Cleveland-Cliffs Reports Second-Quarter 2022 Results (2022)

  • Second-quarter revenue of $6.3 billion

  • Second-quarter net income of $601 million

  • Second-quarter Adjusted EBITDA1 of $1.1 billion

CLEVELAND, July 22, 2022--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2022.

Second-quarter 2022 consolidated revenues were $6.3 billion, compared to the prior-year second-quarter revenues of $5.0 billion.

For the second quarter of 2022, the Company recorded net income of $601 million, or $1.13 per diluted share attributable to Cliffs shareholders. This included the following one-time charges totaling $95 million, or $0.18 per diluted share:

  • charges of $66 million, or $0.13 per diluted share, for debt extinguishment costs;

  • charges of $23 million, or $0.04 per diluted share, in accelerated depreciation related to the indefinite idle of the Middletown coke facility; and

  • charges of $6 million, or $0.01 per diluted share, for severance costs.

In the prior-year second quarter, the Company recorded net income of $795 million, or $1.33 per diluted share.

For the six months ended June 30, 2022, the Company recorded revenues of $12.3 billion and net income of $1.4 billion, or $2.64 per diluted share. In the first six months of 2021, the Company recorded revenues of $9.1 billion and net income of $852 million, or $1.42 per diluted share.

Second-quarter 2022 Adjusted EBITDA1 was $1.1 billion, compared to Adjusted EBITDA1 of $1.4 billion in the second quarter of 2021. For the first six months of 2022, the Company reported Adjusted EBITDA1 of $2.6 billion, compared to $1.9 billion for the same period in 2021.

(In Millions)

Three Months Ended

June 30,

Six Months Ended

June 30,

2022

2021

2022

2021

Adjusted EBITDA1

Steelmaking

$

1,108

$

1,360

$

2,531

$

1,862

Other Businesses

20

8

49

19

Eliminations (A)

2

(8

)

1

(8

)

Total Adjusted EBITDA1

$

1,130

$

1,360

$

2,581

$

1,873

(A) Starting in 2022 the Company has allocated Corporate SG&A to its operating segments. Prior periods have been adjusted to reflect this change. The Eliminations line now only includes sales between segments.

Lourenco Goncalves, Cliffs' Chairman, President, and CEO said: "Our second quarter results demonstrate the continued execution of our strategy. With free cash flow that more than doubled compared to the first quarter, we were able to achieve our largest quarterly debt reduction since our transformation began a couple years ago, while delivering substantial capital returns via share repurchases. As we move into the second half of the year, we expect this healthy level of free cash flow to continue, as a result of declining capex needs, the accelerating release of working capital, and the heavy use of fixed price sales contracts. In addition, we expect to see further significant increases in the average selling prices for these fixed contracts resetting on October 1st."

Mr. Goncalves continued: "Our industry leading exposure to the automotive sector separates us from all other steel companies in the United States. The health of the steel market over the past year and a half has been largely driven by the construction sector, with automotive lagging far behind -- mainly due to supply chain issues unrelated to steel. Nevertheless, with automotive demand outpacing production for more than two years now, the consumer backlog for cars, SUVs and trucks has become enormous. As supply chain problems continue to be resolved by our automotive clients, pent-up demand for electric vehicles continues to increase, and light vehicle manufacturing catches up with demand, Cleveland-Cliffs will be the primary beneficiary among all steel companies in the United States. This important distinction of our business relative to other steel producers should become clear as we progress through the remainder of this year and into next year."

Steelmaking

Three Months Ended
June 30,

Six Months Ended
June 30,

2022

2021

2022

2021

External Sales Volumes

Steel Products (net tons)

3,641

4,205

7,278

8,349

Selling Price - Per Net Ton

Average net selling price per net ton of steel products

$

1,487

$

1,118

$

1,466

$

1,017

Operating Results - In Millions

Revenues

$

6,176

$

4,922

$

11,970

$

8,841

Cost of goods sold

(5,209

)

(3,730

)

(9,781

)

(7,374

)

Gross margin

$

967

$

1,192

$

2,189

$

1,467

Second-quarter 2022 steel product sales volumes of 3.6 million net tons consisted of 33% coated, 28% hot-rolled, 16% cold-rolled, 7% plate, 5% stainless and electrical, and 11% other, including slabs and rail.

