Cleveland-Cliffs (CLF) June 2024 Valuation Model and Risk Framework

This Cleveland-Cliffs (CLF) valuation model includes a Discounted Cash Flow (DCF) Model, Company Comparables, detailed operating model, historical financials, projections, and segment build. Assumptions can easily be adjusted by the user.

Business Preview

Cleveland-Cliffs is the largest flat-rolled steel and iron ore pellet producer in North America. Its fully integrated portfolio includes custom-made pellets and HBI; flat-rolled carbon steel, stainless, electrical, plate, tinplate, and long steel products; as well as carbon and stainless steel tubing, hot and cold stamping, and tooling. Cleveland-Cliffs' operations, including Tilden Mine, Northshore, Minorca, Hibbing, and United Taconite mines, produce some 28 million tons of iron ore pellets annually. The company sells its ore primarily in North America. The majority of its sales were generated in the US. The company traces its roots back to 1847. The Company is headquartered in Cleveland, Ohio with employees spanning across the US and Canada.
The company is vertically integrated from the mining stage and goes all the way through the manufacturing of steel products, including stamping, tooling, and tubing. It has the unique advantage as a steel producer of being fully or partially self-sufficient with its production of raw materials for steel manufacturing, which includes iron ore pellets, HBI, scrap, and coking coal.
By product line, coated steel provides about 30% of sales, hot-rolled steel brings in some 20%, cold-rolled steel represents about 15%, stainless and electrical steel accounts for about 10%, and plate and others generate the remaining. The company also produces iron ore pellets.

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