Cleveland-Cliffs

{{Infobox company

| logo = File:Cliffs Natural Resources logo.svg

| logo_size = 200px

| name = Cleveland-Cliffs Inc.

| former_names = Cliffs Natural Resources Inc. (2008-2017)

| type = Public

| image = 200 Public Square 2022.png

| image_size = 200px

| image_caption = Headquarters at 200 Public Square

| traded_as = {{Unbulleted list | {{New York Stock Exchange|CLF}}|S&P 400 component}}

| foundation = {{start date and age|1847}} as Cleveland Iron Company in Cleveland, Ohio, United States

| founder = Samuel Mather and associates

| location_city = 200 Public Square, Cleveland, Ohio

| location_country = United States

| key_people = C. Lourenco Goncalves, Chairman, CEO & President
Celso Goncalves, CFO
Clifford T. Smith, COO

| industry = Steel

| products = Steel
Iron ore pellets
Direct reduced iron
Stainless steel

| revenue = {{decrease}} {{US$|19.2|link=yes}} billion (2024)

| operating_income = {{decrease}} {{US$|-756}} million (2024)

| net_income = {{decrease}} {{US$|-754}} million (2024)

| assets = {{increase}} {{US$|20.9}} billion (2024)

| equity = {{decrease}} {{US$|6.66}} billion (2024)

| num_employees = 30,000 (2024)

| subsid = {{Unbulleted list | AK Steel Holding | Lake Superior and Ishpeming Railroad | Stelco}}

| homepage = {{URL|clevelandcliffs.com}}

| footnotes = {{cite web |url = https://www.sec.gov/ix?doc=/Archives/edgar/data/764065/000076406525000058/clf-20241231.htm |title = Cleveland-Cliffs Inc. 2024 Form 10-K Annual Report |publisher = United States Securities and Exchange Commission |date=February 25, 2025 }}

}}

Cleveland-Cliffs Inc. (CCI, formerly Cliffs Natural Resources) is an American steel manufacturer based in Cleveland, Ohio. They specialize in the mining, beneficiation, and pelletizing of iron ore, as well as steelmaking, including stamping and tooling. The company was the world's 25th-largest steel producer and the third-largest in the United States in 2022. It is the largest flat-rolled steel producer in North America.{{cite web |url = https://www.sec.gov/ix?doc=/Archives/edgar/data/764065/000076406521000084/clf-20201231.htm |title = Cleveland-Cliffs Inc. 2020 Form 10-K Annual Report |publisher = United States Securities and Exchange Commission }}

Operations

Cleveland-Cliffs manages and operates four iron ore mines in Minnesota and two mines in Michigan, one of which, the Empire Mine, has been indefinitely idled. These mines produce various grades of iron ore pellets, including standard and fluxed, for use in blast furnaces as part of the steelmaking process as well as direct reduced (DR) grade pellets for use in direct reduced iron (DRI) applications. Since the mines are located near the Great Lakes, the majority of the pellets are transported by rail to loading ports for shipments via vessel to steelmakers in North America. During 2020, 2019 and 2018, the company sold 12 million, 19 million and 21 million long tons of iron ore product, respectively, to third parties.

The company operates a hot-briquetted iron (HBI) facility in Toledo, Ohio. HBI is a form of DRI that can be used as an alternative to scrap iron. When used as a feedstock, HBI can enable an electric arc furnace to produce more valuable grades of steel.

It also operates three coke-making facilities in Burns Harbor, Indiana, Monessen, Pennsylvania, and Warren, Ohio, with an annual capacity of 2.6 million tons, as well as a coal mine in Princeton, West Virginia.

File:Indiana Harbor Peninsula 2.jpg

The company operates many fully-integrated steel mills and finishing facilities in Kentucky, Indiana, Illinois, Ohio, Michigan, Pennsylvania, West Virginia, and North Carolina. It has annual production capacity of approximately 23 million net tons of raw steel.

