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CLF is the largest iron ore pellet producer in the U.S, primarily selling pellets to integrated steel companies in the U.S. and Canada (MTNA, AKS, Algoma). CLF's annual production capacity is 21.2 mn tons or 42% of total US annual pellet capacity. By 2020, CLF expects to be the sole producer of HBI in the Great Lakes region with the development of its $700 mn HBI plant in Toledo, Ohio. After the bankruptcy of Bloom Lake, its Canadian iron ore assets, and the closure of its Asia Pacific Iron Ore business, the company's operations remain focused in the US. In 2017, CLF generated 65% of its sales from the U.S., 20% from China, 9% from Canada, and 11% from other countries. (29 Nov 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

CLF: $200 mn Share Buyback

Worth Watching: 26 Nov 2018, 8:44 PM ET - CLF (B1/B): The Board of Directors authorized a $200 mn share buyback program through year-end 2019. The company cited the opportunity to capitalize on the disconnect between CLF's strong profitability and the downward trend in its share price. CL ..

CLF 3Q18: CEO's Antics Overshadow Solid Results

Earnings Note: 22 Oct 2018, 3:36 AM ET - The CEO's antics on the earnings call, which included insults and threats hurled at short-sellers and sell-side analysts, overshadowed another solid quarter for CLF.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

CLF: Moody's Upgrades Rating to B1

Worth Watching: 09 Oct 2018, 3:50 PM ET - CLF (B1/B): Moody's upgraded CLF's bond ratings by a notch and reiterated its stable outlook. CLF's guaranteed senior secured guaranteed notes were upgraded from Ba3 to Ba2, while the senior unsecured guaranteed notes were upgraded from B2 to B1.  ..

Arconic: LBO Rumors Continue

Worth Watching: 09 Oct 2018, 3:37 PM ET - Arconic (Ba2/BBB-/BB+): LBO rumors continue to swirl. According to Reuters, Blackstone, Carlyle, Onex, and Canada Pension have made a joint bid to acquire ARNC. The report also noted that the PE consortium is competing with Apollo in the bidding p ..

FCX: Landmark Grasberg Deal Signing

Worth Watching: 30 Sep 2018, 10:35 PM ET - FCX (Ba2/BB) and Rio Tinto signed a binding agreement to sell their stakes in the Grasberg mine to PT Indonesia Asahan Aluminum (Inalum). The terms are roughly in-line with what was reported in July when the parties signed a nonbinding agreement ( ..

CLF 2Q18: Shareholder Rewards to Rise

Earnings Note: 22 Jul 2018, 10:02 PM ET - We review Cleveland Cliff's 2Q18 earnings results and take a look at increasing capital allocation risk in the name.

Coal Producers: Exposure to Potential Retirements

Sector Analysis: 28 Jun 2018, 5:16 AM ET - As part of our continued coverage of coal producer exposure to plant retirements, we have analyzed coal plant data to determine which basins and coal producers have the greatest exposure to unplanned, but at risk, coal plant retirements.  

CLF: Sells APIO to Reduce Closing Cost

Worth Watching: 12 Jun 2018, 9:50 AM ET - CLF (B2/B) agreed to sell substantially all of its iron ore assets in Australia to Mineral Resources Limited. This is an ideal outcome for CLF, since management had planned on shutting down its Australian iron ore operations in the near-term, wit ..

CLF 1Q18: Bright Future Ahead

Earnings Note: 21 Apr 2018, 9:29 AM ET - While CLF is winding down its APIO mine, management is bullish on the domestic steel and pellet markets.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Tronox: EU Pauses Review of Cristal Merger

HY Note: 28 Feb 2018, 4:52 AM ET - The EU Commission paused its review of the Tronox/Cristal merger until it receives additional information from the two companies.  Although some may be alarmed, it is a fairly regular component of the EU Phase 2 process.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

Metals: U.S. Protectionism Comes to a Head

Sector Analysis: 19 Feb 2018, 11:06 PM ET - Our thoughts on the Commerce Department's proposed Section 232 tariffs/quotas on steel and aluminum imports and the implications on various industries. 


Worth Watching: 29 Jan 2018, 6:04 PM ET - CREDITSIGHTS WEBCAST: The mega trend around vehicle electrification is set to meaningfully impact a number of sectors, changing the landscape in a disruptive fashion that will make for significant divergence between the winners and losers. Who wil ..

Metals: Electric Vehicle Revolution

Sector Analysis: 29 Jan 2018, 2:49 PM ET - We discuss the EV market and more specifically EV batteries, supply/demand profiles of the commodities that are found within an EV battery, and our coverage companies that could stand to benefit and lose from the EV revolution. 

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

CLF 4Q17: Lonely HBI Project

Earnings Note: 25 Jan 2018, 3:11 PM ET - We examine CLF's 4Q17 earnings results. We also take a look at CLF's 2018 outlook, sizable capex requirements, and tax reform impact.

Metals 2018 Outlook: Valuations Over Fundamentals

Sector Outlook: 15 Jan 2018, 9:19 PM ET - We analyze the broad trends within the metals & mining sector, delve into sub-sector developments, and then examine name-specific recommendations.

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