Cleveland‑Cliffs Inc.’s $1.8 Billion High‑Yield Senior Notes Offering

Cravath represented the initial purchasers in connection with the $1.8 billion 144A/Reg. S high‑yield senior notes offering of Cleveland‑Cliffs Inc., a leading North America‑based steel producer. Proceeds of the offering will be used to partially finance Cleveland‑Cliffs Inc.’s acquisition of Stelco Holdings Inc., an integrated steelmaker with operations in Canada. The transaction closed on October 22, 2024.

The Cravath team included partners William V. Fogg and Douglas Dolan and associates Nastassia Shcherbatsevich Li and Steven T. Marzagalli on capital markets matters; partner Andrew T. Davis and associate Eduardo D. Jacobo on tax matters; senior attorney Annmarie M. Terraciano and associate Star S. Gulant on environmental matters; and associate Celine Li on executive compensation and benefits matters.