Cleveland-Cliffs Inc .)提供公司更新

皇冠体育——（皇冠体育官网商业资讯）——CLEVELAND- cliffs Inc.（纽约证券交易所代码：CLF）（“公司”）今天提供了以下公司更新。

Cliffs董事长、总裁兼首席执行官Lourenco Goncalves表示：“不断演变的COVID-19形势一直是我们采取行动的背景，以保持员工和公司的长期健康。考虑到这些目标，我们对我们的运营概况和工作场所安全程序进行了一些调整。”Goncalves先生补充说：“汽车制造一直是皇冠体育-克利夫斯业务的支柱，甚至在收购AK Steel之前。因此，我们在我们能想到的最极端的情况下对我们的流动性进行了压力测试，其中包括长期的需求中断和铁矿石和热轧钢的不合理价格。在进行了这些压力测试之后，我们得出的结论是，我们对我们的前瞻性流动性状况非常满意。”

Cliffs的业务更新包括以下内容：

钢铁和铁矿石被该公司经营所在的国家视为必不可少的。铁矿石球团、汽车用（有限）和非汽车用钢材继续交付，因为所有这些产品的客户继续下订单。

流动性压力测试

在“极端压力情况”下，不包括任何额外融资的收益，流动性在2020年9月达到3.7亿美元的低谷，然后有所改善。管理层指出，预计下列假设不会实现。

极端压力测试假设：

• 到2020年6月底，皇冠体育官网汽车工厂仍将关闭
• 2020年下半年产量恢复缓慢
• 从2020年4月1日到2020年12月31日，大约有600万辆新车生产
• AK Steel全年扁钢出货量约300万短吨（自2020年3月13日起）
• 全年第三方颗粒销售约1200万长吨
• 皇冠体育官网HRC：第二季度和第三季度平均为480美元/吨；第四季度为525美元/吨
• IODEX: 2020年4月1日至2020年12月31日期间平均为70美元
• 大西洋盆地颗粒溢价：2020年4月1日至2020年12月31日，平均价格为29美元
• 现金消耗率：第二季度平均每月约1.2亿美元。如果继续停工（固定成本变得可变），则会改进

新型冠状病毒肺炎

• 员工每天在进入工作场所前检查体温和症状
• 针对那些有能力的人的在家工作政策先于政府的指导方针出台
• 在运营设施内实施了过于严格的社交距离程序
• 每天24小时为营运设施进行深度清洁

对操作的影响

• 暂时闲置，直至市场情况好转；
  • 迪尔伯恩的作品
  • 所有Precision Partners设施
  • 托莱多HBI建筑公司
  • 约占AK管产量的65%
• 延长停机:
  • 曼斯菲尔德的作品
  • 巴特勒的作品
• 无限期闲置：AK煤炭
• 4月中旬停产；
  • 北岸矿（计划2020年8月重启）
  • 蒂尔登矿（计划2020年7月重启）

削减成本/缓解流动性

• 可变成本（约占总成本的75%）在闲置设施中基本消除
• 在压力情况下，能够减少/推迟大约2亿美元的年度资本支出
• 每年1.2亿美元的运行率协同效应加速到2020年10月（之前为2021年3月）
• 减少与北岸和蒂尔登矿闲置相关的成品颗粒库存带来的营运资金释放
• 计划暂停未来派息（每年预估现金义务约1亿美元）
• CEO减薪40%
• 预计将从《关怀法案》（AMT退款加速、社会保障税和养老金缴款延迟）中获得约1.5亿美元的流动性减免。

第一季度初步业绩(仅包括AK Steel从2020年3月13日至2020年3月31日的业绩

• 收入：约3.45亿至3.75亿美元
• 调整后EBITDA2：约1500万至2500万美元
• 销售量：约210万长吨（含第三方销售量约140万长吨）
• 扁钢出货量：约20万短吨（仅含2020年3月13日至2020年3月31日销售）
• 合并前AK Steel扁钢出货量：2020年1月1日至2020年3月12日期间约110万短吨（不包括收入）

流动性（截至2020年3月31日）

• 流动资金总额：约10亿美元
  • 现金：约2亿美元
  • ABL可用性：大约8亿美元
  • 借款基础：约18亿美元
  • 信用证：约2亿美元

我们尚未最终确定截至2020年3月31日的三个月的财务业绩。然而，根据未经审计的初步分析，我们估计截至2020年3月31日的三个月将有以下选定结果。

由于预测发生的不确定性和固有的困难以及影响可比性的项目的财务影响，我们无法在不合理的努力下，将我们调整后的EBITDA预测范围与其最直接可比的GAAP财务指标——净收入相协调。出于同样的原因，我们无法说明这些无法获得的信息的可能意义。

关于Cleveland-Cliffs

皇冠体育-克利夫斯成立于1847年，是北美最大的垂直整合的差异化铁矿石和钢铁生产商之一。皇冠体育-皇冠体育斯专注于非商品化产品，在为注重质量的客户群提供定制铁矿石球团和复杂的钢铁解决方案方面具有独特的优势，在汽车行业拥有行业领先的市场份额。对环境可持续性的承诺是我们业务运营的核心，并延伸到我们如何与社区和钢铁价值链上的利益相关者合作。皇冠体育-克利夫斯总部位于俄亥俄州皇冠体育，在皇冠体育官网、加拿大和墨西哥的采矿和钢铁制造业务中拥有约12,000名员工。