Steelmaking revenues of $6.2 billion included $1.8 billion, or 30%, of sales to the distributors and converters market; $1.6 billion, or 27%, of direct sales to the automotive market; $1.6 billion, or 26%, of sales to the infrastructure and manufacturing market; and $1.1 billion, or 17%, of sales to steel producers.

Steelmaking COGS included $242 million in excess/idle costs. The largest portion of this was related to the expanded scope of the Cleveland blast furnace #5 outage, which included additional repairs to the wastewater treatment plant and powerhouse located onsite. The Company also saw quarter-over-quarter and year-over-year increases in costs including natural gas, electricity, scrap and alloys.

Liquidity and Cash Flow

As of July 19, 2022, the Company had total liquidity of approximately $2.3 billion.

During the second quarter of 2022, Cliffs completed open market repurchases of $307 million aggregate principal amount of assorted series of its outstanding senior notes at an average price of 92% of par. Cliffs also completed the redemption of its 9.875% secured notes due 2025, retiring all $607 million in principal notes outstanding.

In addition, Cliffs repurchased 7.5 million shares at an average price of $20.92 per share during the second quarter of 2022. As of June 30, 2022, the company had approximately 517 million shares outstanding.

The Company paid cash taxes of approximately $300 million during the quarter.

Outlook

Based on the current 2022 futures curve, which implies an average hot-rolled coil steel index price of $850 per net ton for the remainder of the year, the Company would expect its full-year 2022 average selling price to be approximately $1,410 per net ton. This incorporates the Company's expectation of substantial increases in fixed price contracts resetting on October 1, 2022.

Conference Call Information

Cleveland-Cliffs Inc. will host a conference call this morning, July 22, 2022, at 10 a.m. ET. The call will be broadcast live and archived on Cliffs' website: www.clevelandcliffs.com.

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing. We are the largest supplier of steel to the automotive industry in North America and serve a diverse range of other markets due to our comprehensive offering of flat-rolled steel products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 27,000 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 or our businesses, 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, which has been experiencing a trend toward light weighting and supply chain disruptions, such as the semiconductor shortage, that could result in lower steel volumes being consumed; potential weaknesses and uncertainties in global economic conditions, excess global steelmaking capacity, oversupply of iron ore, prevalence of steel imports and reduced market demand, including as a result of the prolonged COVID-19 pandemic, conflicts or otherwise; severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges, due to the ongoing COVID-19 pandemic or otherwise, of one or more of our major customers, including customers in the automotive market, key suppliers or contractors, which, among other adverse effects, could 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; disruptions to our operations relating to the ongoing COVID-19 pandemic, including the heightened risk that a significant portion of our workforce or on-site contractors may suffer illness or otherwise be unable to perform their ordinary work functions; 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; 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; 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, environmental matters, government investigations, occupational or personal injury claims, property damage, labor and employment matters, or suits involving legacy operations and other matters; uncertain cost or availability of critical manufacturing equipment and spare parts; supply chain disruptions or changes in the cost, quality or availability of energy sources, including electricity, natural gas and diesel fuel, or critical raw materials and supplies, including iron ore, industrial gases, graphite electrodes, scrap metal, chrome, zinc, coke and metallurgical coal; 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; 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; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; 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 ability to realize the anticipated synergies and benefits of our recent acquisition transactions and to successfully integrate the acquired businesses into our existing businesses, including uncertainties associated with maintaining relationships with customers, vendors and employees and known and unknown liabilities we assumed in connection with the acquisitions; our level of self-insurance and our ability to obtain sufficient third-party insurance to adequately cover potential adverse events and business risks; 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 ability to successfully identify and consummate any strategic capital investments or development projects, cost-effectively achieve planned production rates or levels, and diversify our product mix and add new customers; 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; availability of workers to fill critical operational positions and potential labor shortages caused by the ongoing COVID-19 pandemic, as well as our ability to attract, hire, develop and retain key personnel; our ability to maintain satisfactory labor relations with unions and employees; unanticipated or higher costs associated with pension and OPEB obligations resulting from changes in the value of plan assets or contribution increases required for unfunded obligations; the amount and timing of any repurchases of our common shares; and potential significant deficiencies or material weaknesses in our internal control over financial reporting.

