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Cleveland-Cliffs priced its underwritten public offering (the "Offering") of 75,000,000 common shares, par value $0.125 per share (the "Common Shares"), for expected gross proceeds of $964 million, before discounts and expenses. In addition, Cliffs has also granted the underwriter a 30-day option to purchase up to an additional 11,250,000 Common Shares. The Offering is expected to close on October 31, 2025, subject to the satisfaction of customary closing conditions.
Cliffs intends to use the net proceeds from the Offering for the repayment of borrowings under its asset-based credit facility, with any remaining net proceeds for general corporate purposes.
Posted In: CLF
