This report does not constitute a rating action. DALLAS (S&P Global Ratings) Feb. 5, 2025--S&P Global Ratings today said that Cleveland-Cliffs Inc.'s (BB-/Stable/--) proposed $850 million senior unsecured notes (not rated at the issuer?s request) are neutral for the company's credit quality. Therefore, all of our ratings on Cleveland-Cliffs, including our 'BB-' issuer credit rating and stable outlook and our 'BB-' issue-level rating and '3' recovery rating on its existing unsecured notes, are unaffected by the proposed issuance. On Feb. 3, 2025, Cleveland-Cliffs announced its plan to issue $850 million of senior unsecured notes due 2031. The company will use net proceeds from the proposed issuance to repay outstanding drawings under its asset-based lending facility and for general corporate purposes.