History

= 19th century =

The firm's earliest predecessor was the Cleveland Iron Mining Company, founded in 1847 and chartered as a company by Michigan in 1850.{{cite web |url = https://lib.bgsu.edu/finding_aids/items/show/769 |title = Cleveland Cliffs Iron Company: GLMS 62 |publisher = Bowling Green State University }}{{cite web |url = https://case.edu/ech/articles/c/cleveland-cliffs-inc |work = Encyclopedia of Cleveland History |title = Cleveland-Cliffs Inc. |date = June 29, 2018 |publisher = Case Western Reserve University }} Samuel Mather and six Ohio-based associates had learned of rich iron-ore deposits recently discovered in the highlands of the Upper Peninsula of Michigan. Soon afterwards, the first Soo Locks opened in 1855, allowing iron ore to be shipped from Lake Superior to Lake Erie.{{cite web |title = The Soo Locks |url = https://michiganology.org/stories/the-soo-locks/?utm |website = Michiganology }}

Technological improvements, such as the Bessemer process, made it possible for mills in the North American Great Lakes region to produce steel on an industrial scale. The south shore of Lake Erie was near a supply of coal, making that region an efficient point for the construction of steel mills.

The company's request for government intervention quashed the Upper Peninsula miners' strike of 1865.{{Cite book |last1 = Reynolds |first1 = Terry S. |title = Iron Will: Cleveland-Cliffs and the Mining of Iron Ore, 1847-2006 |last2 = Dawson |first2 = Virginia P. |publisher = Wayne State University Press |year = 2011 |isbn = 978-0-8143-3511-6 |location = Detroit |page = 40 }}

In the late 1800s, the company expanded via acquisitions to gain market share. The former Cleveland Iron Mining Co. was a survivor of this shakeout, purchasing many of its competitors. One key merger in 1890, with Jeptha Wade's Iron Cliffs Company led the combined firm to change its name to the Cleveland-Cliffs Iron Company.{{cite journal |last1 = Larson |first1 = A.F. |title = Iron Ore: History and Development in Michigan |journal = Michigan Historical Review |date = 1949 |publisher = Michigan Historic Society |location = Lansing }}

The company invested substantially to improve the logistics of iron-ore transport. In 1892, the firm built the Lake Superior and Ishpeming Railroad to carry iron ore from the mines directly to company-owned docks on Lake Superior.{{cite web |title = Presque Isle to Eagle Mills |url = https://www.copperrange.org/lsi.htm?utm_ |website = A cybertour of the Lake Superior and Ishpeming RR |publisher = Copper County Historical Society |access-date = January 6, 2025 }}

= 20th century =

William G. Mather, the son of Samuel, guided Cleveland-Cliffs as president and later as chairman of the board from 1890 to 1947, participating in the transition from the hard-rock iron ore of Upper Michigan to the soft hematite of Minnesota's Mesabi Range and adjacent lodes.{{cite web |title = GLMS 62 - Cleveland Cliffs Iron Company |url = https://lib.bgsu.edu/finding_aids/items/show/769?utm_ |website = lib.bgsu.edu }} He consolidated mining operations into one powerful corporation while developing a diversification program when he invested in iron-ore mining and steel manufacturing.{{cite web |title = William G. Mather |url = https://www.hbs.edu/leadership/20th-century-leaders/details?profile=william_g_mather |publisher = Harvard Business School }}

Under Mather, Cleveland-Cliffs was a leader in the development of the classic-type lake freighter, a bulk-cargo vessel especially designed to carry Great Lakes commodities. The {{convert|618|ft|m|adj=mid|-long}} SS William G. Mather, launched in 1925, is a surviving example of this ship type. For almost a century, the black-hulled Cleveland-Cliffs ships were familiar sights on the upper lakes. Cleveland Cliffs pioneered the electrification of the iron mining process, employee benefits like the eight-hour day, built a company town for miners' residence, added employee pensions and safety programs.{{cite web |title = National Mining Hall of Fame and Museum |url = https://www.mininghalloffame.org/hall-of-fame/william-gwinn-mather?utm_ |website = Mining Hall of Fame }}

In 1930, the company purchased 63% of Cleveland's Corrigan-McKinney Steel company, owners and operators of one of the "...finest steel plants in the country." Corrigan-McKinney was estimated to have assets of $60–65 million (US)({{Inflation|US|60000000|1929|fmt=eq|r=-3}}).{{cite news |title = $65,000,000 concern in new steel deal |newspaper = The New York Times |date = March 22, 1930 |url = https://www.nytimes.com/1930/03/22/archives/65000000-concern-in-new-steel-deal-women-sell-63-of-stock-of.html }} In 1934, Cleveland Cliffs shareholders approved the purchase.{{cite news |title = Republic Steel-Corrigan-McKinney Deal Approved by Cliffs Iron Stockholders |url = https://timesmachine.nytimes.com/timesmachine/1934/10/24/93648103.html?pageNumber=31 |work = The New York Times |language = en }} By 1938, the company had recovered from the Great Depression and reported the highest sales and profits in its history.{{cite news |title = Cleveland-Cliffs Clears $5,020,903; Iron Company Reports Highest Profit Since 1929 and Best Sales in Its History |url = https://timesmachine.nytimes.com/timesmachine/1938/03/09/96805374.pdf?pdf_redirect=true&ip=0 |work = The New York Times |language = en }}

