Ohio-based steelmaker Cleveland-Cliffs has commenced an underwritten public offering of 75 million of its common shares, at a value $0.125 per share.

It intends to grant the underwriter a 30-day option to purchase up to an additional 11,250,000 common shares.

Cleveland-Cliffs intends to use the money for the repayment of borrowing under its asset-based credit facility, with any remaining net proceeds for general corporate purposes.