CLEVELAND, OH. (WLUC) – Cleveland Cliffs will be repurchasing $1.5 billion of its common shares.

During its 2024 first-quarter results report on Tuesday, the company announced the new repurchase program. In the last quarter, Cliffs reported repurchasing 30.4 million common shares as part of its 2022 $1 billion share repurchase program.

Cliffs says share buybacks are now the number one capital allocation priority for the company.

“In the last couple of years, we have reduced our diluted share count by over 100 million shares, or 17%, realizing an average purchase price of $18.79 per share on open market purchases – significantly below what we are trading today,” said Celso L. Goncalves, Cleveland Cliffs executive vice president and CFO.

The company also reported revenues of $5.2 billion this quarter, compared to $5.1 billion in the fourth quarter of 2023.

Copyright 2024 WLUC. All rights reserved.

In March 2023, the Cleveland Guardians signed Andres Gimenez, their young second baseman, to a seven-year, $106.5 million contract.

At the time he signed, Gimenez was 24-years old.

Gimenez was coming off a 2022 season when he was an American League All Star, and a Rawlings Gold Glove winner at second base.

As noted by USA Today, Gimenez earned the second-largest contract in Cleveland baseball history. Only the seven-year, $141 million contract signed by All Star Jose Ramirez in 2022.

Gimenez was rewarded for hitting .297/.371/.466/.837 with 26 doubles, three triples, 17 home runs, and 69 RBIs in 557 plate appearances. He stole 20 bases in 23 attempts.

The left-handed hitting Gimenez. now 25, won a coveted Rawlings Platinum Glove for his remarkable 2024 season.

The Rawlings Platinum Glove is awarded to the best defensive player in each league.

The contract Gimenez signed payed him a $4 million signing bonus. A total of $106.5 million is guaranteed. The average annual value of his contract is $15,214,286.00.

Gimenez’ contract pays him $5,571,429 this season.

Gimenez’ contract payments will increase every year. As indicated by Fangraphs.com, here are the payouts Gimenez will receive in subsequent seasons:

2025- $10,571,429

2026- $$15,571,429

2027- $23,571,429

2028-$23,571,429

2029-$23,571,429

The Guardians hold a club option on Gimenez’ contract for 2030, at a value of $23 million.

The Guardians have paid for three of Gimenez’ potential free agent years. A potential fourth free agent year would be purchased if the Guardians exercise their 2030 option.

About Andres Gimenez:

Discovered by New York Mets Venezuelan scouts, Gimenez was given a $2.1 million International signing bonus by the Mets in July 2015.

At the time of his signing, Gimenez was considered to be the best hitting and fielding shortstop in Venezuela.

In addition to his play, the Mets were very impressed with Gimenez’ attitude, his makeup, and his overall temperament.

Gimenez was 16-years-old at the time he signed with the Mets.

At 6-5, 161 pounds, Gimenez is graceful and lithe on the field.

In a surprising, and consequential trade for both teams, the Mets traded Gimenez, along with outfielder Isaiah Greene, pitcher Josh Wolf, and infielder Amed Rosario to the (then) Cleveland Indians for All Star shortstop Francisco Lindor, and pitcher Carlos Carrasco.

That trade took place on July 7, 2021.

Lindor signed a 10-year, $341 million contract with the Mets in 2022.

Carrasco has returned to the (now) Cleveland Guardians as a free agent this season.

In 2021, Rosario became the Cleveland shortstop, with Gimenez playing as his middle-infield partner at second base.

Gimenez- A Defensive Wizard:

Every time this old scout sees an eye=popping play by Gimenez, it seems he has another arrow in his quiver.

Gimenez never ceases to amaze with a glove on his hand.

His acrobatic moves into right field, or even short center field are no longer surprising. He is such a marvelous defender, it is taken for granted that any ball hit on the ground to second, or behind second base that Gimenez can see, becomes an out.

To this scout, Gimenez’ first-step quickness and range are without equal in today’s game.