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, 2021, and other filings with the SEC.

FINANCIAL TABLES FOLLOW

CLEVELAND-CLIFFS INC. AND SUBSIDIARIES

STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED OPERATIONS

(In Millions, Except Per Share Amounts)

Three Months Ended

June 30,

Six Months Ended

June 30,

2022

2021

2022

2021

Revenues

$

6,337

$

5,045

$

12,292

$

9,094

Operating costs:

Cost of goods sold

(5,356

)

(3,848

)

(10,062

(Video) Cleveland-Cliffs (CLF) Mines A Mixed Earnings

)

(7,609

)

Selling, general and administrative expenses

(107

)

(105

)

(229

)

(213

)

Miscellaneous – net

(34

)

(25

)

(67

)

(28

)

Total operating costs

(5,497

)

(3,978

)

(10,358

)

(7,850

)

Operating income

840

1,067

1,934

1,244

Other income (expense):

Interest expense, net

(64

)

(85

)

(141

)

(177

)

Loss on extinguishment of debt

(66

)

(22

)

(80

)

(88

)

Net periodic benefit credits other than service cost component

50

46

99

93

Other non-operating income (expense)

(3

)

4

(5

)

4

Total other expense

(83

)

(57

)

(127

)

(168

)

Income from continuing operations before income taxes

757

1,010

1,807

1,076

Income tax expense

(157

)

(216

)

(394

)

(225

)

Income from continuing operations

600

794

1,413

851

Income from discontinued operations, net of tax

1

1

2

1

Net income

601

795

1,415

852

Income attributable to noncontrolling interest

(5

)

(15

)

(18

)

(31

)

Net income attributable to Cliffs shareholders

$

596

$

780

$

1,397

$

821

Earnings per common share attributable to Cliffs shareholders - basic

Continuing operations

$

1.14

$

1.40

$

2.67

$

1.48

Discontinued operations

$

1.14

$

1.40

$

2.67

$

1.48

Earnings per common share attributable to Cliffs shareholders - diluted

Continuing operations

$

1.13

$

1.33

$

2.64

$

(Video) Steel producer Cleveland-Cliffs crushes earnings estimates, shares jump

1.42

Discontinued operations

$

1.13

$

1.33

$

2.64

$

1.42

CLEVELAND-CLIFFS INC. AND SUBSIDIARIES

STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL POSITION

(In Millions)

June 30,
2022

December 31,
2021

ASSETS

Current assets:

Cash and cash equivalents

$

47

$

48

Accounts receivable, net

2,571

2,154

Inventories

5,784

5,188

Other current assets

366

263

Total current assets

8,768

7,653

Non-current assets:

Property, plant and equipment, net

9,047

9,186

Goodwill

1,149

1,116

Other non-current assets

1,075

1,020

TOTAL ASSETS

$

20,039

$

18,975

LIABILITIES

Current liabilities:

Accounts payable

$

2,594

$

2,073

Accrued employment costs

536

585

Other current liabilities

857

903

Total current liabilities

3,987

3,561

Non-current liabilities:

Long-term debt

4,668

5,238

Pension liability, non-current

527

578

OPEB liability, non-current

2,314

2,383

Other non-current liabilities

1,549

1,441

TOTAL LIABILITIES

13,045

13,201

TOTAL EQUITY

6,994

5,774

TOTAL LIABILITIES AND EQUITY

$

20,039

$

18,975

CLEVELAND-CLIFFS INC. AND SUBSIDIARIES

STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CASH FLOWS

(In Millions)

