CLEVELAND-CLIFFS (CLF) Company Report

Cleveland-Cliffs reported $4.3 Billion in Q4 2025 revenues with an Adjusted EBITDA loss of $21 Million, contributing to full-year 2025 revenues of $18.6 Billion and 16.2 Million net tons in steel shipments.
Key strategic actions in 2025 included forming a partnership with POSCO , closing the sale of FPT Florida assets for approximately $60 million , and the expiration of an onerous slab contract.
The company provided a 2026 outlook with expected steel shipment volumes of ~16.5 - 17.0 million net tons, anticipated steel unit cost reductions of ~$10 per net ton, and projected capital expenditures of ~$700 million , while maintaining $3.3 Billion in liquidity as of December 31, 2025.

Feb 9, 2026, 1:30 PM

Presentation

Cleveland-Cliffs anticipates improved 2026 performance and provides Q1 guidance

CLF

Earnings

Guidance Update

New Projects/Investments

Cleveland-Cliffs anticipates significant improvements in 2026 after a challenging 2025 marked by steel imports and reduced vehicle production, with a robust order book and positive momentum from Canadian import restrictions.
The termination of the index-based slab supply contract is expected to generate an EBITDA gain of approximately $500 million in 2026 by allowing the company to replace low-margin slab sales with higher-margin flat-rolled products.
For Q1 2026, total shipments are projected to increase to 4 million tons, with average selling prices expected to rise by approximately $60 per ton compared to Q4 2025.
The company forecasts full-year 2026 shipments in the 16.5 million-17 million ton range and expects unit costs to decline by another $10 per ton.
Cleveland-Cliffs is actively pursuing a strategic partnership with POSCO, targeting a definitive agreement in the first half of 2026, which is a top strategic priority for both companies.

Feb 9, 2026, 1:30 PM

Transcript

Cleveland-Cliffs Reports Q4 2025 Results and Provides 2026 Outlook

CLF

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Cleveland-Cliffs reported Q4 2025 shipments of 3.8 million tons and a price realization of $993 per net ton. For Q1 2026, shipments are expected to reach 4 million tons, with realized prices projected to increase by approximately $60 per ton from Q4 2025. Full-year 2026 shipments are anticipated to be between 16.5 million and 17 million tons.
The company achieved a $40 per ton reduction in unit costs in 2025 and expects a further $10 per ton decline in 2026. Capital expenditures were a record low of $561 million in 2025, with projections of approximately $700 million for 2026 and $900 million for 2027 due to a blast furnace reline.
The termination of the index-based slab supply contract with ArcelorMittal in 2025 is expected to yield a $500 million EBITDA benefit from Q2 2026 onwards. Cleveland-Cliffs is also pursuing a strategic partnership with POSCO, targeting a definitive agreement in the first half of 2026.
Improved market conditions, including Canadian government restrictions on imported steel, are expected to make Stelco a significant contributor in 2026. Additionally, the company has secured more business from automotive clients for 2026 and is successfully replacing aluminum with steel in automotive components.

Feb 9, 2026, 1:30 PM

Transcript

Cleveland-Cliffs Provides Q4 2025 Earnings Update and 2026 Outlook

CLF

Earnings

Guidance Update

New Projects/Investments

Cleveland-Cliffs anticipates significant improvements in 2026, with full-year shipments projected between 16.5-17 million tons and a substantial increase in realized prices, expected to be up approximately $60 per ton in Q1 2026 compared to Q4 2025. Unit costs are also expected to decline by another $10 per ton for the full year 2026.
The termination of the index-based slab supply contract is expected to generate $500 million in EBITDA for 2026.
The company projects capital expenditures of approximately $700 million for 2026, rising to $900 million in 2027 due to the Burns Harbor Furnace C Reline, and then returning to $700 million in 2028.
Cleveland-Cliffs is targeting a definitive agreement for its strategic partnership with POSCO in the first half of 2026, which is a top strategic priority. The company also expects $425 million in proceeds from asset sales throughout 2026.

Feb 9, 2026, 1:30 PM

Transcript

Cleveland-Cliffs Reports Q4 and Full-Year 2025 Results

CLF

Earnings

Guidance Update

Demand Weakening

Cleveland-Cliffs reported fourth-quarter revenue of $4.31 billion, missing analyst expectations, and a narrowed quarterly loss of $0.44 per share.
The company posted a wider full-year loss of $1.4 billion, with full-year revenues falling to $18.6 billion from $19.2 billion.
Major drags on Q4 performance included weak U.S. auto production, an expiring five-year slab contract, and a soft Canadian market.
Cliffs reported an adjusted EBITDA loss of $21 million for the quarter, worse than the consensus estimate of a $17 million loss, driven by lower volumes and prices.
Management expects Q4 to be the trough, anticipating a stronger 2026 with modest shipment growth (around 16.5–17 million net tons), roughly $10 per net-ton unit cost reductions, and higher capex of about $700 million.

