Cleveland-Cliffs

Cleveland-Cliffs Inc. is an American mining and steel company headquartered in Cleveland, Ohio. Its earliest predecessor, the Cleveland Iron Mining Company, was established in 1847 to develop iron ore resources in Michigan's Upper Peninsula. Over the following century, the business built an integrated position around Great Lakes mining, rail transport, shipping, ore processing, and eventually steelmaking. It became one of the long-standing industrial institutions associated with the Great Lakes steel economy. The company historically operated mines and pellet plants in Michigan and Minnesota, moving ore by rail and lake vessel to steel producers around Lake Erie and the wider Great Lakes. It also developed logistics and marine capabilities, including investments in ore transportation and lake freighters. During the leadership of William G. Mather, the company expanded its mining base, modernized extraction and processing, and diversified into steel manufacturing. Its acquisition of a controlling interest in Corrigan-McKinney Steel in the 1930s strengthened that downstream position. Cleveland-Cliffs' mining operations evolved as the industry moved from direct-shipping hematite toward concentrated and pelletized magnetite and taconite. The company established or expanded pelletizing capacity in Michigan and Minnesota, including facilities associated with the Humboldt, Republic, Empire, Mather, and Tilden mines. Tilden became notable for producing both hematite and magnetite pellets. The company also periodically diversified beyond iron ore, entering coal, uranium, shale oil, oil and gas services, and forest products, although many of those interests were later sold as management refocused the portfolio. In the early twenty-first century, the company pursued international expansion and mineral diversification, acquiring or investing in assets in Canada, Australia, Brazil, and the United States. That strategy included the acquisition of PinnOak's coal operations, the purchase of Consolidated Thompson and its Bloom Lake mine in Quebec, and an attempted acquisition of Alpha Natural Resources that was terminated during the 2008 financial crisis. After an activist-led board change in 2014, the company shifted back toward a more concentrated North American iron ore and steel strategy. It sold its remaining North American coal interests, exited several overseas assets, and restored the Cleveland-Cliffs name in 2017. The decisive transformation came through steel-sector acquisitions. Cleveland-Cliffs acquired AK Steel in 2020 and later acquired the United States operations of ArcelorMittal. These transactions converted the company from primarily an iron ore supplier into a vertically integrated steel producer with major flat-rolled, automotive, plate, tubular, tooling, and stamping capabilities. Its network includes blast furnaces, electric arc furnaces, continuous casters, finishing and coating lines, coke facilities, iron ore mines, pellet plants, and a hot-briquetted iron facility in Toledo, Ohio. The company serves automotive manufacturers and suppliers, construction, infrastructure, energy, appliance, transportation, and other industrial markets. It operates four principal business areas described in reference material as Steelmaking, Tubular, Tooling and Stamping, and European Operations. Its raw-steel capacity is approximately 23 million net tons annually, while its mines produce several grades of iron ore pellets, including standard, fluxed, and direct-reduction grades. The Toledo HBI facility provides a lower-impurity metallic feedstock that can supplement scrap in electric arc furnace steelmaking. Cleveland-Cliffs is currently described as the second-largest steel producer in the United States and the largest flat-rolled steel producer in North America.