Three Months Ended
June 30,

Six Months Ended
June 30,

2022

2021

2022

2021

OPERATING ACTIVITIES

Net income

$

601

$

795

$

1,415

$

852

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, depletion and amortization

250

208

551

425

Impairment of long-lived assets

29

Deferred income taxes

94

215

151

225

Pension and OPEB credits

(27

)

(20

)

(54

)

(41

)

Loss on extinguishment of debt

66

22

80

88

Amortization of inventory step-up

37

118

Other

30

49

55

65

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Changes in operating assets and liabilities, net of business combination:

Receivables and other assets

58

(419

)

(445

)

(914

)

Inventories

(222

)

(385

)

(594

)

(557

)

Income taxes

(235

)

(6

)

(55

)

9

Pension and OPEB payments and contributions

(54

)

(48

)

(114

)

(223

)

Payables, accrued expenses and other liabilities

304

63

379

85

Net cash provided by operating activities

865

511

1,398

132

INVESTING ACTIVITIES

Purchase of property, plant and equipment

(232

)

(162

)

(468

)

(298

)

Acquisition of ArcelorMittal USA, net of cash acquired

54

54

Other investing activities

1

1

2

Net cash used by investing activities

(232

)

(107

)

(467

)

(242

)

FINANCING ACTIVITIES

Proceeds from issuance of common shares

322

Repurchase of common shares

(157

)

(176

)

Proceeds from issuance of debt

1,000

Repayments of debt

(959

)

(437

)

(1,319

)

(1,339

)

Borrowings under credit facilities

1,545

1,522

3,260

2,680

Repayments under credit facilities

(1,015

)

(1,480

)

(2,624

)

(2,490

)

Other financing activities

(35

)

(46

)

(73

)

(102

)

Net cash provided (used) by financing activities

(621

)

(441

)

(932

)

71

Net increase (decrease) in cash and cash equivalents

12

(37

)

(1

)

(39

)

Cash and cash equivalents at beginning of period

35

110

48

112

Cash and cash equivalents at end of period

$

47

$

73

$

47

$

73

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1 CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - EBITDA AND ADJUSTED EBITDA

In addition to the consolidated financial statements presented in accordance with U.S. GAAP, the Company has presented EBITDA and Adjusted EBITDA on a consolidated basis. EBITDA and Adjusted EBITDA are non-GAAP financial measures that management uses in evaluating operating performance. The presentation of these measures is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of these measures may be different from non-GAAP financial measures used by other companies. A reconciliation of these consolidated measures to their most directly comparable GAAP measures is provided in the table below.

(In Millions)

Three Months Ended
June 30,

Six Months Ended
June 30,

2022

2021

2022

2021

Net income

$

601

$

795

$

1,415

$

852

Less:

Interest expense, net

(64

)

(85

)

(141

)

(177

)

Income tax expense

(157

)

(216

)

(394

)

(225

)

Depreciation, depletion and amortization

(250

)

(208

)

(551

)

(425

)

Total EBITDA

$

1,072

$

1,304

$

2,501

$

1,679

Less:

EBITDA of noncontrolling interests

$

13

$

21

$

35

$

43

Asset impairment

(29

)

Loss on extinguishment of debt

(66

)

(22

)

(80

)

(88

)

Severance costs

(6

)

(1

)

(7

)

(12

)

Acquisition-related costs excluding severance costs

(1

)

(2

)

Acquisition-related loss on equity method investment

(18

)

(18

)

Amortization of inventory step-up

(37

)

(118

)

Impact of discontinued operations

1

1

2

1

Total Adjusted EBITDA

$

1,130

$

1,360

$

2,581

$

1,873

EBITDA of noncontrolling interests includes the following:

Net income attributable to noncontrolling interests

$

5

$

15

$

18

$

31

Depreciation, depletion and amortization

8

6

17

12

EBITDA of noncontrolling interests

$

13

$

21

$

35

$

43

View source version on businesswire.com: https://www.businesswire.com/news/home/20220722005085/en/

Contacts

MEDIA CONTACT:
Patricia Persico
Senior Director, Corporate Communications
(216) 694-5316

INVESTOR CONTACT:
James Kerr
Manager, Investor Relations
(216) 694-7719

FAQs

Are Cleveland-Cliffs undervalued? ›

The company has a short and efficient supply chain, high-quality steel products, and growth markets in automotive and renewables. Even without a super cycle, Cleveland-Cliffs is at least 40% undervalued.

