Latest news with #Cleveland-CliffsInc
Business Wire
2 days 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
4 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
Yahoo
13-06-2025
- Business
- Yahoo
Cleveland-Cliffs Inc. (CLF): 'I Wanted It To Win,' Says Jim Cramer
We recently published a list of . In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other stocks that Jim Cramer discussed. Cleveland-Cliffs Inc. (NYSE:CLF) has featured several times on Cramer's morning show in 2025. Most of these appearances have surrounded Japan's Nippon Steel's purchase of US Steel. The deal has created quite a bit of controversy, particularly surrounding the ownership of American firms in key industries in foreign hands. Cleveland-Cliffs Inc. (NYSE:CLF) has ardently opposed the deal, and Cramer has speculated that the firm might end up buying US Steel instead. His previous remarks about the firm have remained appreciative of the firm's CEO and asserted that the firm has been hurt by cheap Chinese steel flooding the US market. His recent comments about Cleveland-Cliffs Inc. (NYSE:CLF) surrounded the US Steel deal after co-host David Faber pointed out that the deal was going to close and Nippon was going to own US Steel: "Well I think that I wanted it [CLF] to win because I have been very suspicious of Nippon Steel which has had a history I believe of dumping in our country. And that is I'm getting that Dan DiMicco, the former CEO of Nucor who has continually told me the kind of dumping that we've seen around the world. In his previous remarks, Cramer commented on some problems: 'I think the problem [with] Cleveland- it's two problems, one is the balance sheet's not that good, and two, there's got to be demand. If the auto companies are really cutting back – and I think you're gonna have to after the initial spur – that is going to make it so that the the numbers have to go lower. If the numbers go lower, Cleveland Cliffs and the stock's going to go to 65.' Overall, CLF ranks 7th on our list of stocks that Jim Cramer discussed. While we acknowledge the potential of CLF as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure: None. This article is originally published at . Related Content NYSE Sign in to access your portfolio
Miami Herald
10-06-2025
- Business
- Miami Herald
US, Mexico near deal to cut steel duties and cap imports
The U.S. and Mexico are closing in on a deal that would remove President Donald Trump's 50% tariffs on steel imports up to a certain volume, according to people familiar with the matter, a revamp of a similar deal between the trade partners during his first term. Trump hasn't been directly involved in the negotiations and would need to sign off on any deal. The talks are being led by Commerce Secretary Howard Lutnick, according to the people, who asked not to be identified as the discussions are private. The people said the agreement hasn't been finalized. Under its current terms, it would allow U.S. buyers to import Mexican steel duty-free as long as they kept total shipments below a level based on historical trade volumes, according to the people. The new cap would be higher than what was allowed under a similar deal during Trump's first term, they said, which was never a fixed figure but designed to "prevent surges." The White House didn't immediately respond to a request for comment. Mexican President Claudia Sheinbaum's office also didn't respond to a request for comment. U.S. steel stocks moved lower in late trading after Bloomberg's report. Cleveland-Cliffs Inc. dropped more than 7%, and Nucor Corp. fell more than 4%. The Mexican peso trimmed losses. At an event on Tuesday, Mexican Economy Minister Marcelo Ebrard said he told U.S. officials in meetings last week that steel tariffs are not justified in Mexico's case because the U.S. sends more steel to Mexico than vice versa. Last Friday, he posted a picture that showed him shaking hands with a smiling Lutnick in Washington. "We are waiting for their response, because on Friday we gave them the details of Mexico's argument and we are right," Ebrard told reporters Tuesday. "So we are going to wait for their response which will probably be this very week." Trump last week announced he would double steel duties to 50% after saying he would approve the purchase of United States Steel Corp. by Japan's Nippon Steel Corp., a move he said would protect the domestic industry and national security. While domestic steelmakers welcome the move, end-users have urged the administration to ease the tariffs. The negotiations come as Sheinbaum seeks an accommodation with Trump over immigration and drug trafficking across their shared border, which the U.S. leader has demanded Mexico halt. Homeland Security Secretary Kristi Noem accused Sheinbaum Tuesday of "encouraging" more anti-deportation protests in Los Angeles, where the U.S. has deployed troops. Sheinbaum has called Noem's claim "absolutely false." The talks also come ahead of a Group of Seven leaders summit in Canada, where the two presidents are likely to meet. U.S. steel imports from Mexico totaled about 3.2 million metric tons last year, accounting for 12% of total shipments of the material according to Commerce Department data. A previous deal the U.S. reached with Mexico in 2019, during Trump's first term, agreed to prevent import volumes that exceeded average levels for the 2015-2017 period. -With assistance from Josh Wingrove and Alex Vasquez. (Updates with market activity in fifth paragraph) Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
05-06-2025
- Business
- Yahoo
Cleveland-Cliffs Cancels $500M Hydrogen Steel Plant Project in Ohio
Cleveland-Cliffs Inc. (NYSE:CLF) announced on Tuesday that it has officially canceled its $500 million hydrogen-powered steel project in Middletown, Ohio. The decision was made due to concerns about not having enough clean hydrogen supply. Instead, the company will focus on extending the life of its existing coal-fired blast furnace. A welder in a hardhat soldering steel plates to a blueprint plan. CEO Lourenco Goncalves explained that delays in producing hydrogen and uncertainty around policies from the Trump administration were major factors behind the move. This came despite earlier support through a $500 million grant from the U.S. Department of Energy under the Biden administration, which aimed to replace the coal furnace with a hydrogen-powered plant. Goncalves made the following comment at an event hosted by the American Iron and Steel Institute: "Without hydrogen, the entire thing falls apart. At the very least, I will not have hydrogen at the time I need for that specific project." Goncalves added that, even with the grant, the company would need to invest an extra $1.1 billion, making the total project cost $1.6 billion. Cleveland-Cliffs Inc. (NYSE:CLF) is currently in talks with the Trump administration to adjust the grant to fit new energy goals. The CEO also mentioned that the U.S. Federal Reserve's decision not to lower interest rates is reducing demand for steel used in construction and manufacturing. Cleveland-Cliffs Inc. (NYSE:CLF) is an American steel company located in Cleveland, Ohio. They focus on mining and processing iron ore into pellets, as well as producing steel and providing stamping and tooling services. 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: and Disclosure. None. 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
