With this step, the company aims to reduce its debt and restructure its operations. Celso Goncalves, the company's EVP and CFO, made the remarks at a balance sheet meeting on Monday.
Goncalves stated that they are working with JPMorgan to evaluate the potential sale of some "non-core" operational assets worth billions of dollars. In particular, he said there has been growing buyer interest in recently idled facilities in Riverdale, Illinois, and Steelton and Conshohocken, Pennsylvania.
Emphasizing that these facilities offer great advantages in terms of infrastructure, Goncalves stated, “These areas have the energy and water access that data center developers need, and the necessary infrastructure is already in place.” He added that if the sales materialize, the proceeds will be used to pay down debt.
Cleveland-Cliffs continues downsizing strategy
Cleveland-Cliffs, one of the leading flat-rolled steel producers in the US, is downsizing due to weak automotive production and rising costs. Between March and May, the company fully or partially closed six plants, with layoffs affecting about 2,000 employees in Michigan, Illinois, Minnesota and Pennsylvania.
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