- Fourth-quarter net income of $63 million or $0.23 per diluted
share, including $0.02 per diluted share of acquisition-related
costs
- Full-year net income of $293 million or $1.03 per diluted
share
Cleveland-Cliffs Inc. (NYSE: CLF) today reported
fourth-quarter and full-year results for the period ended December
31, 2019.
Fourth-quarter 2019 consolidated revenues were $534 million,
compared to prior-year fourth-quarter revenues of $696 million.
Cost of goods sold were $407 million, compared to $494 million
reported in the fourth quarter of 2018.
For the fourth quarter of 2019, the Company recorded net income
of $63 million, or $0.23 per diluted share. This included $7
million, or $0.02 per share, in costs related to the acquisition of
AK Steel. This compares to net income of $610 million, or $1.98 per
diluted share, recorded in the prior-year quarter which included a
$461 million, or $1.50 per share, release of a tax valuation
allowance in the United States.
Fourth-quarter 2019 Adjusted EBITDA1 was $111 million, compared
to $188 million in the fourth quarter of 2018.
Full-Year Consolidated Results
Full-year 2019 consolidated revenues were $2.0 billion, compared
to the prior year's revenues of $2.3 billion. Cost of goods sold
were $1.4 billion, compared to $1.5 billion reported in 2018.
For the full-year 2019, the Company recorded net income of $293
million. This compares to net income of $1.1 billion recorded in
the prior year, which was positively impacted by a $461 million
release of a tax valuation allowance in the United States and a
one-time gain of $228 million related to historical changes in
foreign currency translation.
For the full-year 2019, Adjusted EBITDA1 was $525 million,
compared to $766 million in 2018.
(In Millions)
Three Months Ended December
31,
Year Ended December
31,
2019
2018
2019
2018
Adjusted EBITDA1
Mining and Pelletizing
$
157.6
$
217.4
$
668.3
$
875.3
Metallics
(4.1
)
(0.8
)
(8.1
)
(3.3
)
Corporate/Other
(42.4
)
(28.6
)
(135.4
)
(105.7
)
Total Adjusted EBITDA1
$
111.1
$
188.0
$
524.8
$
766.3
Lourenco Goncalves, Chairman, President and Chief Executive
Officer, said: “We finished 2019 on an exciting note with the
announcement of the acquisition of AK Steel by Cleveland-Cliffs.
With this transformational acquisition we will become a leading
supplier of the most sophisticated carbon and stainless steel
products to high-end clients, including engineered parts to the
automotive industry as a Tier 1 supplier to several different
models of cars, SUVs and trucks. On top of that, we will be totally
self-sufficient in pellets and rely only on ourselves to get our
iron ore feedstock, while preserving our ability to supply
customized pellets to other steel mills, as we have been doing so
successfully for a long time. The performance of the new
Cleveland-Cliffs will be less subject to the volatility of
commodity indices and more reliant on fixed-price contracts, which
will provide us with much more predictable free cash flow
generation.”
Mr. Goncalves continued, "In 2019 we also made incredible
progress in advancing our Toledo HBI project to an
ahead-of-schedule completion. We remain on track to start producing
and selling this highly sought-after product to the marketplace in
the first half of this year. With both the upcoming completion of
the acquisition of AK Steel and the Toledo HBI plant coming online,
2020 will be a transformational year for us, and we can't wait to
deliver on all of the potential Cleveland-Cliffs has in store.”
Mr. Goncalves concluded: “To our shareholders, I want to
personally thank you in advance for your vote approving the AK
Steel transaction, which will open up immense opportunities for us
that we could not achieve otherwise as a commodity price driven
standalone company."
