Cleveland-Cliffs proposes offering of 75 million shares

Cleveland-Cliffs Inc. (NYSE: CLF) announced it has commenced an underwritten public offering of 75 million common shares at $0.125 par value per share. The company also intends to grant the underwriter a 30-day option to purchase up to an additional 11.25 million shares.

The steel producer plans to use net proceeds from the offering to repay borrowings under its asset-based credit facility, with any remaining funds allocated for general corporate purposes.

UBS Securities LLC is serving as the underwriter for the offering and will offer the shares through various methods including transactions on the New York Stock Exchange, over-the-counter market, or through negotiated transactions at prevailing market prices or negotiated prices.

Cleveland-Cliffs filed a new automatically effective shelf registration statement with the Securities and Exchange Commission. A preliminary prospectus supplement describing the offering terms has been filed with the SEC.

The Cleveland, Ohio-based company operates as a vertically integrated steel producer focused on value-added sheet products, particularly for the automotive industry. The company's operations span from iron ore mining and pellet production through primary steelmaking and downstream finishing processes. Cleveland-Cliffs employs approximately 30,000 people across facilities in the United States and Canada.

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