In March 1942, both record tonnage and the earliest Great Lakes shipments of iron ore were being completed by the company. The 1941 tonnage broke the 1929 record at 80 million gross tons of iron ore.{{cite news |title = Ore Carrier to Set Fifty-Year Record; First Iron Cargo Down Great Lakes Due to Arrive at Cleveland Today |url = https://timesmachine.nytimes.com/timesmachine/1942/03/28/85525867.pdf?pdf_redirect=true&ip=0 |work = The New York Times |language = en }} In 1946, the company recorded another technological breakthrough as it installed radar for the first time on the Great Lakes aboard its flagship, the SS William G. Mather.{{cite news |title = Radar for Great Lakes; First Installation Is Made on Cleveland-Cliffs Ship |url = https://timesmachine.nytimes.com/timesmachine/1946/08/05/121026024.pdf?pdf_redirect=true&ip=0 |work = The New York Times |language = en }}

In 1947, Cleveland-Cliffs Iron Company merged with its holding company, Cliffs Corporation of Cleveland to form a new corporation (with the same name) Cleveland-Cliffs Iron Company, with combined assets of $95 million (US)({{Inflation|US|95000000|1947|fmt=eq|r=-3}}). Shareholders of both former companies approved the transaction.{{cite news |title = Cleveland-Cliffs Now Consolidated; Iron Company's Merger Filed—Exchange of Stock of 2 Concerns Will Follow |url = https://timesmachine.nytimes.com/timesmachine/1947/07/10/87781497.pdf?pdf_redirect=true&ip=0 |work = The New York Times |language = en }}

Demand for American iron ore hit peaks during World War I, World War II, and the post-World War II consumer boom. In 1933, Edward B. Greene (the son-in-law of Jeptha Homer Wade II) replaced William G. Mather as the head of the company. The Mather A Mine opened in the early 1940s and the Mather B shaft in the 1950s. In 1950, the company celebrated its 100th anniversary with the publication of a commemorative book, A Century of Iron Men, by Harlan Hatcher, vice president of Ohio State University.{{cite news |title = Iron Company Is 100 Years Old |url = https://timesmachine.nytimes.com/timesmachine/1950/06/26/91106023.pdf?pdf_redirect=true&ip=0 |work = The New York Times |language = en }}

As the Cold War continued, reserves of mineable hematite dwindled in northern Minnesota and Cleveland-Cliffs returned some of its focus to its traditional areas of interest around the Marquette Iron Range, where new deposits of magnetite were opened. The first pellet plant was built at Eagle Mills in 1954, followed by the first grate/kiln plant at the Humboldt Mine in 1960. The Republic Mine was converted from a shaft mine to an open pit and concentrator in 1956 and a two-kiln pellet plant was added in 1962. The Empire Mine opened in 1963 and was expanded in the mid- and late-1970s; the Pioneer Pellet Plant was opened in 1965 to pelletize the underground ore from the Mather B Mine in Negaunee, Michigan. In 1974, the Tilden Mine opened south of Ishpeming, Michigan. This mine was and is the only mine in the world with the ability to produce both hematite and magnetite pellets.

In 1970, a high-grade iron-ore mine was opened at Pannawonica in the Pilbara region of Western Australia, with a {{convert|200|km|mi|adj=on|abbr=on}} rail line to processing facilities at Cape Lambert for which the residential township of Wickham was built. A pellet plant was built but ceased operation before 1980, following a sharp increase in the cost of diesel fuel.

During the 1970s, Cleveland-Cliffs had large interests in uranium and shale oil fields, as well as the oil and gas drilling industries. It also had holdings in the forest products industry. This interests were sold in the 1980s when the company refocused its efforts on its core iron ore business.