Is Cleveland-Cliffs a good investment? ›

The financial health and growth prospects of CLF, demonstrate its potential to outperform the market. It currently has a Growth Score of B. Recent price changes and earnings estimate revisions indicate this would not be a good stock for momentum investors with a Momentum Score of F.

Why did Cleveland-Cliffs stock drop? ›

Cleveland-Cliffs (ticker: CLF) stock has lost over a third of its value this year as fears of a recession have caused steel prices to fall below $900 a ton, from $1,500 earlier this year.

How does Cleveland-Cliffs make money? ›

Cleveland-Cliffs is the largest flat-rolled steel producer in North America and a leading supplier of automotive-grade steel. The Company is vertically integrated, from raw materials and scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing.

What is the target price for Cleveland-Cliffs? ›

Stock Price Target CLF
High$32.00
Median$23.50
Low$14.50
Average$22.50
Current Price$13.47

Will CLF pay a dividend? ›

CLF does not currently pay a dividend.

Is CLF buy or sell? ›

Out of 9 analysts, 4 (44.44%) are recommending CLF as a Strong Buy, 1 (11.11%) are recommending CLF as a Buy, 3 (33.33%) are recommending CLF as a Hold, 0 (0%) are recommending CLF as a Sell, and 1 (11.11%) are recommending CLF as a Strong Sell.

Is CLF stock a buy right now? ›

There are currently 2 hold ratings and 6 buy ratings for the stock. The consensus among Wall Street research analysts is that investors should "buy" CLF shares. View CLF analyst ratings or view top-rated stocks.

Will CLF go up? ›

Yes. The CLF stock price can go up from 13.470 USD to 19.757 USD in one year.

Who are Cleveland-Cliffs biggest customers? ›

The automotive industry is our largest market. We specialize in manufacturing difficult-to-produce, high-quality steel products to meet automakers' exacting requirements.

How much did Cleveland-Cliffs buy AK Steel for? ›

AK Steel will change its name, possibly to match owner Cleveland-Cliffs, according to Neil Douglas, president of IAM Local 1943. He said Cleveland-Cliffs, which purchased AK Steel for $1.1 billion in 2020, sent out an internal email Friday announcing the name change.

Is Cleveland-Cliffs debt free? ›

How Much Debt Does Cleveland-Cliffs Carry? The image below, which you can click on for greater detail, shows that Cleveland-Cliffs had debt of US$5.03b at the end of March 2022, a reduction from US$5.73b over a year. And it doesn't have much cash, so its net debt is about the same.

Do Cleveland-Cliffs hire felons? ›

5 answers. Yes they do. I just called and asked myself since so many different answers are being posted.

How many ships does Cleveland-Cliffs own? ›

The company has pioneered in the Great Lakes maritime industry for more than a century and operates 14 bulk carriers ranging in length from 600 to 826 feet, with a total trip capacity of 240,000 long tons.

What did Cleveland-Cliffs used to be called? ›

Cleveland-Cliffs Inc., formerly Cliffs Natural Resources, is a Cleveland, Ohio-based company that specializes in the mining, beneficiation, and pelletizing of iron ore, as well as steelmaking, including stamping and tooling.

Does Cleveland-Cliffs pay well? ›

The average Cleveland-Cliffs salary ranges from approximately $40,000 per year for Manufacturing Engineer to $115,000 per year for Engineering Intern. Average Cleveland-Cliffs hourly pay ranges from approximately $18.63 per hour for Production Technician to $28.91 per hour for Maintenance Technician.

