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Stock impact report

Cleveland-Cliffs Intends To Redeem 2020 Notes, Makes One Step Closer To The Dividend [Seeking Alpha]

Cleveland-Cliffs Inc. (CLF) 
Last cleveland-cliffs inc. earnings: 2/20 07:00 am Check Earnings Report
Company Research Source: Seeking Alpha
Summary Cliffs announces redemption of 2020 notes. The company continues to improve its maturity position on the back of strong domestic steel market. Analysts' estimates keep climbing while the stock lags, leaving Cliffs in the undervalued state. Cleveland-Cliffs ( CLF ) has just announced that it intended to redeem the entirety of its outstanding 5.9% senior notes due March 2020 and 4.80% senior notes due October 2020. The company expects that total payments to holders of these notes will be approximately $220 million. Cliffs will be using cash on hand to redeem the notes. Here’s what the CEO had to say on the decision: “Given the on-time and on-budget progress of our HBI plant construction, together with the strong free cash flow generation resulting from our domestically-focused business model, there is no reason to wait any longer to redeem these notes”. Cliffs finished the second quarter with $802.5 million of cash. The continued strength of the domestic s Show less Read more
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