Cleveland-Cliffs Inc. (CLF): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the backbone of American steel and mining? Cleveland-Cliffs Inc. (CLF), stands as North America's largest flat-rolled steel producer and a major supplier of iron ore pellets, predominantly serving the automotive industry. But how did this $19.2 billion (2024 revenue) company get here, and how does it operate? Dive in to explore the history, ownership structure, mission, and operational framework that drives Cleveland-Cliffs, a key player employing approximately 30,000 individuals across the United States and Canada, and is committed to reducing carbon emissions by 25%.

Cleveland-Cliffs Inc. (CLF) History

Cleveland-Cliffs Inc. Founding Timeline

Year established

The company was established in 1847.

Original location

It was originally based in Cleveland, Ohio.

Founding team members

The company was founded by Samuel Livingston Mather.

Initial capital/funding

Information regarding the initial capital or funding is not readily available.

Cleveland-Cliffs Inc. Evolution Milestones

Cleveland-Cliffs Inc. Transformative Moments

• Strategic Shift to Steelmaking: The company's move from primarily mining iron ore to becoming a major steel producer marked a pivotal change. This was driven by the acquisitions of AK Steel and ArcelorMittal USA, which significantly expanded its operations.
• Acquisition of AK Steel (2020): This acquisition was a game-changer, integrating steel production into the company's existing iron ore business. It allowed the company to capture more value by selling finished steel products rather than just raw materials.
• Acquisition of ArcelorMittal USA (2020): This further cemented the company's position as a leading steel producer in North America. The deal significantly increased the company's production capacity and market presence.
• Proposed Acquisition of United States Steel Corporation (Announced 2024): If approved, this acquisition would consolidate the company's position as the dominant steel producer in North America. It reflects an ongoing strategy of growth through mergers and acquisitions. However, as of April 2025, there have been some regulatory challenges.

For more insights into the company's financial performance, you might find this resource helpful: Breaking Down Cleveland-Cliffs Inc. (CLF) Financial Health: Key Insights for Investors

Cleveland-Cliffs Inc. (CLF) Ownership Structure

Cleveland-Cliffs Inc. features a diverse ownership structure, blending institutional, insider, and retail investors. This mix influences the company's governance and strategic direction.

Cleveland-Cliffs Inc.'s Current Status

Cleveland-Cliffs Inc. is a publicly traded company, meaning its shares are available for purchase on stock exchanges. As a publicly-held entity, it is subject to regulatory oversight and reporting requirements, providing transparency to investors and the public.

Cleveland-Cliffs Inc.'s Ownership Breakdown

As of Q1 2024, the ownership of Cleveland-Cliffs Inc. is distributed among various shareholders. Here's a detailed breakdown:

Cleveland-Cliffs Inc.'s Leadership

Cleveland-Cliffs Inc. is guided by a team of experienced leaders who steer the company's strategic initiatives and operational execution. Key figures include:

• Chairman, President, and CEO: Lourenco Goncalves - Holds a pivotal role in shaping the company's vision and strategy.
• Executive Vice President & CFO: Celso L. Goncalves - Manages the financial operations and strategies of the company.
• Executive Vice President & COO: Michael D. Fedorchak - Responsible for overseeing the company's operational activities.

These leaders, along with other key executives, are instrumental in driving Cleveland-Cliffs Inc.'s performance and growth in the competitive steel and mining industry. For insights into the company's financial well-being, check out: Breaking Down Cleveland-Cliffs Inc. (CLF) Financial Health: Key Insights for Investors

Cleveland-Cliffs Inc. (CLF) Mission and Values

Cleveland-Cliffs Inc. aims to be the premier supplier of iron ore pellets, steel, and downstream steel solutions, committed to creating value for its stakeholders while operating responsibly. The company's values emphasize safety, integrity, and sustainability, guiding its operations and relationships.

Cleveland-Cliffs Inc.'s Core Purpose

Official mission statement

Cleveland-Cliffs' mission statement is as follows:

• To be the premier supplier of iron ore pellets, steel, and downstream steel solutions.
• To create value for our stakeholders.
• To operate responsibly.

Vision statement

Cleveland-Cliffs' vision is to lead in the North American steel industry through innovation, operational excellence, and a commitment to sustainable practices. This involves:

• Driving innovation in steelmaking and downstream solutions.
• Achieving operational excellence across all facilities.
• Committing to sustainable practices to minimize environmental impact.

Company slogan/tagline

Cleveland-Cliffs does not have a widely publicized official slogan or tagline. However, their communications often emphasize themes of:

• Strength and durability in their steel products.
• Innovation and forward-thinking approaches.
• Responsibility towards the environment and community.

For more detailed insights, explore: Mission Statement, Vision, & Core Values of Cleveland-Cliffs Inc. (CLF).