How many blast furnaces does Cleveland-Cliffs have? ›

The plant operates two blast furnaces and can produce nearly 5 million net tons of raw steel annually. Principal products made at this location are hot-rolled, cold-rolled and hot-dip galvanized products.

What is Cleveland-Cliffs debt? ›

Cleveland-Cliffs long term debt for the quarter ending June 30, 2022 was $4.668B, a 13.04% decline year-over-year. Cleveland-Cliffs long term debt for 2021 was $5.238B, a 2.82% decline from 2020. Cleveland-Cliffs long term debt for 2020 was $5.39B, a 154.97% increase from 2019.

What date do dividends get paid? ›

Dividends are paid on the date designated by a company's board of directors as the payment date. The board announces this date on the dividend declaration date. Their decision to issue a payment is based on their review of the company's financial statements, to see if the entity can afford to pay investors.

Which company pays highest dividend 2021? ›

As of July 2021, Nestle India is paying the highest dividend per share among the Blue Chip Stocks.

How often does Eaton pay dividends? ›

Dividend Summary

There are typically 4 dividends per year (excluding specials), and the dividend cover is approximately 2.1. Our premium tools have predicted Eaton Corporation plc with 97% accuracy.

Is CLF shorted? ›

Short Shares Availability

This table shows the number of shares of US:CLF available to be shorted at a leading prime brokerage.

How many shares of CLF are there? ›

Cleveland-Cliffs shares outstanding for the quarter ending June 30, 2022 were 0.526B, a 10.09% decline year-over-year. Cleveland-Cliffs 2021 shares outstanding were 0.558B, a 47.23% increase from 2020. Cleveland-Cliffs 2020 shares outstanding were 0.379B, a 33.45% increase from 2019.

Is steel a good investment? ›

Steel prices are high, which is why United States Steel (NYSE:X) had a great 2021 and will likely have a very strong 2022 as well. This allows the company to return a lot of cash to its owners, while United States Steel can also make progress in strengthening its balance sheet.

Is Byrn a buy? ›

Byrna Technologies Inc.

may be overvalued. Its Value Score of F indicates it would be a bad pick for value investors. The financial health and growth prospects of BYRN, demonstrate its potential to underperform the market.

Is Eaton a buy? ›

Eaton has received a consensus rating of Buy. The company's average rating score is 2.64, and is based on 10 buy ratings, 3 hold ratings, and 1 sell rating.

Is PCG a buy or sell? ›

The consensus among 5 Wall Street analysts covering (NYSE: PCG) stock is to Strong Buy PCG stock.

Does CLF make steel? ›

We produce carbon, stainless, electrical, and third-generation advanced high-strength carbon and specialty steels for all major markets.

What is the price target for US steel? ›

Stock Price Target X
High$37.00
Median$22.75
Low$20.00
Average$24.96
Current Price$18.12

Who owns CLF stock? ›

Top 10 Owners of Cleveland-Cliffs Inc
StockholderStakeTotal change
BlackRock Fund Advisors8.68%+25.05%
The Vanguard Group, Inc.8.52%+1.84%
Fidelity Management & Research Co...4.24%+4.98%
SSgA Funds Management, Inc.4.00%+18.61%
6 more rows

Does AK Steel own Cleveland-Cliffs? ›

About Cleveland-Cliffs Inc.

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.

Who are Cleveland-Cliffs competitors? ›

Cleveland-Cliffs's competitors and similar companies include Arch Coal, United States Steel, Freeport-McMoran and Peabody Energy. Cleveland-Cliffs (formerly Cliffs Natural Resources) is a company operating in the iron ore mining and steel industry.

What is the biggest industry in Cleveland? ›

CLEVELAND, Ohio - For more than a century, manufacturing was the dominant industry among Cuyahoga County's largest employers. Today, it is health care. This is a list of some of the largest employers in Greater Cleveland from the late 1800s through today.

What happened to the inventor of the AK-47? ›

Kalashnikov, the arms designer credited by the Soviet Union with creating the AK-47, the first in a series of rifles and machine guns that would indelibly associate his name with modern war and become the most abundant firearms ever made, died on Monday in Izhevsk, the capital of the Russian republic of Udmurtia, where ...

