Cleveland-Cliffs reports preliminary Q4 adjusted EBITDA loss of ~$85M; launches $850M notes offering at 7.500%

CLEVELAND-CLIFFS INC.

2024-FY EPS reported -$1.57 revenue$19,185,000,000

Q4 expected revenues ~$4.3B, steel shipments 3.8M net tons; FY2024 adj. EBITDA ~$775M (pro-forma $1.2B incl. Stelco).
Stelco acquisition closed Nov 1, 2024; included only Nov-Dec in Q4 results.
CEO cites worst steel demand since 2010 (ex-COVID) and expects recovery from tariffs on Mexico, Canada, China.
Priced $850M senior guaranteed notes at 7.500% due 2031; upsized from $750M; proceeds to repay ABL borrowings.
Notes offering expected to close Feb 6, 2025; unsecured, guaranteed by material domestic subsidiaries.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.