity.
  • Our existing and future indebtedness may limit cash flow available to invest in the ongoing needs of our businesses, which could prevent us from fulfilling our obligations under our senior notes, ABL Facility and other debt, 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 actual operating results may differ significantly from our guidance.
  • We may be subject to various lawsuits, claims, arbitrations or governmental proceedings that could result in significant expenditures.
  • Our operating expenses could increase significantly if the prices of raw materials, electrical power, fuel or other energy sources increase.
  • Our sales and competitive position depend on transporting our products to customers at competitive rates and in a timely manner, and our ability to optimize our operational footprint depends on predictably and cost effectively moving products and raw materials internally among our facilities.
  • Natural or human-caused 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.
  • A disruption in or failure of our IT systems, including those related to cybersecurity, could adversely affect our business operations, reputation and financial performance.
  • The closure of an operating facility or mine entails substantial costs. If our assumptions underlying our accruals for closure costs prove to be inaccurate or we prematurely close one or more of our facilities or mines, our results of operations and financial condition would likely be adversely affected.
  • We incur certain costs when production capacity is idled, as well as increased costs to resume production at previously idled facilities.
  • We face ongoing risks relating to our recent mergers and acquisitions activities.
  • We may not have adequate insurance coverage for some business risks.
  • As our customers, competitors and investors seek to reduce their carbon footprint, transition to carbon neutrality and enhance the sustainability of their respective businesses, we face increased financial, regulatory, legal and reputational risks and potential loss of business opportunities because our operations utilize carbon-based energy sources and produce GHG emissions.
  • In order to maintain consistent operational performance and foster growth in our businesses, we must maintain our social license to operate with our stakeholders.
  • The cost and time to implement a strategic capital project may prove to be greater than originally anticipated.
  • We rely on estimates of our recoverable mineral 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.
  • We may encounter labor shortages for critical operational positions, which could adversely affect our ability to produce our products.
  • Our profitability could be adversely affected if we fail to maintain satisfactory labor relations.
  • We depend on our senior management team and other key employees, and the loss of these employees could adversely affect our businesses.
  • 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 regulatory changes or other contributors fail to perform their obligations that relate to employee pension plans.
Management Discussion
  • See "— Results of Operations — Adjusted EBITDA" below for a reconciliation of our Net income to Adjusted EBITDA.
  • During the three months ended March 31, 2022, our consolidated Revenues were $5,955 million, an increase of $1,906 million, compared to the prior-year period. The increase was primarily due to an increase in the average steel product selling price of $546 per net ton, partially offset by a decrease of 507 thousand net tons of steel shipments from our Steelmaking segment.
  • During the three months ended March 31, 2022, Cost of goods sold increased by $945 million, as compared to the prior-year period. See "— Results of Operations — Steelmaking" below for further detail.

Content analysis

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Positive
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Uncertain
Constraining
Legalese
Litigous
Readability
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