Is AK Steel shutting down? ›

According to Cleveland-Cliffs, the AK Steel site in Ashland, Kentucky, will be torn down and will not be used for production in the future. The AK Steel company was bought out by Cleveland Cliffs weeks after the plant closed in 2019. There is no word on when the demolition will happen or what the land will be used for.

How much does an AK cost to build? ›

Building was much cruder and receivers not as sophisticated or flats used. So an AK build could be completed for $175-$250 +/-.

Who owns Cleveland-Cliffs steel? ›

General Public Ownership

The general public holds a 30.0% stake in CLF. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.

How much cash does Cleveland-Cliffs have? ›

Cleveland-Cliffs cash on hand for the quarter ending June 30, 2022 was $0.047B, a 35.62% decline year-over-year. Cleveland-Cliffs cash on hand for 2021 was $0.048B, a 57.14% decline from 2020. Cleveland-Cliffs cash on hand for 2020 was $0.112B, a 68.27% decline from 2019.

Who did Cleveland-Cliffs buy? ›

ArcelorMittal USA was acquired by Cleveland-Cliffs on a cash-free and debt-free basis, with a combination of 78.2 million Shares of Cleveland-Cliffs Common Stock, Non-Voting Preferred Stock with an approximate aggregate value of $373 million, and $505 million in cash.

What is the highest paying job for felons? ›

Getting a decent job is the first and most crucial step toward getting back on your feet.
  • Welding. Many convicted felons find that welding is a rewarding career. ...
  • Electrician. If you need a job as a felon, consider working as an electrician. ...
  • HVAC Technician. ...
  • Carpenter. ...
  • Military. ...
  • Oil Field Jobs. ...
  • Truck Driver. ...
  • Marketing.

Does Cleveland-Cliffs do hair follicle test? ›

Offer of Employment

If the applicant accepts, a background check and an onsite physical exam (including urinalysis and hair follicle drug test) will follow. Depending on location, a reference check may be completed as well.

Is Cleveland-Cliffs a good job? ›

Is Cleveland-Cliffs a good company to work for? Cleveland-Cliffs has an overall rating of 3.7 out of 5, based on over 341 reviews left anonymously by employees. 67% of employees would recommend working at Cleveland-Cliffs to a friend and 72% have a positive outlook for the business.

How deep is the Port of Cleveland? ›

Authorized depths are 28 feet in the outer harbor and 23 feet in the river. 48th leading U.S. port with 12,793,000 tons of material shipped or received in 2007. Cleveland Harbor is ranked 6th among the Great Lakes Ports.

How far offshore is the Cleveland Crib? ›

Because each of Cleveland Water's four intake cribs is 3 to 5-miles offshore, we know four to five hours in advance if the process to treat water will need to be adjusted.

How deep is the Cleveland salt mine? ›

The 12-square-mile mine lies just offshore of downtown Cleveland. Lake Erie is the shallowest of the Great Lakes with a depth of about 56 feet near Cleveland – the salt mine lies about 1800 feet under the lake. A system of conveyor belts and elevators bring the salt to the surface.

Which is the largest producer of iron and steel in USA? ›

Answer: Charlotte, North Carolina.

What are people from Cleveland called? ›

Cleveland
Cleveland, Ohio
DemonymClevelander
Time zoneUTC−5 (EST)
• Summer (DST)UTC−4 (EDT)
ZIP CodesZIP Codes
37 more rows

Why is it called Duck Island Cleveland? ›

The Duck Island Club started as a speakeasy during prohibition. Located near Ohio City, the neighborhood gets it moniker "Duck Island" because it was a favorite get away with gangsters and bootleggers running illegal booze from Canada.

Does Cleveland-Cliffs pay well? ›

The average Cleveland-Cliffs salary ranges from approximately $40,000 per year for Manufacturing Engineer to $115,000 per year for Engineering Intern. Average Cleveland-Cliffs hourly pay ranges from approximately $18.63 per hour for Production Technician to $28.91 per hour for Maintenance Technician.

