CLEVELAND - Cleveland-Cliffs Inc. (NYSE:CLF), a major North American steel producer, has announced an immediate increase in the base prices for its carbon hot rolled, cold rolled, and coated steel products. The company, which also holds the title of North America's largest manufacturer of iron ore pellets, has set the new minimum base price for hot rolled steel at $840 per net ton.
This price adjustment applies to all new orders and is effective as of today. Cleveland-Cliffs, with a history dating back to 1847, has a significant presence in the mining and steel manufacturing industry. The company is known for its vertical integration strategy, encompassing all stages from mining raw materials to steelmaking and downstream finishing processes.
Employing around 28,000 individuals, Cleveland-Cliffs operates across the United States and Canada. The company has also established itself as the primary steel supplier to the North American automotive industry and caters to a wide variety of other markets with its extensive range of flat-rolled steel products.
The announcement of the price hike follows the company's continuous efforts to navigate the market dynamics and maintain its position as a leading steel producer. The information regarding the price increase is based on a press release statement from Cleveland-Cliffs. The company's shares are traded on the New York Stock Exchange under the ticker symbol CLF.
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