Cleveland-Cliffs slides on $964 mln share sale

Cleveland-Cliffs

30/10/2025 11:23

** Shares of steel producer Cleveland-Cliffs CLF.N down 9.1% at $12.81 before the bell after $964 mln follow-on prices

    ** CLF sells 75 mln shares to repay borrowings under its asset-based credit facility, any remaining net proceeds to be used for general corporate purposes

    ** Offering priced at $12.85, a 8.8% discount to stock's last close

** UBS sole underwriter

** On Oct 20, CLF shares jumped ~21% to close at $16.18 after co posted narrower-than-expected Q3 loss on improving auto business, and announced rare-earth exploration plan

** Through Weds close, shares up ~50% YTD

** Co has ~494.7 mln shares outstanding

    ** Of 15 analysts covering CLF, recommendation breakdown is 4 "buy", 8 "hold" and 3 "sell" ratings; median PT is $12.80, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))