...DALLAS (S&P Global Ratings) Oct. 9, 2024--S&P Global Ratings said today that Cleveland-Cliffs Inc.'s (##-/Stable/--) proposed issuance of $1.8 billion of senior unsecured notes is neutral for credit quality and, as such, our '##-' issuer credit rating and stable outlook on Cliffs are unchanged. At the same time, our '##-' issue-level rating and associated '3' recovery rating on the existing unsecured notes are also unaffected by the proposed senior unsecured notes issuance, which S&P Global Ratings will not rate at the issuer's request. On Oct. 8, 2024, Cliffs announced proposed offerings of $900 million of senior unsecured notes due 2029 and $900 million of senior unsecured notes due 2033. The company will use net proceeds from the proposed issuances to partly finance the acquisition of Stelco Holdings Inc. (not rated), which we expect to be completed in the fourth quarter of 2024. Our research update published July 18, 2024, includes our most recent issuer credit rating analysis, which...
