Cleveland-Cliffs slides after launching 75 mln share offering

** Shares of steel producer Cleveland-Cliffs CLF down 8.1% at $12.95 in extended trading after planned equity raise news

** Co commences 75 mln share offering for repayment of borrowings under its asset-based credit facility, with any remaining net proceeds for general corporate purposes

** UBS acting as underwriter for offering

** On Oct 20, CLF shares jumped ~21% to close at $16.18 after posting narrower-than-expected Q3 loss on improving auto business, and announcing rare-earth exploration plan

** CLF shares ended flat on Weds at $14.09, up ~50% YTD

** Co has ~494.7 mln shares outstanding

** Of 15 analysts covering CLF, recommendation breakdown is 4 "buy", 8 "hold" and 3 "sell" ratings; median PT is $12.80, per LSEG data