Mining and Pelletizing
Three Months Ended December
31,
Year Ended December
31,
2019
2018
2019
2018
Volumes - In
Thousands of Long Tons
Sales volume
5,844
6,503
19,371
20,563
Production volume
5,178
5,598
19,915
20,329
Sales Margin - In Millions
Revenues from product sales and
services
$
574.4
$
696.3
$
2,069.2
$
2,332.4
Cost of goods sold
435.7
494.3
1,469.2
1,522.8
Sales margin
$
138.7
$
202.0
$
600.0
$
809.6
Sales Margin - Per Long Ton
Revenues from product sales and
services*
$
90.79
$
99.42
$
99.50
$
105.64
Cash cost of goods sold rate2
63.62
65.43
64.45
62.95
Depreciation, depletion and
amortization
3.44
2.92
4.08
3.32
Cost of goods sold*
67.06
68.35
68.53
66.27
Sales margin
$
23.73
$
31.07
$
30.97
$
39.37
*Excludes revenues and expenses related to
freight, which are offsetting and have no impact on sales
margin.
Mining and Pelletizing pellet sales volume in the fourth quarter
of 2019 was 5.8 million long tons, a 10 percent decrease when
compared to the fourth quarter of 2018. The decrease was a result
of reduced customer demand, partially offset by intercompany sales
to the Toledo HBI plant.
Realized revenues were $91 per long ton in the fourth quarter of
2019. The quarter's results were negatively impacted by an
unfavorable true-up of previously sold volumes due to lower pellet
premiums and HRC prices, as well as unfavorable customer mix.
Fourth-quarter cash cost of goods sold rate2 of $64 decreased 3
percent compared to the prior-year quarter, as a result of lower
royalties and employee-related expenses.
Outlook
All outlook projections only refer to Cliffs on a standalone
basis, and do not contemplate the pending acquisition of AK
Steel.
Based on the following full-year average pricing
assumptions:
- iron ore prices of $90 per metric ton,
- steel prices of $650 per short ton,
- and pellet premiums of $50 per metric ton;
Cliffs would expect to generate approximately $300-325 million
of net income and $550-575 million of Adjusted EBITDA1 for the
full-year 2020 on a standalone basis.
In 2020, the standalone Company also expects:
- $125 million in interest expense,
- $25 million in tax expense (all non-cash),
- and $100 million in depreciation, depletion, and
amortization.
Additionally, Cliffs expects to receive approximately $60
million in cash tax refunds during the third quarter of 2020.
On a standalone basis, Cliffs' 2020 capital spending expectation
is $350-$400 million, including the remaining spend to complete the
Toledo HBI production plant, sustaining capital, and capitalized
interest.
Conference Call Information
Cleveland-Cliffs Inc. will host a conference call this morning,
February 20, 2020, at 10 a.m. ET. The call will be broadcast live
and archived on Cliffs' website: www.clevelandcliffs.com.
About Cleveland-Cliffs Inc.
Founded in 1847, Cliffs is the largest and oldest independent
iron ore mining company in the United States. Cliffs is a major
supplier of iron ore pellets to the North American steel industry
from its mines and pellet plants located in Michigan and Minnesota.
In 2020, Cliffs expects to be the sole producer of hot briquetted
iron (HBI) in the Great Lakes region with the development of its
first production plant in Toledo, Ohio. On December 2, 2019, Cliffs
agreed to acquire AK Steel, a leading North American producer of
sophisticated steel products, which is expected to close in the
first quarter of 2020. Driven by the core values of safety, social,
environmental and capital stewardship, Cliffs’ employees endeavor
to provide all stakeholders with operating and financial
transparency.
Forward-Looking Statements
This release contains certain forward-looking statements within
the meaning of the federal securities laws, including Section 27A
of the Securities Act of 1933, as amended, Section 21E of the
Securities Exchange Act of 1934, as amended, and the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
When used in this release, words such as “anticipate,” “assume,”
“believe,” “build,” “continue,” “create,” “design,” “estimate,”
“expect,” “focus,” “forecast,” “future,” “goal,” “guidance,”
“imply,” “intend,” “look,” “objective,” “opportunity,” “outlook,”
“plan,” “position,” “potential,” “predict,” “project,”
“prospective,” “pursue,” “seek,” “strategy,” “target,” “work,”
“could,” “may,” “should,” “would,” “will” or the negative of such
terms or other variations thereof and words and terms of similar
substance may identify forward-looking statements, including
statements with respect to the businesses, strategies and plans of
AK Steel and Cliffs, their expectations relating to the Merger,
including the expected benefits of the proposed Merger and the
anticipated completion of the proposed Merger or the timing
thereof, and their respective future financial condition and
performance and expectations, estimates and projections about
Cliffs’ or AK Steel’s respective industries or businesses. Cliffs
and AK Steel caution investors that any forward-looking statements
are subject to risks and uncertainties that may cause actual
results and future trends to differ materially from those matters
expressed in or implied by such forward-looking statements.
Investors are cautioned not to place undue reliance on
forward-looking statements. Among the risks and uncertainties that
could cause actual results to differ from those described in
forward-looking statements are the following: the risk that the
Merger Agreement may be terminated in accordance with its terms and
that the Merger may not be completed; the possibility that Cliffs
shareholders may not approve the Merger Agreement and the
transactions contemplated by the Merger Agreement, including the
issuance of Cliffs common shares in connection with the Merger; the
possibility that AK Steel stockholders may not adopt the Merger
Agreement; the risk that the parties may not be able to satisfy any
or all of the conditions to the completion of the Merger in a
timely manner or at all; the risk that governmental agencies may
require Cliffs to agree to certain restrictions on the combined
company’s business in order to obtain the required regulatory
approvals for the Merger, which may negatively impact the combined
company’s results of operations; the risk that the Merger may be
less accretive than expected, or may be dilutive, to Cliffs’
earnings per share, which may negatively affect the market price of
Cliffs common shares; the possibility that Cliffs and AK Steel will
incur significant transaction and other costs in connection with
the Merger, which may be in excess of those anticipated by Cliffs
or AK Steel; the risk that the financing transactions to be
undertaken in connection with the Merger have a negative impact on
the combined company’s credit profile or financial condition; the
risk that Cliffs may fail to realize the benefits expected from the
Merger; the risk that the combined company may be unable to achieve
anticipated synergies or that it may take longer than expected to
achieve those synergies; the risk that any announcements relating
to, or the completion of, the Merger could have adverse effects on
the market price of Cliffs common shares; the risk related to any
unforeseen liability and future capital expenditure of AK Steel or
Cliffs; pending litigation relating to the proposed Merger and
potential future litigation that could be instituted against
Cliffs, AK Steel or their respective directors; the risks related
to Cliffs’ ability to issue new senior notes or obtain a new
revolving credit facility in connection with the Merger on
favorable terms, if at all; the risk that the Merger and its
announcement or completion could have an adverse effect on the
ability of Cliffs and AK Steel to retain customers, retain and hire
key personnel and/or maintain relationships with their suppliers
and business partners; and the risk of any changes in general
economic, market or business conditions, or changes in the economic
or financial condition of Cliffs and AK Steel. Other risks to
Cliffs and AK Steel and factors that may present significant
additional obstacles to the realization of forward-looking
statements or that could have a material adverse effect on Cliffs’
and AK Steel’s respective financial condition, operating results,
credit rating, liquidity and businesses generally are described
under the caption “Risk Factors” in Cliffs’ and AK Steel’s
respective Annual Reports on Form 10-K for the year ended December
31, 2018 and other periodic reports filed with the Securities and
Exchange Commission (the “SEC”) as well as in the Registration
Statement (as defined below).
Unless expressly stated otherwise, forward-looking statements
are based on the expectations and beliefs of the respective
management teams of Cliffs and AK Steel based on information
currently available. Forward-looking statements are subject to
inherent risks and uncertainties and are based on assumptions and
estimates that are inherently affected by the respective operations
and business environments of Cliffs and AK Steel, including
economic, competitive, regulatory and operational risks, many of
which are beyond the control of Cliffs and AK Steel and which are
difficult to predict and may turn out to be wrong. The foregoing
list of factors should not be construed to be exhaustive. There is
no assurance that the actions, events or results of the
forward-looking statements will occur, or, if any of them do, when
they will occur or what effect they will have on the results of
operations, financial condition or cash flows of Cliffs or AK
Steel. In view of these uncertainties, Cliffs and AK Steel caution
that investors should not place undue reliance on any
forward-looking statements. Further, any forward-looking statement
speaks only as of the date on which it is made, and, except as
required by law, Cliffs and AK Steel undertake no obligation to
update or revise any forward-looking statement to reflect events or
circumstances after the date on which it is made or to reflect the
occurrence of anticipated or unanticipated events or
circumstances.
Additional Information and Where to Find
It
In connection with the proposed Merger, Cliffs filed with the
SEC a registration statement on Form S-4 (File No. 333-235855) (as
it may be amended and supplemented from time to time, the
“Registration Statement”) that was declared effective by the SEC on
February 2, 2020, and which includes a joint proxy statement of
Cliffs and AK Steel and also constitutes a prospectus of Cliffs.
Cliffs and AK Steel may also file other documents with the SEC
regarding the proposed Merger. This release is not a substitute for
the Registration Statement or any other such document that Cliffs
or AK Steel may file with the SEC. INVESTORS AND SECURITY HOLDERS
ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY
STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT ARE
FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY
BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE PROPOSED TRANSACTION AND RELATED MATTERS. The definitive joint
proxy statement/prospectus was mailed to shareholders of Cliffs and
stockholders of AK Steel on or about February 5, 2020. Investors
and securityholders may obtain copies of the Registration Statement
and the other documents filed with the SEC free of charge at the
SEC’s website, www.sec.gov. Documents filed with the SEC by Cliffs
are also available from Cliffs free of charge at its website,
www.clevelandcliffs.com, or by contacting Cliffs’ Investor
Relations at 216.694.6544. Documents filed with the SEC by AK Steel
are also available from AK Steel free of charge at its website,
www.aksteel.com, or by contacting AK Steel’s Investor Relations at
513.425.5215.
Participants in the Solicitation Regarding
the Proposed Merger
Cliffs and AK Steel and certain of their respective directors
and executive officers may be deemed to be participants in the
solicitation of proxies in respect of the proposed Merger.
Information regarding Cliffs’ directors and officers, including a
description of their direct or indirect interests, by security
holdings or otherwise, is set forth in the proxy statement for
Cliffs’ 2019 annual meeting of shareholders, as filed with the SEC
on Schedule 14A on March 12, 2019. Information concerning AK
Steel’s directors and executive officers, including a description
of their direct or indirect interests, by security holdings or
otherwise, is set forth in the proxy statement for AK Steel’s 2019
annual meeting of stockholders, as filed with the SEC on Schedule
14A on April 10, 2019. Additional information regarding the
interests of these participants is included in the joint proxy
statement/prospectus that forms part of the Registration Statement,
as well as other relevant materials filed with the SEC when such
materials become available. Free copies of these documents may be
obtained from the sources indicated above.
FINANCIAL TABLES FOLLOW
CLEVELAND-CLIFFS INC. AND
SUBSIDIARIES
STATEMENTS OF UNAUDITED
CONDENSED CONSOLIDATED OPERATIONS
(In Millions, Except Per Share
Amounts)
Three Months Ended December
31,
Year Ended December
31,
2019
2018
2019
2018
Revenues from product sales and
services
$
534.1
$
696.3
$
1,989.9
$
2,332.4
Cost of goods sold
(407.2
)
(494.3
)
(1,414.2
)
(1,522.8
)
Sales margin
126.9
202.0
575.7
809.6
Other operating expense:
Selling, general and administrative
expenses
(37.2
)
(34.6
)
(119.4
)
(113.5
)
Miscellaneous - net
(8.0
)
(4.2
)
(27.0
)
(22.9
)
Total other operating expense
(45.2
)
(38.8
)
(146.4
)
(136.4
)
Operating income
81.7
163.2
429.3
673.2
Other income (expense):
Interest expense, net
(24.7
)
(25.8
)
(101.2
)
(118.9
)
Loss on extinguishment of debt
—
(7.0
)
(18.2
)
(6.8
)
Other non-operating income
0.9
4.1
2.2
17.2
Total other expense
(23.8
)
(28.7
)
(117.2
)
(108.5
)
Income from continuing operations
before income taxes
57.9
134.5
312.1
564.7
Income tax benefit (expense)
5.5
489.6
(17.6
)
475.2
Income from continuing
operations
63.4
624.1
294.5
1,039.9
Income (loss) from discontinued
operations, net of tax
(0.2
)
(14.6
)
(1.7
)
88.2
Net income
$
63.2
$
609.5
$
292.8
$
1,128.1
Earnings (loss) per common share
attributable to Cliffs shareholders - basic
Continuing operations
$
0.23
$
2.11
$
1.07
$
3.50
Discontinued operations
—
(0.05
)
(0.01
)
0.30
$
0.23
$
2.06
$
1.06
$
3.80
Earnings (loss) per common share
attributable to Cliffs shareholders - diluted
Continuing operations
$
0.23
$
2.03
$
1.04
$
3.42
Discontinued operations
—
(0.05
)
(0.01
)
0.29
$
0.23
$
1.98
$
1.03
$
3.71
Average number of shares (in
thousands)
Basic
271,021
295,942
276,761
297,176
Diluted
273,521
307,313
284,480
304,141
CLEVELAND-CLIFFS INC. AND
SUBSIDIARIES
STATEMENTS OF UNAUDITED
CONDENSED CONSOLIDATED FINANCIAL POSITION
(In Millions)
December 31,
2019
2018
ASSETS
Current Assets:
Cash and cash equivalents
$
352.6
$
823.2
Accounts receivable, net
94.0
226.7
Inventories
317.4
181.1
Derivative assets
45.8
91.5
Income tax receivable, current
58.6
117.3
Other current assets
29.5
39.8
Total current assets
897.9
1,479.6
Non-current assets:
Property, plant and equipment, net
1,929.0
1,286.0
Income tax receivable, non-current
62.7
121.3
Deferred income taxes
459.5
464.8
Other non-current assets
154.7
177.9
TOTAL ASSETS
$
3,503.8
$
3,529.6
LIABILITIES
Current liabilities:
Accounts payable
$
193.2
$
186.8
Accrued liabilities
126.3
158.9
State and local taxes payable
37.9
35.5
Other current liabilities
52.0
87.0
Total current liabilities
409.4
468.2
Non-current liabilities:
Long-term debt
2,113.8
2,092.9
Pension and OPEB liabilities
311.5
248.7
Environmental and mine closure
obligations
164.9
172.0
Other non-current liabilities
146.3
123.6
TOTAL LIABILITIES
3,145.9
3,105.4
EQUITY
TOTAL EQUITY
357.9
424.2
TOTAL LIABILITIES AND EQUITY
$
3,503.8
$
3,529.6
CLEVELAND-CLIFFS INC. AND
SUBSIDIARIES
STATEMENTS OF UNAUDITED
CONDENSED CONSOLIDATED CASH FLOWS
(In Millions)
Year Ended December
31,
2019
2018
OPERATING ACTIVITIES
Net income
$
292.8
$
1,128.1
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and
amortization
85.1
89.0
Deferred income taxes
16.8
(460.5
)
Loss on extinguishment of debt
18.2
6.8
Loss (gain) on derivatives
46.8
(110.2
)
Gain on foreign currency translation
—
(228.1
)
Other
65.4
20.7
Changes in operating assets and
liabilities:
Receivables and other assets
254.5
51.7
Inventories
(136.3
)
43.5
Payables, accrued expenses and other
liabilities
(80.8
)
(62.5
)
Net cash provided by operating
activities
562.5
478.5
INVESTING ACTIVITIES
Purchase of property, plant and
equipment
(639.0
)
(208.6
)
Deposits for property, plant and
equipment
(17.0
)
(87.5
)
Other investing activities
11.6
23.0
Net cash used by investing activities
(644.4
)
(273.1
)
FINANCING ACTIVITIES
Repurchase of common shares
(252.9
)
(47.5
)
Dividends paid
(72.1
)
—
Proceeds from issuance of debt
720.9
—
Debt issuance costs
(6.8
)
(1.5
)
Repurchase of debt
(729.3
)
(234.5
)
Distributions of partnership equity
(44.2
)
(44.2
)
Other financing activities
(9.7
)
(47.5
)
Net cash used by financing activities
(394.1
)
(375.2
)
Effect of exchange rate changes on
cash
—
(2.3
)
Decrease in cash and cash equivalents,
including cash classified within other current assets related to
discontinued operations
(476.0
)
(172.1
)
Less: decrease in cash and cash
equivalents from discontinued operations, classified within other
current assets
(5.4
)
(17.0
)
Net decrease in cash and cash
equivalents
(470.6
)
(155.1
)
Cash and cash equivalents at beginning of
year
823.2
978.3
Cash and cash equivalents at end of
year
$
352.6
$
823.2
1 CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION - EBITDA AND ADJUSTED EBITDA
In addition to the consolidated financial statements presented
in accordance with U.S. GAAP, the Company has presented EBITDA and
adjusted EBITDA on a consolidated basis. EBITDA and Adjusted EBITDA
are non-GAAP financial measures that management uses in evaluating
operating performance. The presentation of these measures is not
intended to be considered in isolation from, as a substitute for,
or as superior to, the financial information prepared and presented
in accordance with U.S. GAAP. The presentation of these measures
may be different from non-GAAP financial measures used by other
companies. A reconciliation of these consolidated measures to their
most directly comparable GAAP measures is provided in the table
below.
(In Millions)
Three Months Ended December
31,
Year Ended December
31,
2019
2018
2019
2018
Net income
$
63.2
$
609.5
$
292.8
$
1,128.1
Less:
Interest expense, net
(24.8
)
(25.8
)
(101.6
)
(121.3
)
Income tax benefit (expense)
5.5
474.7
(17.6
)
460.3
Depreciation, depletion and
amortization
(22.0
)
(20.4
)
(85.1
)
(89.0
)
EBITDA
$
104.5
$
181.0
$
497.1
$
878.1
Less:
Impact of discontinued operations
$
(0.1
)
$
0.2
$
(1.3
)
$
120.6
Loss on extinguishment of debt
—
(7.0
)
(18.2
)
(6.8
)
Severance costs
—
—
(1.7
)
—
Acquisition costs
(6.5
)
—
(6.5
)
—
Foreign exchange remeasurement
—
(0.2
)
—
(0.9
)
Impairment of other long-lived assets
—
—
—
(1.1
)
Adjusted EBITDA1
$
111.1
$
188.0
$
524.8
$
766.3
NON-GAAP RECONCILIATION - EBITDA AND
ADJUSTED EBITDA OUTLOOK
(In Millions)
Year Ending December
31,
2020
Net income
$
300 - 325
Less:
Interest expense, net
(125
)
Income tax expense
(25
)
Depreciation, depletion and
amortization
(100
)
EBITDA
$
550 - 575
Less:
Adjustments*
$
—
Adjusted EBITDA
$
550 - 575
*Adjustments to EBITDA are unpredictable
by nature and thus cannot be forecasted.
2 CLEVELAND-CLIFFS INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION EXPLANATIONS
The Company presents cash cost of goods sold rate per long ton,
which is a non-GAAP financial measure that management uses in
evaluating operating performance. Cliffs believes the presentation
of non-GAAP cash cost of goods sold is useful to investors because
it excludes depreciation, depletion and amortization, which are
non-cash, and freight, which has no impact on sales margin, thus
providing a more accurate view of the cash outflows related to the
sale of iron ore. The presentation of this measure is not intended
to be considered in isolation from, as a substitute for, or as
superior to, the financial information prepared and presented in
accordance with U.S. GAAP. The presentation of this measure may be
different from non-GAAP financial measures used by other companies.
Below is a reconciliation in dollars of this non-GAAP financial
measure to the Mining and Pelletizing segment cost of goods
sold.
(In Millions)
Mining and Pelletizing
Three Months Ended December
31,
Year Ended December
31,
2019
2018
2019
2018
Cost of goods sold
$
(435.7
)
$
(494.3
)
$
(1,469.2
)
$
(1,522.8
)
Less:
Freight
(43.8
)
(49.9
)
(141.8
)
(160.1
)
Depreciation, depletion &
amortization
(20.1
)
(19.0
)
(79.0
)
(68.2
)
Cash cost of goods sold
$
(371.8
)
$
(425.4
)
$
(1,248.4
)
$
(1,294.5
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200220005197/en/
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