Feb 9, 2026, 11:25 AM

Barron's

Cleveland-Cliffs Reports Fourth-Quarter and Full-Year 2025 Results

CLF

Earnings

Guidance Update

M&A

Cleveland-Cliffs Inc. reported Q4 2025 consolidated revenues of $4.3 billion and a GAAP net loss of $235 million, or $0.44 per diluted share. For the full-year 2025, consolidated revenues were $18.6 billion, with a GAAP net loss of $1.4 billion, or $2.91 per diluted share.
The company's Adjusted EBITDA was a loss of $21 million for Q4 2025 and a positive $37 million for the full-year 2025.
Management indicated that 2025 performance was negatively affected by weak automotive sector production, an expiring slab contract, and adverse Canadian market conditions, but these situations have improved entering 2026.
For full-year 2026, Cleveland-Cliffs anticipates steel shipment volumes of approximately 16.5 - 17.0 million net tons and steel unit cost reductions of approximately $10 per net ton compared to 2025.
The company is targeting to sign a definitive agreement for its strategic partnership with POSCO in the first half of 2026.

Feb 9, 2026, 11:19 AM

8-K

Cleveland-Cliffs Reports Fourth-Quarter and Full-Year 2025 Results

CLF

Earnings

Guidance Update

Demand Weakening

Cleveland-Cliffs reported full-year 2025 consolidated revenues of $18.6 billion and a GAAP net loss of $1.4 billion ($2.91 per diluted share), compared to $19.2 billion in revenue and a $714 million net loss in 2024.
For the fourth quarter of 2025, consolidated revenues were $4.3 billion, with a GAAP net loss of $235 million ($0.44 per diluted share), an improvement from a $434 million net loss in Q4 2024.
The company's 2025 performance was negatively impacted by a weak automotive sector, an expiring slab contract, and adverse Canadian market dynamics, though these situations have improved as of early 2026.
For full-year 2026, Cleveland-Cliffs anticipates steel shipment volumes of approximately 16.5 - 17.0 million net tons and steel unit cost reductions of approximately $10 per net ton compared to 2025.

Feb 9, 2026, 11:00 AM

Press Release

Cleveland-Cliffs Boosts Automotive Stainless-Steel Production

CLF

New Projects/Investments

Revenue Acceleration/Inflection

The global automotive stainless-steel market is projected to grow from USD 136.00 billion / 4.80 million tons in 2026 to USD 179.79 billion / 7.50 million tons by 2035, driven by demand for safer, cleaner vehicles and the expanding electric vehicle market.
Cleveland-Cliffs invested $150 million in June 2025 to boost premium automotive-focused stainless-steel production at its Ohio plant.
The Asia Pacific region held the largest volume share of 52.59% in 2025, while North America is identified as the fastest-growing region in this market.
Key market trends include increasing demand from exhaust and emission system manufacturers, the emergence of high-strength and lightweight vehicles, and the adoption of electric vehicles.

Feb 3, 2026, 2:00 PM

Press Release

Cleveland-Cliffs Inc. enters underwriting agreement for common share offering

CLF

Cleveland-Cliffs Inc. has entered into an underwriting agreement dated October 29, 2025, to issue and sell 75,000,000 Common Shares.
The shares will be sold to the underwriters at a purchase price of $12.69 per share.
The agreement includes an option for the underwriters to purchase additional shares.
The company will use its best efforts to list the Shares on the New York Stock Exchange.
A 60-day lock-up period is in effect, restricting further stock sales by the company, with certain exceptions.

Oct 31, 2025, 1:12 PM

8-K

Cleveland-Cliffs and POSCO Form Strategic Partnership

CLF

M&A

New Projects/Investments

Cleveland-Cliffs Inc. and South Korea's POSCO executed a Memorandum of Understanding on September 17, 2025, to establish a strategic partnership.
This collaboration aims to enhance cooperation under the new US-Korea trade agreement, allowing POSCO to expand its US customer base and comply with US trade and origin requirements.
Cleveland-Cliffs expects the alliance to be highly beneficial for shareholders, with a definitive agreement anticipated in late 2025 or early 2026 and deal closure expected in 2026.
UBS and Davis Polk & Wardwell LLP are providing financial and legal advisory services, respectively.