前瞻性陈述

This communication 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 communication, 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,” “will,” “would” or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements with respect to our business, strategy and plans, expectations relating to the merger (the “Merger”) between Cliffs and AK Steel Holding Corporation (“AK Steel”) and future financial condition and performance, including our financial results as of and for the three months ended March 31, 2020, which have not yet been finalized. We 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 severe financial hardship, bankruptcy, temporary or permanent shut downs or operational challenges, due to the ongoing novel strain of coronavirus (“COVID-19”) pandemic or otherwise, of one or more of our major customers, including customers in the automotive market, key suppliers or contractors, which among other adverse effects, could lead to reduced demand for our products, increased difficulty collecting receivables and customers and/or suppliers/contractors asserting force majeure or other reasons for not performing their contractual obligations to us; the uncertainty and weaknesses in global economic conditions, including downward pressure on prices caused by the ongoing COVID-19 pandemic, oversupply of imported products, reduced market demand and risks related to U.S. government actions with respect to Section 232 of the Trade Expansion Act (as amended by the Trade Act of 1974), the United States-Mexico-Canada Agreement and/or other trade agreements, treaties or policies; the uncertainties associated with the highly competitive and highly cyclical steel industry and reliance on the demand for steel from the automotive industry; the continued volatility of iron ore and steel prices and other trends, which may impact the price adjustment calculations under certain of our sales contracts; our ability to cost-effectively achieve planned production rates or levels, including at our hot briquetted iron (“HBI”) plant once we re-start construction activities, and to resume full operations, at our facilities that are temporarily idled due to the COVID-19 pandemic; our ability to successfully identify and consummate any strategic investments or development projects, including our HBI plant; the impact of our steel-making furnace customers reducing their steel production due to the COVID-19 pandemic or increased market share of steel produced using other methods or lighter-weight steel alternatives, including aluminum; our ability to maintain adequate liquidity, our level of indebtedness and the availability of capital could limit cash flow available to fund working capital, planned capital expenditures, acquisitions and other general corporate purposes or ongoing needs of our business; our actual economic iron ore reserves or reductions in current mineral estimates, including whether any mineralized material qualifies as a reserve; the outcome of any contractual disputes with our customers, joint venture partners or significant energy, material or service providers or any other litigation or arbitration; problems or uncertainties with sales volume or mix, productivity, transportation, environmental liabilities, employee benefit costs and other risks of the steel and mining industries; impacts of existing and increasing governmental regulation and related costs and liabilities, including failure to receive or maintain required operating and environmental permits, approvals, modifications or other authorization of, or from, any governmental or regulatory entity and costs related to implementing improvements to ensure compliance with regulatory changes; our ability to maintain appropriate relations with unions and employees; the ability of our customers, joint venture partners and third party service providers to meet their obligations to us on a timely basis or at all; the events or circumstances that could impair or adversely impact the viability of a production plant or mine and the carrying value of associated assets, as well as any resulting impairment charges; the uncertainties associated with natural disasters, weather conditions, unanticipated geological conditions, supply or price of energy, equipment failures and other unexpected events; the unpredictability and severity of catastrophic events, including acts of terrorism or outbreak of war or hostilities, as well as management’s responses to any of the aforementioned factors; adverse changes in interest rates and tax laws; the potential existence of significant deficiencies or material weakness in our internal control over financial reporting; our ability to realize the anticipated benefits of the Merger and to successfully integrate the businesses of AK Steel into our existing businesses, including uncertainties associated with maintaining relationships with customers, vendors and employees, as well as realizing the estimated future synergies; the possibility that the Merger may be less accretive than expected, and may be dilutive, to our earnings per share, whether as a result of adverse changes in market conditions, volatility in the commodity prices for iron ore and/or steel, adverse regulatory developments or otherwise; additional debt we assumed or issued in connection with the Merger may negatively impact our credit profile and limit our financial flexibility; changes in the cost of raw materials and supplies; supply chain disruptions or poor quality of raw materials or supplies, including scrap, coal, coke and alloys; disruptions in, or failures of, our information technology systems, including those related to cybersecurity; unanticipated costs associated with healthcare, pension and other postretirement benefits obligations; and other risks described under the caption “Risk Factors” in Cliffs’ and AK Steel’s Annual Reports on Form 10-K for the year ended December 31, 2019 and other periodic reports filed with the Securities and Exchange Commission.

除非另有明确说明，否则前瞻性陈述是基于Cliffs管理团队基于当前可用信息的期望和信念。前瞻性陈述受到固有风险和不确定性的影响，并基于假设和估计，这些假设和估计本质上受Cliffs的运营和商业环境的影响，包括经济、竞争、监管和运营风险，其中许多超出了Cliffs的控制范围，难以预测，并且可能是错误的。上述列举的因素不应被认为是详尽无遗的。不保证前瞻性陈述的行动、事件或结果将会发生，或者，如果发生的话，不保证它们将在何时发生，也不保证它们将对Cliffs的运营结果、财务状况或现金流产生什么影响。鉴于这些不确定性，峭壁警告投资者不应过分依赖任何前瞻性陈述。此外，任何前瞻性陈述仅在其发表之日发表，除非法律要求，皇冠体育斯不承担更新或修改任何前瞻性陈述以反映其发表之日之后的事件或情况，或反映预期或未预期事件或情况的发生的义务。

在businesswire网站上查看源代码：https://www.businesswire.com/news/home/20200415005388/en/

媒体联系人：Patricia Persico董事，企业传播（216）694-5316投资者联系人：Paul Finan董事，投资者关系（216）694-6544

资料来源：Cleveland-Cliffs Inc。

2020年4月15日上映