Latest news with #Cleveland-Cliffs
Business Wire
18 hours ago
- Business
- Business Wire
Cleveland-Cliffs Celebrates the Start-Up of New $150 Million Stainless Bright Anneal Line at Coshocton Works in Ohio
CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) today announced the commissioning of its new state-of-the-art Vertical Stainless Bright Anneal Line at its Coshocton Works facility in Coshocton, Ohio. This $150 million capital investment has been completed and will supply premium stainless steel for high-end automotive and critical appliance applications. The new annealing line uses a 100% hydrogen atmosphere, replacing the conventional acid-based processing, and includes a hydrogen recovery unit to recycle hydrogen and use a 50/50 mix of new and used hydrogen in the process. To mark the opening, a ribbon cutting ceremony will be held on Wednesday, July 2 at 11:00 a.m. ET at Cliffs' Coshocton Works facility. The event will be attended by key elected officials along with Cleveland-Cliffs' executives, employees, and key customers. Lourenco Goncalves, Cliffs' Chairman, President and CEO said: 'Since acquiring AK Steel in 2020, our stainless steel business has been the most consistent profit generating unit for Cleveland-Cliffs. This new line at Coshocton only enhances that, with an expected quick payback on this major investment. By using hydrogen and advanced automation, we're dramatically improving the quality and productivity of this critical product that our customers rely upon Cleveland-Cliffs for. As we embrace the new competitive landscape in the domestic steel industry, our profitability prospects are only getting stronger.' 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. For more information, visit
Yahoo
2 days ago
- Business
- Yahoo
Why Cleveland-Cliffs (CLF) Dipped More Than Broader Market Today
In the latest close session, Cleveland-Cliffs (CLF) was down 4.43% at $7.33. The stock fell short of the S&P 500, which registered a loss of 0.03% for the day. On the other hand, the Dow registered a loss of 0.11%, and the technology-centric Nasdaq increased by 0.13%. Heading into today, shares of the mining company had gained 3.37% over the past month, outpacing the Basic Materials sector's gain of 3.05% and the S&P 500's gain of 0.6%. The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.57, reflecting a 618.18% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $4.96 billion, indicating a 2.57% downward movement from the same quarter last year. For the full year, the Zacks Consensus Estimates are projecting earnings of -$1.54 per share and revenue of $19.46 billion, which would represent changes of -110.96% and +1.44%, respectively, from the prior year. Any recent changes to analyst estimates for Cleveland-Cliffs should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits. Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system. Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 44.58% lower within the past month. At present, Cleveland-Cliffs boasts a Zacks Rank of #3 (Hold). The Steel - Producers industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 93, placing it within the top 38% of over 250 industries. The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Keep in mind to rely on to watch all these stock-impacting metrics, and more, in the succeeding trading sessions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Cleveland-Cliffs (CLF) Jumps, Benefits From UK Steel Imports
Cleveland-Cliffs Inc. (NYSE:CLF) is one of the . Cleveland-Cliffs rallied by 4.92 percent on Tuesday to finish at $7.67 apiece as investor sentiment was boosted by President Donald Trump's decision to keep tariffs on UK steel imports. At the sidelines of the G7 summit in Canada, President Donald Trump threatened to keep 25 percent duties on some or all of its steel imports from the UK unless it gives specific guarantees over the Indian-owned steelmaking plant at Port Talbot in South Wales. 'There's further work to do in relation to steel, but we're getting on and doing that work,' said UK Prime Minister Keir Starmer. A welder in a hardhat soldering steel plates to a blueprint plan. Duties on imported steel and aluminum products make domestic manufacturers such as Cleveland-Cliffs Inc. (NYSE:CLF) more appealing to customers as it may bolster demand for their products, support competitive pricing for locally-produced goods, and further reduce competition with international producers. Cleveland-Cliffs Inc. (NYSE:CLF) is a US-based steel and iron ore manufacturer based in Cleveland, Ohio. While we acknowledge the potential of CLF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Chicago Tribune
