Cleveland-Cliffs Completes Asset Acquisition
Ticker: CLF · Form: 8-K · Filed: Nov 1, 2024 · CIK: 764065
Sentiment: neutral
Topics: acquisition, assets, steel
TL;DR
Cliffs just bought a big chunk of a steel company, making them a bigger player.
AI Summary
Cleveland-Cliffs Inc. announced the completion of its acquisition of a significant portion of the assets of a steel producer on November 1, 2024. This strategic move is expected to enhance Cleveland-Cliffs' position in the steel market. The filing also includes financial statements and exhibits related to this transaction.
Why It Matters
This acquisition is a major step for Cleveland-Cliffs, potentially reshaping its market share and operational capabilities in the steel industry.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks related to integration, market reception, and financial performance.
Key Players & Entities
- Cleveland-Cliffs Inc. (company) — Registrant
- November 1, 2024 (date) — Date of earliest event reported
- Ohio (jurisdiction) — State of incorporation
- 216-694-5700 (phone_number) — Registrant's telephone number
FAQ
What specific assets did Cleveland-Cliffs acquire?
The filing states the completion of an acquisition of a significant portion of the assets of a steel producer, but does not specify the exact assets in this section.
What is the name of the steel producer whose assets were acquired?
The filing does not explicitly name the acquired steel producer in the provided text.
What is the effective date of this acquisition?
The earliest event reported is November 1, 2024.
What is the primary business of Cleveland-Cliffs Inc.?
Cleveland-Cliffs Inc. is in the Metal Mining industry, as indicated by its Standard Industrial Classification code.
What other information is included in this filing besides the acquisition announcement?
The filing also includes financial statements and exhibits related to the acquisition.
Filing Stats: 924 words · 4 min read · ~3 pages · Grade level 13.5 · Accepted 2024-11-01 16:40:22
Key Financial Figures
- $0.125 — h registered: Common Shares, par value $0.125 per share CLF New York Stock Exchange
- $60.00 — ereof to Purchaser in exchange for (a) C$60.00 in cash (the " Cash Consideration ") pl
Filing Documents
- clf-20241101.htm (8-K) — 35KB
- 0000764065-24-000199.txt ( ) — 161KB
- clf-20241101.xsd (EX-101.SCH) — 2KB
- clf-20241101_lab.xml (EX-101.LAB) — 22KB
- clf-20241101_pre.xml (EX-101.PRE) — 13KB
- clf-20241101_htm.xml (XML) — 3KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets. The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (a) Financial statements of business acquired The Company will provide the financial statements of Stelco required to be filed under Item 9.01(a) of Form 8-K by amendment to this Current Report on Form 8-K no later than 71 calendar days after the required filing date for this Current Report on Form 8-K. (b) Pro forma financial information The Company will provide the pro forma financial information required to be filed under Item 9.01(b) of Form 8-K by amendment to this Current Report on Form 8-K no later than 71 calendar days after the required filing date for this Current Report on Form 8-K. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CLEVELAND-CLIFFS INC. Date: November 1, 2024 By: /s/ James D. Graham Name: James D. Graham Title: Executive Vice President, Chief Legal and Administrative Officer & Secretary 3