Cleveland-Cliffs Intends To Offer $750 Mln Senior Notes; Expects $5.2 Bln Revenue For Q1

(RTTNews) - Cleveland-Cliffs Inc. (CLF), a mining firm, said on Tuesday that it intends to offer $750 million of senior unsecured guaranteed notes due 2030.

The miner aims to use the net proceeds from offering to repay debts.

In addition, for the first-quarter, the company said in a preliminary statement that it expects to report adjusted EBITDA of around $200 million, on revenue of approximately $5.2 billion.

Lourenco Goncalves, CEO of Cleveland-Cliffs, said: "Confirming our previous guidance, Q1 EBITDA was significantly higher than Q4 EBITDA. The increase in profitability in Q1 was almost entirely driven by the unit cost reductions… We are also enjoying the full benefits of the meaningful price increases Cleveland-Cliffs has implemented for this year. With that, we expect Q2 EBITDA will be multiple times higher than Q1 EBITDA…"