Is Cleveland-Cliffs a good company? ›

Cleveland-Cliffs received several prestigious industry awards for our performance in 2021, and ranked #171 on the 2022 Fortune 500 List.

Is Cleveland-Cliffs debt free? ›

How Much Debt Does Cleveland-Cliffs Carry? The image below, which you can click on for greater detail, shows that Cleveland-Cliffs had debt of US$5.03b at the end of March 2022, a reduction from US$5.73b over a year. And it doesn't have much cash, so its net debt is about the same.

Who are Cleveland-Cliffs biggest customers? ›

The automotive industry is our largest market. We specialize in manufacturing difficult-to-produce, high-quality steel products to meet automakers' exacting requirements.

What is starting pay at Cleveland-Cliffs? ›

Salaries at Cleveland Cliffs Inc. range from an average of $58,896 to $111,477 a year. Cleveland Cliffs Inc. employees with the job title Process Engineer make the most with an average annual salary of $75,230, while employees with the title Process Engineer make the least with an average annual salary of $75,230.

What is a good entry level salary in Ohio? ›

As of Sep 18, 2022, the average annual pay for an Entry Level in Columbus is $28,576 a year.

What is the highest paid trade in Ohio? ›

What are Top 5 Best Paying Related Skilled Trades Jobs in Ohio
Job TitleAnnual SalaryMonthly Pay
Trader Construction$62,557$5,213
Trade Supervisor$58,492$4,874
Trades Supervisor$56,838$4,736
Work From Home Construction Skilled Trade$54,507$4,542
1 more row

Who are Cleveland-Cliffs competitors? ›

Cleveland-Cliffs's competitors and similar companies include Arch Coal, United States Steel, Freeport-McMoran and Peabody Energy. Cleveland-Cliffs (formerly Cliffs Natural Resources) is a company operating in the iron ore mining and steel industry.

What did Cleveland-Cliffs used to be called? ›

Cleveland-Cliffs Inc., formerly Cliffs Natural Resources, is a Cleveland, Ohio-based company that specializes in the mining, beneficiation, and pelletizing of iron ore, as well as steelmaking, including stamping and tooling.

Does AK Steel own Cleveland-Cliffs? ›

About Cleveland-Cliffs Inc.

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.

How much did Cleveland-Cliffs buy AK Steel for? ›

AK Steel will change its name, possibly to match owner Cleveland-Cliffs, according to Neil Douglas, president of IAM Local 1943. He said Cleveland-Cliffs, which purchased AK Steel for $1.1 billion in 2020, sent out an internal email Friday announcing the name change.

Who is Cleveland-Cliffs owned by? ›

Who owns Cleveland Cliffs? Cleveland Cliffs (NYSE: CLF) is owned by 61.01% institutional shareholders, 17.10% Cleveland Cliffs insiders, and 21.89% retail investors. Arcelormittal is the largest individual Cleveland Cliffs shareholder, owning 38.19M shares representing 7.38% of the company.

How many blast furnaces does Cleveland-Cliffs have? ›

The plant operates two blast furnaces and can produce nearly 5 million net tons of raw steel annually. Principal products made at this location are hot-rolled, cold-rolled and hot-dip galvanized products.

Do Cleveland-Cliffs hire felons? ›

5 answers. Yes they do. I just called and asked myself since so many different answers are being posted.

What is Cleveland-Cliffs debt? ›

Cleveland-Cliffs long term debt for the quarter ending June 30, 2022 was $4.668B, a 13.04% decline year-over-year. Cleveland-Cliffs long term debt for 2021 was $5.238B, a 2.82% decline from 2020. Cleveland-Cliffs long term debt for 2020 was $5.39B, a 154.97% increase from 2019.

What is the biggest industry in Cleveland? ›

CLEVELAND, Ohio - For more than a century, manufacturing was the dominant industry among Cuyahoga County's largest employers. Today, it is health care. This is a list of some of the largest employers in Greater Cleveland from the late 1800s through today.

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