After the recessions of 1974–1975 and 1981–1983, Cleveland-Cliffs shrank its operations, closing the Mather B Mine and the Pioneer Pellet Plant and associated Ore Improvement Plant in 1979. The Humboldt Pellet Plant closed in 1981 and the Republic Mine was idled in 1981 and closed for good in 1996, when Cliffs began turning the associated tailings ponds into compensatory wetlands for its other properties. Over half of the Marquette Iron Range employees were laid off and, in 1984, Cliffs withdrew from the Great Lakes shipping industry.{{cite web |title = Steamship William G. Mather |url = https://theclio.com/entry/4155?utm_ |website = Clio |language = en }}

In November 1986, Cleveland-Cliffs announced the purchase of rival merchant iron ore company Pickands Mather & Company from Moore-McCormack Resources. Assets included in the purchase were management and ownership stakes in Hibbing Taconite Company and Erie Mining Company in Minnesota, Wabush Mines and the Griffith Mine in Canada, and the Savage River Mine in Australia.

In 1994, the company acquired Northshore Mining in Silver Bay, Minnesota.

= 21st century =

In early 2001, Cleveland-Cliffs managed LTV Steel, the former J&L Steel. However, J&L/LTV Steel was forced to permanently close in the wake of the bankruptcy of the steel maker's parent firm, Ling-Temco-Vought. Later that year, the company cut its dividend by 73% due to low prices.{{cite news |url = https://www.barrons.com/articles/SB1010795590884849000 |title = Cleveland-Cliffs Steels Itself |first = Shirley |last = Lazo |work = Barron's |date = January 14, 2002 }} As another outcome of the Ling-Temco-Vought closure, the Empire iron ore mine was idled for six months.{{cite web |url = http://media.corporate-ir.net/media_files/irol/10/105226/annual2002/letter.htm |title = Letter to Our Shareholders |first = John S. |last = Brinzo |date = February 28, 2003 }} President George W. Bush enacted the 2002 United States steel tariff that greatly benefitted domestically-produced steel. Benefitting from the tariff, the company embarked upon a strategy to expand globally and to diversify into other minerals, leading to the acquisitions of iron-ore properties in Brazil, Canada and Australia and coal properties in Australia and the US.{{cite web |url = http://www.clevelandcliffs.com/English/about-us/history-and-values/default.aspx |title = A History of Cleveland-Cliffs: 1847–2017 Timeline |date = August 15, 2023 |publisher = Cleveland-Cliffs }} In 2003, the company, in a joint venture with Laiwu Steel, purchased the assets of bankrupt Eveleth Mines and formed United Taconite LLC.{{Cite web |url = https://www.annualreports.com/HostedData/AnnualReportArchive/c/NYSE_CLF_2004.pdf |title = Cleveland-Cliffs 2003 Annual Report }} In 2008, it acquired the full ownership for $100 million in cash and 1,529,619 common shares.{{cite news |url = https://www.duluthnewstribune.com/news/2375204-cleveland-cliffs-becomes-sole-owner-united-taconite |title = Cleveland-Cliffs becomes sole owner of United Taconite |work = Duluth News Tribune |date = July 14, 2008 }}{{cite web |url = https://www.jonesday.com/en/practices/experience/2009/08/clevelandcliffs-acquires-minority-partners-interest-in-united-taconite |title = Cleveland-Cliffs acquires minority partner's interest in United Taconite |publisher = Jones Day |date = July 2008 }}

In June 2007, the company acquired PinnOak, its first domestic coal company, which mined coal in Alabama and West Virginia and once belonged to U.S. Steel.{{cite press release |url = https://news.thomasnet.com/companystory/cleveland-cliffs-announces-acquisition-of-pinnoak-resources-major-metallurgical-coal-producer-522499 |title = Cleveland-Cliffs Announces Acquisition of PinnOak Resources, Major Metallurgical Coal Producer |publisher = Cleveland-Cliffs |date = June 14, 2007 |via = Thomas Register }} Due to its venture into coal, the company changed its name from Cleveland-Cliffs to Cliffs Natural Resources in October 2008.{{cite press release |first = Steve |last = Baisden |url = http://ir.cliffsnaturalresources.com/files/doc_news/2008/CLF_News_2008_10_15_General_Releases.pdf |title = Cleveland-Cliffs Inc. Is Now Cliffs Natural Resources Inc. |publisher = Cliffs Natural Resources |date = October 18, 2008 }} In 2008, the company agreed to acquire Alpha Natural Resources but called off the transaction in November 2008 due to the 2008 financial crisis. It paid a $70 million breakup fee.{{cite news |url = https://www.cleveland.com/business/2008/11/cliffs_calls_off_deal_to_buy_a.html |title = Cliffs calls off Alpha Natural Resources deal |work = The Plain Dealer |location = Cleveland |date = November 17, 2008 }}