Cleveland-Cliffs traces its corporate history to the Cleveland Iron Mining Company, founded in 1847 and chartered in Michigan in 1850. Its early business was based on iron ore discoveries in Michigan's Upper Peninsula and the development of transport routes linking Lake Superior mines with Great Lakes steel centers. The opening of the Soo Locks in 1855 improved the movement of ore toward Lake Erie. In 1890, a merger with the Iron Cliffs Company led to the Cleveland-Cliffs Iron Company name. The company also built the Lake Superior and Ishpeming Railroad in 1892 to connect mines with its own docks. William G. Mather led the company for much of the late nineteenth and early twentieth centuries. During his tenure, Cleveland-Cliffs consolidated mining operations, expanded into additional ore regions, invested in processing, and helped develop the specialized lake freighters used to move bulk commodities on the Great Lakes. It also introduced operational and employee initiatives associated with the period, including mining electrification, pensions, safety programs, and an eight-hour workday. In 1930, it purchased a controlling interest in Corrigan-McKinney Steel, strengthening its presence in steel manufacturing. The company recovered from the Great Depression and reported record sales and profits by 1938. The postwar period brought major changes in ore technology. As easily mined hematite reserves declined, Cleveland-Cliffs invested in concentrating and pelletizing magnetite and taconite. Eagle Mills opened in 1954, followed by developments at Humboldt, Republic, Empire, Mather, and Tilden. Tilden, opened in 1974, became distinctive for its ability to make both hematite and magnetite pellets. The company also experimented with overseas mining in Western Australia and diversified into coal, uranium, shale oil, oil and gas drilling, and forest products. Economic downturns in the 1970s and early 1980s led to closures, layoffs, mine idling, and withdrawal from Great Lakes shipping in 1984. In 1986, Cleveland-Cliffs acquired Pickands Mather Group, adding interests in mines and mining ventures in the United States, Canada, and Australia. Northshore Mining was acquired in 1994. During the early 2000s, the company managed the former LTV Steel operations during a period of distress in the American steel industry. Low prices led to a substantial dividend reduction in 2001. The 2002 United States steel tariff improved conditions for domestic producers and was followed by a period of expansion and diversification. The company acquired PinnOak in 2007, entering domestic coal, and changed its name to Cliffs Natural Resources in 2008. It pursued chromite assets in Ontario's Ring of Fire, purchased Consolidated Thompson in 2011 for approximately C$4.9 billion, and obtained the Bloom Lake mine in Quebec. The financial crisis caused it to terminate an agreement to acquire Alpha Natural Resources in 2008. By the middle of the 2010s, the company began disposing of noncore holdings, including North American coal and overseas iron ore assets. A major governance and strategy change occurred in 2014, when an activist investor's nominees gained control of six board seats. Lourenco Goncalves became chairman, president, and chief executive officer, and the company redirected its strategy toward United States iron ore and steel rather than broad international diversification. The Cleveland-Cliffs name was restored in 2017. The company acquired AK Steel in 2020 and ArcelorMittal's United States operations later that year. These transactions created a substantially more vertically integrated steel producer, combining mines and pellet plants with blast furnaces, electric arc furnaces, finishing lines, automotive steel, tooling, stamping, tubular products, and plate production. The company now operates across major steel and mining states in the United States and Ontario, Canada, and remains centered on North American industrial and automotive supply chains.

1. 2020AK Steel acquired

   The acquisition expanded Cleveland-Cliffs into downstream flat-rolled and automotive steel.

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2. 2020ArcelorMittal USA operations acquired

   The transaction significantly increased the company's United States steelmaking and finishing footprint.

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3. 2017Cleveland-Cliffs name restored

   The company returned to its historic Cleveland-Cliffs corporate name.

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4. 2014Board and strategy change

   An activist-backed board reconfiguration preceded the appointment of Lourenco Goncalves and a renewed United States focus.

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5. 2011Consolidated Thompson acquired

   The company acquired Consolidated Thompson Iron Mines and the Bloom Lake mine in Quebec.

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6. 2008Name changes to Cliffs Natural Resources

   The company adopted the Cliffs Natural Resources name during its period of broader mineral diversification.

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7. 2007PinnOak acquisition enters coal

   The acquisition of PinnOak marked the company's entry into domestic coal mining.

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8. 1994Northshore Mining acquired

   Cleveland-Cliffs acquired Northshore Mining in Minnesota.

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9. 1986Pickands Mather Group acquired

   The acquisition expanded Cleveland-Cliffs' mining interests and management positions in North America and Australia.

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10. 1974Tilden Mine opens

    Tilden Mine opened in Michigan and became capable of producing both hematite and magnetite pellets.

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11. 1954Eagle Mills pellet plant opens

    The company began a major modern phase of iron ore pellet production with the Eagle Mills plant.

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12. 1930Corrigan-McKinney Steel investment

    Cleveland-Cliffs acquired a controlling interest in the Cleveland steel producer Corrigan-McKinney Steel.

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13. 1892Lake Superior and Ishpeming Railroad built

    The company developed a railroad linking its mines with company-owned Lake Superior docks.

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14. 1890Merger creates Cleveland-Cliffs Iron Company

    A merger with the Iron Cliffs Company led to the Cleveland-Cliffs Iron Company name.

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15. 1855Soo Locks open

    The opening of the Soo Locks improved the movement of Lake Superior iron ore toward Lake Erie and Great Lakes steel centers.

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16. 1847Cleveland Iron Mining Company established

    The earliest predecessor of Cleveland-Cliffs was founded to develop iron ore resources in Michigan's Upper Peninsula.

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A vertically integrated North American steel and iron ore supplier with a strong automotive and industrial focus.

