ABC 10/CW5
Cleveland – Twenty–twenty was a transformative year for Cleveland Cliffs.
In a conference call today, the company reported revenues of $5.4 billion last year compared to $2 billion in 2019.
Fourth quarter revenues in 2020 were $2.3 billion – a 300% increase to the company’s revenues in the same period in 2019.
The company owns the Tilden Mine and indefinitely idled Empire Mine in Marquette County as well as two mining operations in Minnesota.
Cliffs finalized its acquisition of steelmaker Arcelormittal USA, LLC at the end of last year.
The company purchased AK steel earlier in 2020.
The two transactions make Cliffs the largest steelmaker in North America according to company officials.
After big acquisition, steelmaker Cleveland-Cliffs misses Q4 expectations bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
DOE Advanced Manufacturing Office Funds Next-Gen Turbine Blades and More
Feb. 23, 2021
DOE s Advanced Manufacturing Office is funding tomorrow s tech. Learn about the awards led and/or supported by NREL.
Photo by Werner Slocum, NREL
Utility-scale wind turbine blade design and production has remained relatively unchanged over the past 25 years. A National Renewable Energy (NREL)-led project is looking to evolve beyond business as usual, with the help of a recently announced FOA award from the U.S. Department of Energy s (DOE s) Advanced Manufacturing Office (AMO).
Alongside partners TPI Composites Inc., Additive Engineering Solutions (AES), Ingersoll, Vanderbilt University, and the Institute for Advanced Composites Manufacturing Innovation
Cleveland-Cliffs, one of the Region s biggest steelmakers, is selling $1 billion in securities to push outstanding debt back to a due date of 2031.
The Cleveland-based steelmaker, now the largest flat-rolled steel producer in the United States, plans to sell senior unsecured guaranteed notes. It will use the proceeds to redeem all of its outstanding 4.875% senior secured notes that are due in 2024 and its 6.375% senior guaranteed notes that are due in 2025.Â
The proceeds from the securities sale also will be used to reduce borrowing from its asset-based revolving credit facility and to pay off AK Steel debt, including its 7.625% senior notes due 2021, 7.5% senior notes due 2023, and 6.375% senior notes due 2025. The long-time iron ore mining company acquired AK Steel and ArcelorMittal USA last year, consolidating much of the integrated steel industry in the United States.
ArcelorMittal will return $650 million to shareholders with proceeds from the sale of most of its U.S. operations, including its steel mills and finishing lines in the Calumet Region.