Cliffs to increase 1Q flat steel shipments

Integrated steelmaker Cleveland-Cliffs expects to increase its first quarter flat rolled steel shipments.

The company says first quarter shipments should be 4.1mn short tons, which would represent a 13pc rise compared with the prior year, according to an earnings guidance released today.

If maintained throughout the year the shipment rate would easily reach a goal of 16mn st of shipments in 2023 set by chief executive Lourenco Goncalves in February.

If the shipment volumes are realized it would exceed a goal set by Goncalves in October to boost his company's shipments to 3.9mn-4mn st/quarter.

The first quarter estimate is also up by 6.8pc, or 262,000st, from fourth quarter shipments.

Cliffs also announced a $750mn offering of notes due in 2030, the proceeds of which will be used to repay a portion of its asset-based revolving credit facility.

By Rye Druzin