6 days ago
- Business
- Chicago Tribune
Porter and Lake counties to defend against Cleveland-Cliffs assessment challenge
Cleveland-Cliffs is challenging the assessed valuation for its steel mill operations in Porter and Lake counties, prompting the assessors from both counties to mount a defense. The dispute could ultimately be decided by the Indiana Board of Tax Review in Indianapolis. Porter County Assessor Sue Neff during Wednesday's Burns Harbor Town Council meeting requested that the town pitch in up to $23,000 toward hiring an appraiser and legal assistance to make Porter County's case. Neff said she believes it may cost up to $100,000 for the county to present its defense before the Indiana Board of Tax Review. She is also soliciting financial help from the Duneland School Corporation and the Westchester Public Library. 'We just feel we really have to fight this,' Neff said. The Indiana Department of Local Government Finance set the value of land and structures owned by Cleveland-Cliffs in Porter County at $134,557,900 this year, which is a more than $16 million increase. Taxes are paid the next year based on the valuation from the prior year. The higher valuation would mean increased collections of $348,000 next year, Neff said. Cleveland-Cliffs pays nearly $2.6 million in property taxes this year, according to the Porter County Auditor's Office. Cleveland-Cliffs reacted to its increased tax assessment with an appeal to the Indiana Board of Tax Review. Neff said the initial step is for the county to hire its own appraiser, who would do an independent appraisal of the land and structures of Cleveland-Cliffs. 'If you don't have an appraisal, you're never going to win,' Neff said. Neff said she believes that large industrial properties, like Cleveland-Cliffs, have been traditionally undervalued in tax assessments. Cleveland-Cliffs has recently reported losses in quarterly earnings statements, which may be a factor in their decision to challenge the tax assessment, Neff said. 'We believe that they want to go even lower than last year's assessment, which is money out of all the taxing units' pockets,' Neff said. Burns Harbor would receive $77,000 in additional tax receipts next year if the $16 million increase in assessed valuation held, Neff said. It's important to protect the flow of tax receipts coming from Cleveland-Cliffs, especially with recent Indiana Senate Bill 1 limiting the growth of future tax receipts for local governments, Neff said. 'What my hope is once I get this appraisal, we're going to be able to sit down with these Cleveland-Cliffs people,' Neff said. If the appraisals are close, Neff believes a settlement could possibly be reached rather than going before the Indiana Board of Tax Review. That would also reduce the expense that would come from having a hearing before the board. Neff said she has also talked with the Duneland School Corporation — which would stand to lose the most potential tax revenue — and the Westchester Public Library about contributing toward the county's effort. The Burns Harbor Town Council decided that it needed more time to review Neff's request. The council could vote on the proposal next month. Town Attorney Clay Patton suggested that the town — which deals daily with the town's largest employer — could make their own contacts with the company to determine what they are seeking. Council members and Neff said that Cleveland-Cliffs has been a 'good neighbor' and has made many contributions to the local community over the years. Cleveland-Cliffs officials didn't return a message seeking comment. Meanwhile, Lake County Assessor Latonya Spearman said that she has talked with Neff and is leaning toward joining in the defense of the tax assessment of Cleveland-Cliffs. The tax assessment of Cleveland-Cliffs operations in Lake County was scheduled to rise to $121,970,300 this year, up from $114,997100. The steelmaker's operations in East Chicago yielded $3,498,579 in tax collections for Lake County this year, Spearman said. Spearman said a frustration is that the counties have nothing to do with setting the assessments for large industrial properties — that is done by the Department of Local Government Finance. 'We're just trying to work through all the red tape. It does appear that we're moving in the same direction,' Spearman said, regarding joining a defense to the challenge from Cleveland-Cliffs.
