Cleveland-Cliffs Inc. Issues Its Comprehensive Sustainability Report for 2021
May 02 2022 - 7:00AM
Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) announced today the release of
its Sustainability Report 2021. Earlier this year, the Company
reported through its annual financial filings that it achieved
all-time annual records in revenues, net income, Adjusted EBITDA
and free cash flow, and is pleased to report its continued progress
on environmental, social and governance (ESG) performance.
Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President and
Chief Executive Officer said, “Cleveland-Cliffs has built a strong
legacy of sustainable business practices. As we transformed into
the largest flat-rolled steel company in North America, this has
been the foundation for integrating our standards across our newly
acquired operations. In the midst of dynamic market changes, our
commitment to earning and protecting our social license to operate
remains constant and is a critical component of our long-term
business strategy. I am proud of the numerous sustainability
initiatives we have in place throughout the business. This
underscores our deep commitment to supporting the local communities
where we operate. As Cleveland-Cliffs’ journey continues, we look
forward to further developing sustainability strategies that are
operationally relevant and add even greater support to our sites
and stakeholders through open communication and strong
partnerships.”
This report was developed with reference to the Global Reporting
Initiative (GRI) Standards and the Sustainability Accounting
Standards Board (SASB) Standards, and references important tenets
of the Task Force on Climate-related Financial Disclosures (TCFD).
This report also highlights how the Company’s business activities
contribute to achieving progress on several of the United Nations
Sustainable Development Goals (SDGs). Rooted in its Core Values,
Cleveland-Cliffs is proud to uphold its Commitment to the
Environment, Empowering People, Connecting with Communities and
Acting with Integrity.
The following sustainability accomplishments and commitments are
highlighted in the 2021 report:
- Increased consumption of scrap and success of using hot
briquetted iron (HBI) in its furnaces to reduce coke rate, enhance
productivity and quality, stretch hot metal production, which led
to an overall reduction in carbon intensity per ton in 2021;
- Importance of its Ferrous Processing and Trading Company (FPT)
acquisition in securing substantial prime scrap to create a
closed-loop steel recycling program;
- Partnership with the U.S. Department of Energy for emissions
reduction and energy efficiency initiatives;
- Need for Cleveland-Cliffs’ U.S. produced specialty and
electrical steels that are critical to the greening of
America;
- Continued focus on talent management and union partnerships to
train and develop the next generation of steel workers;
- Commitment to engaging with its stakeholders and communities to
foster two-way dialogue; and
- Giving back to local communities through The Cleveland-Cliffs
Foundation, corporate charitable giving and employee-driven
giving.
Cleveland-Cliffs’ Sustainability Report 2021 is accessible
online in the “Sustainability” section of the Company’s corporate
website, www.clevelandcliffs.com, where a printable PDF version of
the report is also available.
About Cleveland-Cliffs Inc.
Cleveland-Cliffs is the largest flat-rolled steel producer in
North America. Founded in 1847 as a mine operator, Cleveland-Cliffs
also is the largest manufacturer of iron ore pellets in North
America. The Company is vertically integrated from mined raw
materials, direct reduced iron, and ferrous scrap to primary
steelmaking and downstream finishing, stamping, tooling, and
tubing. We are the largest supplier of steel to the automotive
industry in North America and serve a diverse range of other
markets due to our comprehensive offering of flat-rolled steel
products. Headquartered in Cleveland, Ohio, Cleveland-Cliffs
employs approximately 26,000 people across its operations in the
United States and Canada.
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