0000000000-20-000659.txt : 20200311
0000000000-20-000659.hdr.sgml : 20200311
20200124142558
ACCESSION NUMBER: 0000000000-20-000659
CONFORMED SUBMISSION TYPE: UPLOAD
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20200124
FILED FOR:
COMPANY DATA:
COMPANY CONFORMED NAME: CLEVELAND-CLIFFS INC.
CENTRAL INDEX KEY: 0000764065
STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000]
IRS NUMBER: 341464672
STATE OF INCORPORATION: OH
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: UPLOAD
BUSINESS ADDRESS:
STREET 1: 200 PUBLIC SQUARE
STREET 2: STE. 3300
CITY: CLEVELAND
STATE: OH
ZIP: 44114-2315
BUSINESS PHONE: 216-694-5700
MAIL ADDRESS:
STREET 1: 200 PUBLIC SQUARE
STREET 2: STE. 3300
CITY: CLEVELAND
STATE: OH
ZIP: 44114-2315
FORMER COMPANY:
FORMER CONFORMED NAME: CLIFFS NATURAL RESOURCES INC.
DATE OF NAME CHANGE: 20081015
FORMER COMPANY:
FORMER CONFORMED NAME: CLEVELAND CLIFFS INC
DATE OF NAME CHANGE: 19920703
PUBLIC REFERENCE ACCESSION NUMBER: 0001193125-20-003953
LETTER
1
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TEXT-EXTRACT
2
filename2.txt
January 24, 2020
James D. Graham
Executive Vice President, Chief Legal Officer & Secretary
Cleveland-Cliffs Inc.
200 Public Square, Suite 3300
Cleveland, Ohio 44114-2315
Re: Cleveland-Cliffs Inc.
Registration Statement on Form S-4
Filed January 8, 2020
File No. 333-235855
Dear Mr. Graham :
We have limited our review of your registration statement to those
issues we have
addressed in our comments. In some of our comments, we may ask you to provide
us with
information so we may better understand your disclosure.
Please respond to this letter by amending your registration statement
and providing the
requested information. If you do not believe our comments apply to your facts
and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.
After reviewing any amendment to your registration statement and the
information you
provide in response to these comments, we may have additional comments.
Form S-4 filed January 8, 2020
Unaudited Forecasted Financial Information, page 111
1. Please revise your disclosure regarding the various financial
projections provided by the
management of Cliffs and AK Steel, that were made available to the
Cliffs board, the AK
Steel board and their respective financial advisors to disclose, and
quantify as appropriate,
the material assumptions underlying these projections and estimates. In
this regard, for
example, you disclose on page 111 that in some cases you used different
assumptions,
including prices of certain commodities utilized in each company's
businesses. We note
disclosure that various forecasts included adjustments to the
macro-economic input
assumptions, including assumptions for potential steel, energy and raw
material prices.
James D. Graham
Cleveland-Cliffs Inc.
January 24, 2020
Page 2
Certain Expected Synergies, page 118
2. We note disclosure that AK Steel and Cliffs jointly prepared certain
unaudited synergy
estimates that were projected by Cliffs and AK Steel management to
result from the
Merger and be realized by the combined company for the fiscal years
ending
December 31, 2020 through December 31, 2024. AK Steel management then
adjusted
these jointly prepared synergy estimates to assume a longer timeframe
for the projected
synergies, as well as assumptions with respect to the cost and time
frame to achieve such
synergies by the combined company. Please revise to disclose the
material assumptions
underlying the estimated synergies.
We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.
Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.
Please contact Kevin Dougherty, Attorney-Advisor, at (202) 551-3271 or
Loan Lauren
Nguyen, Legal Branch Chief, at (202) 551-3642 with any other questions.
FirstName LastNameJames D. Graham Sincerely,
Comapany NameCleveland-Cliffs Inc.
Division of
Corporation Finance
January 24, 2020 Page 2 Office of Energy
& Transportation
FirstName LastName