In January 2010, the company acquired Freewest Resources Canada for C$240 million, giving it 100% ownership of the Black Thor and Black Label, and 47% ownership of the Big Daddy chromite deposits in the Ring of Fire district in the James Bay Lowlands of Ontario, Canada.{{Cite news |url = https://www.miningweekly.com/article/cliffs-completes-freewest-acquisition-2010-01-27/ |title = Cliffs completes Freewest acquisition |first = Liezel |last = Hill |work = Mining Weekly |date = January 27, 2010 }} In July 2010, Cliffs increased its ownership stake in Big Daddy by acquiring Spider Resources for C$125 million. In 2015, these assets were sold to rival Noront Resources, owner of a minority stake in Big Daddy, for US$20 million.{{cite press release |url = https://www.globenewswire.com/news-release/2015/03/23/1123076/0/en/Noront-Resources-to-Acquire-Cliffs-Chromite-Properties-in-the-Ring-of-Fire.html |title = Noront Resources to Acquire Cliffs Chromite Properties in the Ring of Fire |via = GlobeNewswire |date = March 23, 2015 }}

In May 2011, the company acquired Consolidated Thompson Iron Mines from Wuhan Iron and Steel Corporation for C$4.9 billion. The acquisition included Bloom Lake iron ore mine in Quebec.{{Cite press release |url = http://www.clevelandcliffs.com/English/news-center/news-releases/news-releases-details/2011/Cliffs-Natural-Resources-Inc-Announces-Definitive-Agreement-to-Acquire-Consolidated-Thompson-Iron-Mines-Limited-for-C49-Billion-or-C1725-in-Cash-Per-Share/default.aspx |title = Cliffs Natural Resources Inc. Announces Definitive Agreement to Acquire Consolidated Thompson Iron Mines Limited for C$4.9 Billion, or C$17.25 in Cash Per Share |publisher = Cleveland-Cliffs |date = January 11, 2011 }}{{cite news |url = https://www.mccarthy.ca/en/work/cases/cliffs-natural-resources-completes-c49-billion-acquisition-consolidated-thompson-iron-mines-wuhan-iron-and-steel |title = Cliffs Natural Resources completes C$4.9 billion acquisition of Consolidated Thompson Iron Mines from Wuhan Iron and Steel |first = Joyce |last = Lee |work = McCarthy Tétrault |date = May 12, 2011 }} On May 5, 2011, the company was added to the Fortune 500. Its ranking of 477 was based on the company's performance in 2010.{{cite press release |url = https://www.prnewswire.com/news-releases/cliffs-natural-resources-joins-ranks-of-the-fortune-500-121379659.html |title = Cliffs Natural Resources Joins Ranks of the Fortune 500 |publisher = Cliffs Natural Resources |date = May 6, 2011 |via = PR Newswire }}

File:The Burns Harbor Mill.jpg was purchased by Cleveland-Cliffs in 2020.]]

in July 2013, CEO Joseph Carrabba announced that he would retire by December 31, 2013. Lead director James Kirsch was elected non-executive chairperson in his stead.{{cite news |url = https://www.reuters.com/article/cliffsnatural-ceo/cliffs-natural-ceo-joseph-carrabba-to-retire-by-year-end-idUSL4N0FF3FW20130709 |title = Cliffs Natural CEO Joseph Carrabba to retire by year end |publisher = Reuters |date = July 9, 2013 }} Gary Halverson, formerly interim chief operating officer of Barrick Gold, was appointed president and chief operating officer in October 2013,{{cite press release |url = https://www.prnewswire.com/news-releases/cliffs-natural-resources-inc-announces-the-appointment-of-new-president-and-chief-operating-officer-229234811.html |title = Cliffs Natural Resources Inc. Announces the Appointment of New President and Chief Operating Officer |date = October 25, 2013 |publisher = Cliffs Natural Resources }} and president and chief executive officer in February 2014.{{cite press release |first1 = Jessica |last1 = Moran |first2 = Patricia |last2 = Persico |url = http://ir.cliffsnaturalresources.com/files/doc_news/2014/CLF_News_2014_2_13_General_Releases.pdf |title = Cliffs Natural Resources Inc. Announces the Appointment of Gary B. Halverson as President and Chief Executive Officer |date = February 13, 2014 |publisher = Cliffs Natural Resources }} At the 2014 annual general meeting, six new directors nominated by activist hedge fund Casablanca Capital were elected, giving the fund control of the board of directors.{{Cite news |url = https://dealbook.nytimes.com/2014/07/29/official-talley-not-in-but-activist-claims-victory-at-cliffs-natural-resources/ |title = Activist Hedge Fund Claims Victory at Mining Company Cliffs Natural Resources |first = Michael J. |last = De La Merced |work = The New York Times |date = July 29, 2014 }} Lourenco Goncalves was appointed chairman, president and CEO of the company.{{cite web |last = Persico |first = Patricia |date = August 7, 2014 |title = Lourenco Goncalves Appointed Chairman, President and Chief Executive Officer of Cliffs Natural Resources Inc. |work = Yahoo.com |url = https://finance.yahoo.com/news/lourenco-goncalves-appointed-chairman-president-144402314.html |access-date = March 14, 2024 |publisher = Cliffs Natural Resources |via = GlobalNewswire }} The reconstituted Board moved to shift the company's strategic objectives from global diversification to a renewed focus on strengthening its U.S. iron ore business.

