secwatch.observer — SEC 8-K summary
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Issuer:     CLEVELAND-CLIFFS INC. (CLF)
CIK:        0000764065
Form:       8-K
Filed at:   2025-02-03T23:59:59+00:00
Accession:  0000764065-25-000033
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764065/000076406525000033/0000764065-25-000033-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764065/000076406525000033/clf-20250203.htm
  HTML page:      https://secwatch.observer/filing/0000764065-25-000033

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer