In the last trading session, the stock price of Cleveland-Cliffs Inc (NYSE:CLF) gained more than 1% to close the day at $8.48. The gains came at a share volume of 2,250 compared to average share volume of 10.85 million. More recently, the company was renamed to its historical name – “Cleveland-Cliffs” from Cliffs Natural Resources Inc.
Under the name “Cleveland-Cliffs”, the firm has been for numerous decades a vital part of the North American steel and iron industry. This step of name change marks as a part of the celebration of the company’s 170th anniversary, and was made effective immediately. Its NYSE stock ticker “CLF” was kept unchanged.
Lourenco Goncalves, the CEO, President and Chairman, reported that the historical name “Cleveland-Cliffs” is synonymous with their strong heritage, and marks the perfect one for their next era of growth. As the company did over 60 years ago, when they embraced pelletizing as a smart business prospect to use American iron ore and offer the domestic blast furnaces with tailored pellets, the company is once again reinventing itself as the provider of premium-quality iron segments to the Great Lakes region.
With their expansion into the manufacturing of Hot-Briquetted Iron to supply the advancing electric arc furnace steel market, Cleveland-Cliffs is the perfect name to represent their remarkable present and upcoming bright future.
Established in 1847, Cleveland-Cliffs is the oldest and largest mining firm in the United States. It is a key provider of iron ore pellets to steel industry in the North America from its pellet and mines plants located in Minnesota and Michigan. In addition, they manage an iron ore mining complex based in Western Australia. In next 3 years, Cliffs anticipates to be the exclusive producer of HBI in the Great Lakes area with the development of its first manufacturing plant in Toledo, OH.