In December 2015, the company sold its remaining North American coal operations.{{cite press release |url = https://www.prnewswire.com/news-releases/cliffs-natural-resources-inc-completes-the-sale-of-its-remaining-north-american-coal-business-300196616.html |title = Cliff Natural Resources Inc. Completes the Sale of its Remaining North American Coal Business |via = PR Newswire |date = December 22, 2015 }} Cliffs announced plans in early 2016 to close the Empire Mine near Marquette, Michigan, terminating the jobs of approximately 400 workers.{{cite news |url = https://www.freep.com/story/news/local/michigan/2016/03/25/empire-mines-upper-peninsula-close/82246052/ |title = CEO: Empire Mine in Upper Peninsula will close |work = Detroit Free Press |date = March 25, 2016 }} The company announced on August 15, 2017, that it was returning to its former brand name, Cleveland-Cliffs Inc.{{cite news |url = https://www.crainscleveland.com/article/20170815/news/170819905/its-back-future-cliffs-natural-resources-which-has-returned-its-old |last = Suttell |first = Scott |title = It's back to the future for Cliffs Natural Resources, which has returned to its old name: Cleveland-Cliffs Inc. |work = Crain Communications |date = August 15, 2017 }} In August 2018, the company sold its Asia Pacific iron ore assets.{{cite press release |url = https://www.businesswire.com/news/home/20180828005472/en/Cleveland-Cliffs-Completes-the-Sale-of-its-Asia-Pacific-Iron-Ore-Assets |title = Cleveland-Cliffs Completes the Sale of its Asia Pacific Iron Ore Assets |work = Business Wire |date = August 28, 2018 }} It also sold its Australian assets.{{cite news |url = https://www.miningjournal.net/news/front-page-news/2018/08/sold-cleveland-cliffs-sale-of-australia-assets/ |title = Sold: Cleveland Cliffs sale of Australia assets |first = Lisa |last = Bowers |work = The Mining Journal |location = Marquette, Michigan |date = August 31, 2018 }}

On March 13, 2020, the company acquired AK Steel Holding for $1.1 billion.{{cite press release |url = https://www.businesswire.com/news/home/20200313005219/en/Cleveland-Cliffs-Completes-Acquisition-AK-Steel |title = Cleveland-Cliffs Completes Acquisition of AK Steel |work = Business Wire |date = March 13, 2020 }}{{cite news |url = https://www.industryweek.com/leadership/growth-strategies/article/21126155/clevelandcliffs-closes-acquisition-of-ak-steel |title = Cleveland-Cliffs Completes Acquisition of AK Steel |work = IndustryWeek |date = March 13, 2020 }}{{Cite news |title = AK Steel now part of North America's largest steel producer: What the deal means |url = https://www.daytondailynews.com/news/ak-steel-now-part-of-north-americas-largest-steel-producer-what-the-deal-means/7726Q6SOYREMXCGPG6NYDKDWJE/ |first = Rick |last = McCrabb |work = Dayton Daily News |date = September 30, 2020 }} In December 2020, the company acquired the United States operations of ArcelorMittal for approximately $1.4 billion, making it the largest producer of flat-rolled steel and iron ore pellets in North America.{{Cite press release |url = http://www.clevelandcliffs.com/English/news-center/news-releases/news-releases-details/2020/Cleveland-Cliffs-Inc.-Completes-Acquisition-of-ArcelorMittal-USA/default.aspx |title = Cleveland-Cliffs Inc. Completes Acquisition of ArcelorMittal USA |publisher = Cleveland-Cliffs |date = December 9, 2020 }}{{cite news |url = https://www.cleveland.com/news/2020/12/cleveland-cliffs-completes-14-billion-arcelormittal-usa-acquisition.html |title = Cleveland-Cliffs completes $1.4 billion ArcelorMittal USA acquisition |first = Ben |last = Miller |work = The Plain Dealer |location = Cleveland |date = December 9, 2020 }}{{cite news |url = https://www.mansfieldnewsjournal.com/story/news/2020/12/09/cleveland-cliffs-completes-acquisition-arcelormittal-usa-operations/3865929001/ |title = Cleveland-Cliffs completes purchase of ArcelorMittal USA operations |first = Lou |last = Whitmire |work = Mansfield News Journal |date = December 9, 2020 }}