From 1999-2001, Cleveland fans cheered the great Robbie Alomar, a tremendous defensive middle-infielder. Alomar won two Rawlings Gold Gloves with the (then) Indians. Alomar won an astounding 10 Rawlings Gold Gloves in his 17-season career.

It is entirely possible Gimenez can equal, or even surpass Alomar in Gold Gloves.

Now, Gimenez is the middle-infield partner of fellow Venezuelan, Brayan Rocchio.

The two communicate extremely well, and appear to be able to “read” each other on the field.

Gimenez At Bat:

While Andres Gimenez may be best known for his magical defense at second base, he is a solid left-handed hitting force at the plate.

When he is going well, Gimenez peppers line drives to his pull, right field side.

He has to remain patient at the plate. Last year, Gimenez had a tendency to “rush” his swing, losing his plate discipline along the way.

He swung at too many bad pitches, out of the strike zone.

That has changed this year.

This season, his approach seems to have returned to the very credible mechanics he used a successful year at the plate in his All Star, 2022 year.

In that season, Gimenez had a knack for knocking in the big runs. He was a force with runners in scoring position.

This season, with the Guardians beginning play April 23 with a marvelous 16-6 record, Gimenez has been at the center of both run production, and defensive run denial.

A clutch hitter, Gimenez is hitting .293 with five doubles, and a triple in 95 plate appearances this season. He has struck out only 12 times in his 21 games played..

If he continues his current more measured approach, it is likely Gimenez can reach heights that far exceed his solid 2022 year at the plate.

Conclusions:

Given the length and value of his contract, Andres Gimenez could become a true force for the Guardians.

He can end up with multiple Gold Gloves, and even additional Platinum Gloves.

Gimenez may continue to provide an offensive spark in a lineup that features Steven Kwan, Jose Ramirez, and Josh Naylor as the offensive core of the Guardians.

With his treasured, and favored glove restored after undergoing emergency repairs, Gimenez is still dazzling in the field.

Guardians fans have to be elated with the All World, Platinum level defense, and clutch offense they witness from their second baseman.

The Guardians are receiving “eye popping” play on both sides of the field, as Gimenez is off to a great start to the new season.

Ultimately, the $106.5 million contract signed by Andres Gimenez could be a bargain.

CLEVELAND, Ohio (WOIO) – A total of three people are now in custody for their alleged role in the death of a 26-year-old woman last month.

Antwoina Carter, of Cleveland, was killed on Sunday, March 17, after an officer-involved shooting and crash.

Cuyahoga County Spokeswoman Jennifer Ciaccia said Cleveland police officers were in the 10500 block of Garfield Ave. around 5 a.m. Sunday, March 17, when two cars drove past at high rates of speed.

Gunshots were fired from one of the vehicles.

Cleveland officers returned fire, said Ciaccia.

One vehicle fled the scene and the other crashed nearby, said Ciaccia.

Ciaccia said officers found Carter outside of the crashed vehicle. They rendered first aid until Cleveland EMS arrived and transported Carter to University Hospitals, where she was pronounced dead.

The Cuyahoga County Medical Examiner said Carter died from a gunshot wound to the trunk and she was not struck by an officer’s bullet.

“Preliminary testing does not indicate that police activity was directly responsible for the decedent’s death,” said Cuyahoga County Medical Examiner Dr. Thomas Gilson.

The Cuyahoga County Use of Force Investigation Team is handling the investigation and announced Monday three people have been arrested.

• On March 24, 2024, Trinity Ford, age 19, was arrested by members of the Cuyahoga County Sheriff’s Department in the 10500 block of Drexel Avenue in Cleveland on charges including murder and felonious assault.
• On April 17, 2024, Christopher Stinson, age 18, was arrested by the United States Marshals Service, Northern Ohio Violent Fugitive Task Force in the 18300 block of Euclid Avenue in Cleveland on charges including aggravated murder.
• On April 22, 2024, Lashuwdre Coleman, age 19, was arrested by the United States Marshals Service, Northern Ohio Violent Fugitive Task Force in the 100 block of Richmond Road in Euclid on charges including murder.

According to Cleveland Police, both officers are on administrative leave following established protocol.

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