Cleveland-Cliffs Inc. (CLF) Moves To Bolster Balance Sheet to Manage Debt

Cleveland-Cliffs Inc. (NYSE:CLF) is one of the top steel stocks to buy amid US tariffs. On October 7, Cleveland-Cliffs Inc. (NYSE:CLF) announced the upsizing of an additional $275 million aggregate principal amount of senior unsecured notes due 2034.

The additional notes are part of the company’s 7.625% Senior Guaranteed Notes issued in the amount of $850 million. The issuance of the notes is part of the company’s bid to strengthen its financial position. It plans to use net proceeds from the offering to repay borrowings under its asset-based credit facility.

The company remains confident about the second half of the year amid a challenging macroenvironment. It’s also exploring potential non-core asset sales to raise much-needed funds to reduce its debt holdings. It’s also considering strategic options for foreign investment.

Cleveland-Cliffs Inc. (NYSE:CLF) is a leading North American steel producer that is vertically integrated, meaning it controls the entire production process from mining iron ore to making and processing steel, and includes downstream operations such as stamping, tooling, and tubing. The company is the largest supplier of steel to the automotive industry.

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Disclosure: None. This article is originally published at Insider Monkey.