28
Jul
17:17
Cleveland-Cliffs redeems $1.2 billion in stock
Cleveland-Cliffs has redeemed preferred stock to the tune of $1.2 billion and cut its diluted share count by 10%, Kallanish learns from a company statement.
The buy-back of 58 million shares at about $21.18/share from an affiliate of ArcelorMittal was done with existing liquidity, Cleveland-Cliffs says.
“Given the strength of our business fundamentals and where our common shares have been trading, the buyback of the preferred shares at an attrac…
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Anonymous
Very good overview of the weekly steel market.
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