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Cleveland-Cliffs Inc

Cleveland-Cliffs Inc

Cleveland-Cliffs is one of the largest flat-rolled steel producers in North America. It is also one of the largest manufacturers of iron ore pellets in North America. The company is vertically integrated from mined raw materials and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing.

Cleveland-Cliffs Inc. was founded 9 Nov. 1847, when 15 Cleveland men interested in exploring the vast iron ore deposits on the Upper Peninsula of Michigan formed the Cleveland Iron Mining Co. It was incorporated in Michigan in 1850 and reorganized in Ohio 3 years later.

The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017.

Cleveland-Cliffs has been traditionally recognized as the largest and oldest independent iron ore mining company in the United States. 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 and downstream with hot and cold stamping of steel parts and components. It has the advantage of being self-sufficient with production of the raw materials for our steelmaking operations.

With ongoing initiatives to reduce waste, improve water conservation, and reduce carbon emissions by 25% by 2030, it officially promises to become North America's leader in steelmaking and mining sustainability.

It serves a range of markets through offering of flat-rolled steel products and supplies steel to the automotive industry.

Timeline

March 13, 2020
Cleveland-Cliffs acquires AK Steel

This acquisition is combining North America’s largest producer of iron ore pellets, with a leading producer of innovative flat-rolled carbon, stainless and electrical steel products, to create a vertically integrated producer of value-added iron ore and steel products. The acquisition was completed in March 2020.

August 15, 2017
Returning to the company's old brand name

Cleveland-Cliffs celebrated its 170th year as a company in 2017. As part of the celebration, the Company announced it was dropping the Cliffs Natural Resources name and returning to its old brand name, Cleveland-Cliffs Inc.

2016
Cliffs’ stock exhibites the second highest gain of 432% on the NYSE.

There were more than 3,000 companies listed on the NYSE in 2016. Cliffs was the best performing stock among all Metals and Mining companies in 2016.

2014
2014 markes a significant shift in Cliffs' executive leadership and business strategy.

Shareholders elected six new directors during its 2014 Annual Meeting of Shareholders, who appointed former Metals USA executive Lourenco Goncalves as chairman, president and CEO of Cliffs. The reconstituted Board moved to shift the company's strategic objectives from global diversification to a renewed focus on strengthening its U.S. iron ore business.

July 13, 2013
The firm's CEO Joseph Carrabba announces in July 2013 that he will retire by December 31 of that year

Lead director James Kirsch was elected nonexecutive chairperson in his stead. Gary Halverson, formerly interim chief operating officer of Barrick Gold Corporation Inc., was appointed president and chief operating officer in October 2013, and president and chief executive officer in February 2014.

May 5, 2011
Cliffs Natural Resources is added to the Fortune 500 list of companies

Its ranking of 477 was based on the company's performance in 2010.

June 2007
Cleveland-Cliffs purchases its first domestic coal property

The coal company, called PinnOak, mines coal in Alabama and West Virginia and once belonged to U.S. Steel. In line with its venture into coal, the company changed its name from Cleveland-Cliffs to Cliffs Natural Resources in October 2008.

February 2004
As consolidation in the steel industry promises to continue in the upcoming years, Cleveland-Cliffs remaines optimistic

Chairman and CEO John Brinzo commented on the company's future in a February 2004 American Metal Market article, claiming that "with solid steel demand and improved pricing, most integrated steel producers are operating their mills at high utilization rates. We anticipate the demand for iron ore will remain high and all of our operations are currently scheduled to run at or near capacity." He added, "We are excited about 2004. We are at a point where our actions and a much stronger steel industry are expected to improve profitability for Cliffs."

2003
Eveleth Mines LLC purchasing

Cleveland-Cliffs, in a joint venture with Laiwu Steel Group of China, purchased the assets of bankrupt Eveleth Mines LLC and formed United Taconite.

2002
Cleveland-Cliffs stock plummets

In 2002, LTV Steel, a partner in the Empire Mine managed by CCI, closed and the Empire was idled for six months. . President George W. Bush enacted steel tariffs that helped domestically produced steel rebound.

Acquisitions

Patents

Further Resources

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