• Iron ore pelletsMining and raw materials

  Cleveland-Cliffs mines, concentrates, and pelletizes iron ore in Michigan and Minnesota. Its products include standard and fluxed pellets for blast furnaces as well as direct-reduction grades for DRI applications. Great Lakes rail and vessel logistics connect the mines with steelmaking customers and company facilities.

• Flat-rolled steelSteel

  The company produces hot-rolled, cold-rolled, galvanized, and other coated flat-rolled steels. These products serve automotive, construction, appliance, transportation, energy, and general industrial applications across North America.

• Automotive steelSteel2020

  Automotive steel is a central downstream offering following the AK Steel acquisition and the expansion of the company's integrated steel network. The portfolio includes flat-rolled and coated grades supplied to vehicle manufacturers and their component suppliers.

• Heavy plateSteel

  Cleveland-Cliffs produces heavy plate, including at Burns Harbor's wide plate mill. Plate products support shipbuilding, bridges, energy infrastructure, defense-related applications, and other demanding structural uses.

• Hot-briquetted ironDirect reduced iron2020

  The Toledo, Ohio HBI facility produces hot-briquetted iron, a direct-reduced metallic feedstock that can supplement scrap in electric arc furnaces and help produce higher-value steel grades.

• Tooling and stampingSteel downstream services

  The company operates tooling and stamping activities that extend beyond steel production into forming and component-related services, particularly for automotive and industrial customers.

• Tubular productsSteel products

  Cleveland-Cliffs' tubular division supplies steel tube products for industrial and energy-related uses. The division forms part of the company's downstream steel portfolio alongside flat-rolled, plate, tooling, and stamping operations.

• 2020Acquire AK SteelM&A

  Cleveland-Cliffs sought to expand from iron ore and upstream materials into downstream steelmaking and automotive supply.

  What changed. It acquired AK Steel in a transaction reported at approximately $1.1 billion.

  Aftermath. The deal made Cleveland-Cliffs a substantially more integrated flat-rolled and automotive steel producer.

  Transaction value. Approximately $1.1 billion (2020)

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• 2020Acquire ArcelorMittal United States operationsM&A

  The company pursued additional scale and integration in the United States steel market after acquiring AK Steel.

  What changed. Cleveland-Cliffs acquired ArcelorMittal's United States operations.

  Aftermath. The acquisition expanded its steelmaking, finishing, and customer footprint and reinforced its position as a leading American flat-rolled producer.

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• 2014Refocus on United States iron ore and steelStrategy

  An activist-backed board change replaced the previous emphasis on global diversification with a strategy centered on strengthening the company's United States business.

  What changed. The reconstituted board appointed Lourenco Goncalves as chairman, president, and chief executive officer and redirected strategic priorities toward the United States.

  Aftermath. The company subsequently sold coal and overseas assets, restored the Cleveland-Cliffs name, and pursued major United States steel acquisitions.

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• 2008Terminate Alpha Natural Resources acquisitionM&A

  Cleveland-Cliffs had agreed to acquire Alpha Natural Resources, but the 2008 financial crisis changed market and financing conditions.

  What changed. The company cancelled the transaction and paid a reported $70 million termination fee.

  Aftermath. Cleveland-Cliffs continued pursuing a diversified minerals strategy for a period, while the failed transaction illustrated the risks of expansion during the financial crisis.

  Termination fee. $70 million (2008)

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• 2020Cleveland-Cliffs acquires AK Steel

  The company completed its acquisition of AK Steel in a transaction valued at approximately $1.1 billion, expanding its downstream steel and automotive capabilities.

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• 2020Cleveland-Cliffs acquires ArcelorMittal USA operations

  The company acquired ArcelorMittal's United States operations, materially increasing its integrated steelmaking and flat-rolled capacity.

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• 2017Cleveland-Cliffs changes name from Cliffs Natural Resources

  The company returned to the Cleveland-Cliffs name after a period of international and mineral diversification under the Cliffs Natural Resources brand.

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• 2016Cleveland-Cliffs announces Empire Mine closure plan

  The company announced plans to close the Empire Mine near Marquette, Michigan, affecting approximately 400 workers according to the reference material.

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• 2014Activist-backed board change redirects company strategy

  Six directors nominated by Casablanca Capital were elected, after which the board shifted the company's emphasis from global diversification toward its United States iron ore business.

  Leadership changeOther
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1. Cleveland-Cliffs
2. Cleveland-Cliffs official website