Ohio-based steel producer Cleveland-Cliffs announced its plan to offer $750 million in senior guaranteed notes due 2031.

The company said it intends to use the net proceeds from the offering for “general corporate purposes,” including the repayment of borrowings under its asset-based credit facility.

The offering, subject to market conditions, is exempt from the registration requirements of the Securities Act of 1933.

These notes will be guaranteed by Cliffs’ wholly-owned domestic subsidiaries, excluding certain subsidiaries.