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Cleveland-Cliffs to redeem US$211M senior notes due 2020

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Cleveland-Cliffs to redeem US$211M senior notes due 2020

Cleveland-Cliffs Inc. said Sept. 4 that it will use cash on hand to redeem its 5.90% senior notes due March 2020 and 4.80% senior notes due October 2020 with an outstanding principal amount of US$211 million.

The company expects to pay a total of around US$220 million, including premiums and accrued and unpaid interest, by Oct. 8.

The moves comes as the construction of Cleveland-Cliffs' hot-briquetted iron steel production plant in Ohio remains on schedule and on budget, and the company continues to generate free cash flow from its domestically-focused business model, Chairman, President and CEO Lourenco Goncalves said.