Chicago Tribune
12-06-2025
- Business
- Chicago Tribune
IDEM board approves draft plan for NWI pollution rule
Northwest Indiana residents and activists voiced concerns about an Indiana Department of Environmental Management air pollution rule at a Wednesday hearing, but it didn't deter the Indiana Environmental Rules Board from approving a draft plan for new nitrogen oxide pollution rules for Lake and Porter counties. IDEM has to approve the draft rule before it's sent to the U.S. Environmental Protection Agency for approval. According to IDEM documents, the rule adds to the reasonably available control technologies for nitrogen oxide emissions. RACTs are required on existing sources in areas that aren't meeting national ambient air quality standards, according to the EPA. On Oct. 17, 2023, the EPA determined that Indiana 'failed to submit NOx RACT for major stationary sources' in Lake and Porter counties, according to IDEM documents. Eleven sources, including U.S. Steel and Cleveland-Cliffs, will be affected by the NOx rules. Affected sources release more than 100 tons of any pollutant per year into Lake and Porter counties, according to IDEM. 'IDEM worked extensively with the owner or operator of each affected source and U.S. EPA to ensure that the state remains in compliance with the Clean Air Act while avoiding overly burdensome requirements on these sources,' said agency documents. IDEM held a public hearing during its Wednesday meeting, allowing residents and activists to speak on the rule draft. Participants could speak in-person in Indianapolis or online via Microsoft Teams. Regional activism organizations, including Just Transition Northwest Indiana, allege that the draft is flawed and does not make enough of an effort to curb pollution and improve public health. Susan Thomas, director of policy and press for Just Transition Northwest Indiana, said Wednesday that the rule just adds insult to injury for residents in Lake and Porter counties. Thomas and other activists would like to see a transition to cleaner steel and ironmaking, such as through electric arc furnaces and direct reduced iron, which would use hydrogen instead of natural gas. Multiple speakers mentioned that Cleveland-Cliffs is converting to direct reduction at its Middletown, Ohio, plant, but Yahoo Finance reported this week that Cleveland-Cliffs has canceled its $500 million hydrogen-powered steel project 'due to concerns about not having enough clean hydrogen supply.' Some speakers mentioned frustrations with U.S. Steel's Gary Works facility, claiming pollution from the facility has contributed to a high incidence of health risks such as asthma and heart problems. Wanda Torres, a Gary resident, spoke at IDEM's Wednesday meeting. Torres said she's been living in Gary and near the steel mill for more than 50 years, and she's concerned about how it's impacted her health. Torres also mentioned that people say Gary has a different smell because of the pollution, and the air can be hazy. 'People from different areas come to Gary, they work here, and then they go back to their areas,' Torres said. 'This is my place, this is my home, this is my land. Why can't people understand that they're killing us and treating us like we're dispensable?' An October report from Industrious Labs found that most residents in Gary are in the top 10% of U.S. residents most at-risk for developing asthma and at-risk of low life expectancy. In 2020, Indiana had a lung cancer rate of 72.5 per 100,000 people, with Lake County as one of the state's counties with the highest cancer mortality rates, according to the American Lung Association. A 2016 report from the JAMA Network also found Gary as one of the five U.S. cities with the lowest life expectancy at one point. U.S. Steel responded to the concerns in a Wednesday statement. 'U.S. Steel continues to meet our environmental obligations and adheres to the limits set forth in our operating permit,' the company's statement said. 'Environmental excellence is a top priority for the dedicated employees at all of our facilities, and we are always working to improve our processes and invest in technologies that will help us meet that goal. We also continue to work collaboratively with IDEM and other agencies to comply with our permit requirements.' Hilary Lewis, steel director for Industrious Labs, also spoke at Wednesday's meeting. Lewis encourages steel industries and environmental agencies to look at cleaner alternatives for mills. 'I really want to emphasize to the committee that there's a lot of opportunity to clean up steelmaking in Northwest Indiana, and help achieve not only compliance with existing laws, but protect public health and improve the economy,' Lewis said. Terry Steagall, a Highland resident and retired steelworker, asked IDEM to take residents' concerns seriously. Steagall said steel mills aren't his only worry in the area, and he mentioned that data centers could also negatively impact Northwest Indiana. 'We're going to have to look into renewable energy, but we're also going to have a problem with that because data centers want to come in and take our energy,' Steagall said. 'We've been here for over 100 years, and we want another 100 years, but we've got to do it in a different way with new technology.'