Cleveland-Cliffs Inc. (CLF) How It Works

Cleveland-Cliffs Inc. is a vertically integrated steel and mining company. It efficiently manages its operations from extracting raw materials to producing finished steel products, catering to various industries.

Cleveland-Cliffs Inc.'s Product/Service Portfolio

Cleveland-Cliffs Inc.'s Operational Framework

• Mining and Pelletizing: Cleveland-Cliffs mines iron ore from its North American mines. The ore is then processed into pellets, which are essential for steel production.
• Steel Manufacturing: The company operates several steelmaking facilities that produce a variety of steel products. These facilities utilize advanced technologies to ensure high-quality output.
• Direct Reduction: Cleveland-Cliffs uses direct reduction plants to produce HBI, a high-purity iron source used in electric arc furnaces.
• Integrated Supply Chain: With its control over raw materials and steel production, Cleveland-Cliffs manages a comprehensive supply chain that enhances efficiency and reduces costs.

Cleveland-Cliffs Inc.'s Strategic Advantages

• Vertical Integration: Cleveland-Cliffs' vertical integration, from mining to steel production, provides a significant competitive edge by ensuring a stable supply of raw materials and reducing exposure to market price volatility.
• Diversified Product Portfolio: The company’s wide range of steel products allows it to serve multiple industries, reducing its reliance on any single market.
• Strategic Locations: Cleveland-Cliffs' facilities are strategically located to serve key markets in North America, providing logistical advantages and reducing transportation costs.
• Technological Innovation: The company invests in research and development to improve its production processes and develop new, high-value products.
• Long-Term Customer Relationships: Cleveland-Cliffs maintains strong relationships with major customers, ensuring stable demand and long-term contracts.

To gain more insight into the values that guide their operations, check out Mission Statement, Vision, & Core Values of Cleveland-Cliffs Inc. (CLF).

Cleveland-Cliffs Inc. (CLF) How It Makes Money

Cleveland-Cliffs Inc. primarily generates revenue through the production and sale of steel and iron ore products. They serve a diverse range of industries including automotive, infrastructure, and manufacturing.

Cleveland-Cliffs Inc.'s Revenue Breakdown

Cleveland-Cliffs Inc.'s Business Economics

Cleveland-Cliffs Inc.'s business economics are influenced by several key factors:

• Steel Pricing: Steel prices are subject to global supply and demand dynamics, trade policies, and raw material costs.
• Iron Ore Costs: As a vertically integrated company, Cleveland-Cliffs benefits from controlling a significant portion of its iron ore supply, which helps mitigate price volatility.
• Production Efficiency: Operational efficiency and capacity utilization rates play a crucial role in determining profitability.
• Automotive Demand: A significant portion of Cleveland-Cliffs' steel is sold to the automotive industry, making it sensitive to automotive production and sales trends.
• Infrastructure Spending: Government infrastructure projects can drive demand for steel products.
• Mission Statement, Vision, & Core Values of Cleveland-Cliffs Inc. (CLF).

Cleveland-Cliffs Inc.'s Financial Performance

Key aspects of Cleveland-Cliffs Inc.'s financial performance include:

• Revenue: In 2024, Cleveland-Cliffs reported revenue of $21.8 billion.
• Gross Profit: The gross profit for 2024 was $3.1 billion.
• Net Income: Cleveland-Cliffs reported a net income of $437 million for 2024.
• Adjusted EBITDA: The adjusted EBITDA for 2024 was $2.2 billion.
• Debt: As of the end of 2024, Cleveland-Cliffs had a total debt of $5.1 billion.
• Liquidity: The company had approximately $1.4 billion in available liquidity, including cash and borrowing capacity.

Cleveland-Cliffs Inc. (CLF) Market Position & Future Outlook

As of April 2025, Cleveland-Cliffs Inc. holds a significant position in the North American steel and iron ore markets, with a focus on serving the automotive industry and other key sectors. The company's future outlook is shaped by its strategic investments in advanced manufacturing technologies and its ability to capitalize on growing demand for high-quality steel.

Competitive Landscape

Opportunities & Challenges

Industry Position

Cleveland-Cliffs Inc. stands as a leading integrated steel producer in North America. Key aspects of their industry position include:

• Vertical Integration: Controlling iron ore production provides a cost advantage and supply chain security.
• Automotive Focus: Strong relationships with automotive manufacturers provide a stable demand base.
• Strategic Investments: Investments in technology and equipment enhance production efficiency and product quality.

For more insights into the investors and stakeholders involved with Cleveland-Cliffs Inc., check out: Exploring Cleveland-Cliffs Inc. (CLF) Investor Profile: Who’s Buying and Why?