In February 2022, Cleveland-Cliffs agreed to pay a $3 million settlement related to Clean Water Act violations, including a cyanide and ammonia spill in August 2019 that killed thousands of fish and closed Lake Michigan beaches. After the settlement, Cleveland-Cliffs stated it would change its water testing and public announcement procedures.{{cite news |url = https://www.wfyi.org/news/articles/cleveland-cliffs-to-pay-3-million-in-settlement-for-spill-on-lake-michigan |title = Cleveland-Cliffs to pay $3 million in settlement for spill on Lake Michigan |publisher = WFYI |date = February 15, 2022 }}

On July 28, 2023, Cleveland-Cliffs executives sent a proposal to U.S. Steel CEO David Burritt, to acquire the company for a total enterprise value of $10 billion, in a cash and stock deal.{{Cite report |last = Goncalves |first = Lourenco |date = July 28, 2023 |title = Letter to David S. Sutherland and David B. Burritt, United States Steel Corporation |type = none |url = https://d1io3yog0oux5.cloudfront.net/_fd765123021850278716594f38c5bca1/clevelandcliffs/files/pages/clevelandcliffs/db/1149/description/July_28_2023_Initial_offer_letter_from_Lourenco_Goncalves_to_David_Sutherland_and_David_Burritt.pdf |location = Cleveland |publisher = Cleveland-Cliffs |archive-url = https://web.archive.org/web/20230817180251/https://d1io3yog0oux5.cloudfront.net/_fd765123021850278716594f38c5bca1/clevelandcliffs/files/pages/clevelandcliffs/db/1149/description/July_28_2023_Initial_offer_letter_from_Lourenco_Goncalves_to_David_Sutherland_and_David_Burritt.pdf |archive-date = August 17, 2023 |access-date = August 17, 2023 }} The proposal has been endorsed by the United Steelworkers,{{cite news |last1 = Dalton |first1 = Alex |title = U.S. Steel Rejects Cleveland-Cliffs' $7.3B Acquisition Deal |url = https://www.chicagotribune.com/suburbs/post-tribune/ct-ptb-us-steel-buyout-st-0815-20230814-g33arpaz4ba6jkgyepqezfiq7u-story.html |access-date = August 17, 2023 |work = Chicago Tribune |date = August 14, 2023 }} but was rejected by US Steel on August 13.{{cite news |last1 = Tita |first1 = Bob |title = U.S. Steel Rejects Offer from Cleveland-Cliffs |url = https://www.wsj.com/articles/u-s-steel-rejects-offer-from-cleveland-cliffs-e85b4094 |access-date = August 17, 2023 |work = The Wall Street Journal |date = August 13, 2023 }} Ultimately, Cleveland-Cliffs failed to purchase U.S. Steel as the company agreed to be acquired by Japan's Nippon Steel instead for $14.9 billion.{{cite news |last = Bell |first = Valerie |date = January 5, 2024 |title = Japanese company to buy U.S. Steel: What does that mean for Alabama? |url = https://abc3340.com/news/local/united-states-us-steel-japan-company-nippon-steel-acquiring-property-2024-deal-foreign-141-billion-aquisition-cash-operating-alabama-ensley-fairfield-works |access-date = January 9, 2024 |website = ABC3340 |location = Birmingham, Alabama |publisher = WBMA-TV |language = en }} In January 2025, President Joe Biden blocked the merger. Both US Steel and Nippon sued the US government, complaining that the block was "a clear violation of due process". The companies also sued CEO Goncalves and United Steelworkers president Dave McCall, charging "anticompetitive and racketeering activities illegally designed to prevent any party other than Cliffs from acquiring US Steel as part of an illegal campaign to monopolize critical domestic steel markets".{{cite news |last1=Goldman |first1=David |last2=Eagan |first2=Matt |last3=Isodore |first3=Chris |title=US Steel and Nippon sue Biden administration, Steelworkers union and Cleveland-Cliffs over their blocked merger |work = CNN Business |url=https://edition.cnn.com/2025/01/06/business/us-steel-nippon-sue-biden-administration/index.html |publisher=CNN |date=6 January 2025 |language=en}} According to the New York Times, any purchase of US Steel by Cleveland-Cliffs would raise regulatory issues and would result in a court-challenge, because Nucor, Cleveland-Cliffs and US Steel are responsible for 50% of United States' steel production.{{cite news |last1 = Nerkar |first1 = Santul |title = U.S. Steel, Its Merger Blocked, Faces Stark Alternatives |url = https://www.nytimes.com/2025/01/09/business/ussteel-nippon-merger-future.html |work = The New York Times |date = 9 January 2025 }}

