Steel Mills
April 16, 2020
Cleveland-Cliffs Takes Measures to Weather Pandemic
Written by Sandy Williams
Extreme times require extreme measures and rigorous planning, as shown in the Cleveland-Cliffs business update on April 15.
Cleveland-Cliffs claims that its liquidity is assured during the COVID-19 crisis even under “extreme stress test assumptions.” Liquidity in an extreme scenario, not including proceeds from additional financing, would reach a trough of $370 million in September 2020 and improve thereafter. Current liquidity as of March 31 is approximately $1 billion. Cliffs management stressed that it does not expect the extreme test assumptions below to materialize.
