10 Oct 2025debt financing● Neutral
Cliffs added $275 million to its 7.625% notes due 2034, issued a month earlier.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Sept 2025debt financing● NeutralMajor
Cliffs issued $850 million of new 7.625% Senior Guaranteed Notes due 2034.
6 Feb 2025debt financing● NeutralMajor
Cliffs issued $850 million of new 7.500% Senior Guaranteed Notes due 2031.
1 Nov 2024asset acquisition disposition▲ GoodMajor
Cliffs completed its acquisition of Stelco Holdings, adding the Canadian steelmaker's Lake Erie Works and Hamilton Works plants to its North American footprint.
22 Oct 2024debt financing● NeutralMajor
Cliffs issued $1.8 billion of new notes ($900 million 6.875% due 2029 and $900 million 7.375% due 2033), ahead of closing its Stelco acquisition the following week.
13 Sept 2024debt financing● NeutralMajor
Cliffs eased the borrowing conditions on its asset-based credit facility specifically to allow it to draw funds toward the purchase price of its pending Stelco acquisition.
16 Aug 2024debt financing▲ GoodMajor
Cliffs added $600 million to its 7.000% notes due 2032, likely helping fund the pending Stelco acquisition.
15 July 2024business combination▲ GoodMajor
A year after its U.S. Steel bid was publicly rejected, Cliffs agreed to acquire Canada's Stelco Holdings for CAD $60 cash plus 0.454 Cliffs shares per share (about CAD $70/share, ~USD $2.5 billion enterprise value), a USW-endorsed deal expected to be immediately earnings-accretive and adding Stelco's Lake Erie Works and Hamilton Works steel plants.
18 Mar 2024debt financing● NeutralMajor
Cliffs issued $825 million of new 7.000% senior unsecured guaranteed notes due 2032.
24 Aug 2023merger communication● Neutral
In a televised interview, Cliffs' CEO Lourenco Goncalves defended the company's refusal to sign U.S. Steel's proposed non-disclosure agreement (citing an 18-month standstill demand and a bar on talking to the steelworkers' union) and reiterated the United Steelworkers' support for a Cliffs deal, keeping public pressure on U.S. Steel's board.
22 Aug 2023merger communication● Neutral
A further communication in Cliffs' public campaign around its rejected U.S. Steel bid.
22 Aug 2023merger communication● Neutral
Cliffs published correspondence exchanged between itself and U.S. Steel regarding its acquisition proposal, continuing to make the negotiation public after the board's rejection.
18 Aug 2023merger communication● Neutral
Cliffs issued another press release regarding its ongoing pursuit of U.S. Steel, continuing the public campaign after the board's rejection of its offer.
15 Aug 2023merger communication● Neutral
Cliffs reposted a Bloomberg News article about its rejected U.S. Steel bid to its website, part of its public pressure campaign following the board's rejection.
14 Aug 2023merger communication▼ BadMajor
Cliffs publicly disclosed a rejected unsolicited bid to acquire U.S. Steel for $17.50 cash plus 1.023 Cliffs shares per share (about $35/share, a 43% premium), after U.S. Steel's board called the offer 'unreasonable'; the United Steelworkers union publicly backed Cliffs' bid and said it would not exercise its contractual right to counter-offer.
9 June 2023debt financing▲ Good
Cliffs increased its asset-based revolving credit facility by $250 million to $4.75 billion in tranche A commitments and extended the maturity from 2025 to 2028.
14 Apr 2023debt financing● NeutralMajor
Cliffs issued $750 million of new 6.750% senior unsecured guaranteed notes due 2030.
23 Dec 2021debt financing▲ GoodMajor
Cliffs expanded its asset-based revolving credit facility by $1 billion in tranche A commitments and converted its remaining $150 million FILO tranche into regular tranche A capacity, reflecting its larger post-merger scale.
15 Mar 2021debt financing● Neutral
Cliffs registered $73.3 million of 7.00% notes due 2027 (legacy AK Steel notes reissued as Cliffs notes when the AK Steel merger closed in March 2020) with the SEC for exchange into freely tradable notes - a routine debt-registration formality, not a merger.
17 Feb 2021debt financing▲ GoodMajor
Cliffs issued $1 billion of new notes ($500 million 4.625% due 2029 and $500 million 4.875% due 2031) at coupons well below its pandemic-era debt, reflecting its stronger post-ArcelorMittal-USA credit profile.
9 Dec 2020asset acquisition disposition▲ GoodMajor
Cliffs completed its acquisition of substantially all of ArcelorMittal USA's operations from ArcelorMittal S.A. for $505 million cash plus Cliffs common and preferred stock, and separately bought out Nippon Steel's remaining stakes in the I/N Tek and I/N Kote joint ventures for about $183 million - creating the largest flat-rolled steel producer in North America with roughly $17 billion in pro forma revenue.
19 June 2020debt financing● Neutral
Cliffs added $120 million to its 6.75% Senior Secured Notes due 2026 (originally issued when the AK Steel merger closed in March 2020).
24 Apr 2020debt financing● NeutralMajor
Cliffs added $555.2 million more to its new 9.875% Secured Notes due 2025, a large add-on to the notes it had issued a week earlier.
17 Apr 2020material agreement▼ BadMajor
As COVID-19 roiled credit markets, Cliffs issued $400 million of new 9.875% Senior Secured Notes due 2025 - a notably higher coupon than its pre-pandemic debt, reflecting the stressed market conditions just weeks after closing the AK Steel merger.
2 Apr 2020debt financing● Neutral
Cliffs amended its $2 billion asset-based revolving credit facility to carve out a new $150 million 'first-in, last-out' tranche, restructuring the facility's layers without changing its total size.
20 Mar 2020debt financing● Neutral
Cliffs registered the $750 million of 5.875% senior guaranteed notes due 2027 it had sold privately on May 13, 2019, so holders could swap into freely tradeable paper - a registration-rights formality, not new borrowing. It is dated a week after the AK Steel merger completed on March 13, 2020, and the same prospectus recounts the separate exchange offers and consent solicitations that moved AK Steel's 2025 and 2027 notes onto Cliffs' own balance sheet.
16 Mar 2020debt financing▲ GoodMajor
Cliffs settled its exchange offers for AK Steel's existing notes, issuing new Cliffs notes to noteholders and completing the debt-integration leg of the AK Steel acquisition.
13 Mar 2020asset acquisition disposition▲ GoodMajor
Cliffs completed its acquisition of AK Steel: the merger closed, AK Steel became a wholly owned Cliffs subsidiary, and Cliffs became a vertically integrated iron ore and steel producer for the first time - the culmination of the deal announced in December 2019.
3 Mar 2020business combination● Neutral
Cliffs made supplemental disclosures about the AK Steel merger process to moot shareholder litigation alleging inadequate proxy disclosures - a standard step to avoid delaying the shareholder vote.
27 Feb 2020merger communication● Neutral
A second letter to shareholders ahead of the AK Steel merger vote, filed under the merger communications rules.