In January 2025, Goncalves called Japan "evil". He said, "China is bad, China is evil, China is horrible, but Japan is worse, Japan is a lot worse." He added, "You did not learn anything since 1945."{{Cite web |date = 2025-01-13 |title = Cleveland-Cliffs CEO attacks Japan as he reiterates interest in acquiring U.S. Steel |url = https://www.nbcnewyork.com/news/business/money-report/cleveland-cliffs-ceo-attacks-japan-as-he-reiterates-interest-in-acquiring-u-s-steel/6105622/?os=firetvno_journeystruelr4geqf6&ref=app |location = New York |publisher = WNBC |language = en-US }}{{Cite web |last = Lim |first = Lionel |date = 2025 |title = Cleveland-Cliffs CEO blasts 'evil' Japan, home of rival Nippon Steel: 'You did not learn anything since 1945' |url = https://fortune.com/asia/2025/01/14/cleveland-cliffs-ceo-blasts-evil-japan-home-rival-nippon-steel/ |website = Fortune Asia |language = en }} His remarks were widely covered in Japan, temporarily increasing anti-Brazilian sentiment among the Japanese.{{cite web |url = https://www.chunichi.co.jp/article/1011931 |title = 大越健介キャスター「名前も言いたくありません」『鉄鋼界のイーロン・マスク』の暴言に激怒、「静かにキレたね」「よく言った」と賛同の声 |trans-title =Newscaster Kensuke Okoshi "I don't even want to say his name" - enraged by the abusive language of 'Elon Musk of the steel industry' - voices of approval: 'He quietly lost it' and 'Well said' |work = The Chunichi Shimbun |date = January 15, 2025 |access-date = 16 February 2025 }}

On July 15, 2024, Cleveland-Cliffs announced that it would acquire Stelco, a Canadian steel manufacturer, for $2.5 billion in cash and stock.{{cite news |last1 = Tita |first1 = Bob |title = Cleveland-Cliffs in $2.5 Billion Deal to Buy Canadian Steelmaker Stelco |url = https://www.wsj.com/business/energy-oil/cleveland-cliffs-in-2-5-billion-deal-to-buy-canadian-steelmaker-stelco-81ed7fa5 |access-date = July 15, 2024 |work = The Wall Street Journal |date = July 15, 2024 }}

Carbon footprint

Cleveland-Cliffs reported total CO₂e emissions (direct + indirect) for December 31, 2020, at 32,200 Kt.{{Cite book |author = Cleveland-Cliffs |title = Sustainability Report for 2020 |publisher = Cleveland-Cliffs |archive-url = https://web.archive.org/web/20211001110050/https://d1io3yog0oux5.cloudfront.net/_8d43a60d240d4f73c7379f670b2ff0ab/clevelandcliffs/db/1188/11066/file/ClevelandCliffs_Sustainability+Report+2020+FINAL.pdf |url = https://d1io3yog0oux5.cloudfront.net/_8d43a60d240d4f73c7379f670b2ff0ab/clevelandcliffs/db/1188/11066/file/ClevelandCliffs_Sustainability+Report+2020+FINAL.pdf |archive-date = October 1, 2021 }}