CLEVELAND-CLIFFS (CLF) Company Report

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.

Oct 30, 2025, 6:32 PM

Morningstar

Cleveland-Cliffs Announces POSCO as Strategic Partner for MoU

CLF

M&A

New Projects/Investments

Cleveland-Cliffs (CLF) has announced POSCO, Korea’s largest steelmaker, as its strategic partner under a Memorandum of Understanding (MoU) executed on September 17, 2025.
This partnership follows the new U.S. and Korea trade agreement and aims to deepen industrial cooperation, ensuring POSCO's products meet U.S. trade requirements and supporting its U.S. customer base.
Cleveland-Cliffs expects the ultimate outcome of this MoU to be highly accretive to shareholders.
A formal announcement on a definitive agreement is anticipated in Q4 2025 or Q1 2026, with closing projected for 2026.

Oct 30, 2025, 11:52 AM

Press Release

Cleveland-Cliffs Prices Public Offering of Common Shares

CLF

Cleveland-Cliffs Inc. priced a public offering of 75,000,000 common shares for expected gross proceeds of $964 million.
The offering is anticipated to close on October 31, 2025.
The net proceeds are intended for the repayment of borrowings under its asset-based credit facility and general corporate purposes.
The underwriter has a 30-day option to purchase up to an additional 11,250,000 Common Shares.

Oct 30, 2025, 10:54 AM

Press Release

Cleveland-Cliffs Launches Share Offering to Repay Debt

CLF

Debt Issuance

Profit Warning

Cleveland-Cliffs launched a public offering of 75 million shares priced at $12.85 each to raise $964 million, primarily to repay debt under its asset-based credit facility and for general corporate purposes, addressing its significant $8 billion debt burden.
Following the offering announcement, the company's shares fell roughly 7.7-9%.
The company is expected to post a loss of $0.45 per share for the current quarter, with a consensus earnings estimate for the current fiscal year at -$2.3 per share.

Oct 30, 2025, 3:01 AM

Bloomberg

Cleveland-Cliffs Announces Proposed Common Share Offering

CLF

Cleveland-Cliffs Inc. has commenced an underwritten public offering of 75,000,000 common shares.
The company intends to grant the underwriter a 30-day option to purchase up to an additional 11,250,000 common shares.
The net proceeds from the offering are primarily intended for the repayment of borrowings under its asset-based credit facility, with any remaining proceeds for general corporate purposes.
UBS Securities LLC is acting as the underwriter for the offering.

Oct 29, 2025, 8:26 PM

Press Release

Cleveland-Cliffs Announces Successful Steel Replacement for Aluminum in Automotive Stamping

CLF

New Projects/Investments

Product Launch

Cleveland-Cliffs has successfully completed a production trial with a major automotive OEM, demonstrating that its exposed steel parts can replace aluminum in automotive stamping equipment without the need for costly retooling.
This achievement allows for a smooth transition from aluminum to steel, with no changes required to the stamping line.
The company has already moved from the trial phase to routine production and delivery of regular orders to the client and has received inquiries from other clients for similar programs.
This breakthrough is significant given recent disruptions in the aluminum supply chain and underscores growing confidence in domestic steel and Cliffs' supply reliability among automotive OEMs.

Oct 29, 2025, 11:00 AM

Press Release

Cleveland-Cliffs Reports Strong Q3 2025 Results Driven by Automotive Demand and Strategic Initiatives

CLF

Earnings

New Projects/Investments

Guidance Update

Cleveland-Cliffs' adjusted EBITDA increased by 52% to $143 million in Q3 2025, driven by strong automotive demand and improved pricing. The company secured two to three-year agreements with major automotive OEMs for higher sales volumes and favorable pricing through 2027 or 2028.
The company entered a memorandum of understanding with a major global steelmaker to leverage its U.S. footprint, with a formal announcement expected soon, and has sold eight properties for $425 million to reduce debt.
Cliffs was awarded a five-year, $400 million fixed-price contract by the U.S. Department of War for grain-oriented electrical steel, reinforcing its strategic importance to national defense.
The 2025 CapEx budget was reduced to $525 million from an initial $700 million, and full-year SG&A expectations are now $550 million, down from $625 million. The company also refinanced bonds, pushing the next maturity to March 2029, and its onerous slab contract expires on December 9.

Oct 20, 2025, 12:30 PM

Transcript

Cleveland-Cliffs Reports Strong Q3 2025 Results Driven by Automotive Demand and Strategic Initiatives

CLF

Earnings

Guidance Update

New Projects/Investments

Cleveland-Cliffs reported Q3 2025 adjusted EBITDA of $143 million, a 52% increase over the prior quarter, with steel shipment volumes at 4 million tons and an average selling price of $1,032 per net ton.
The company secured multi-year agreements with major automotive OEMs through 2027 or 2028, leading to its best auto steel shipment quarter since Q1 2024.
Cost reduction efforts are on track for $300 million in annual savings from footprint optimization, and the 2025 CapEx budget has been reduced to $525 million and SG&A expectation to $550 million.
Cleveland-Cliffs entered a memorandum of understanding with a major global steelmaker and is under contract or agreements in principle for eight asset sites totaling $425 million in value, with proceeds directed towards debt reduction.
The company was awarded a five-year, $400 million fixed-price contract by the U.S. Department of Defense for 53,000 net tons of grain-oriented electrical steel.

Oct 20, 2025, 12:30 PM

Transcript

Cleveland-Cliffs Announces Q3 2025 Earnings, Strategic MOU, and Updated 2025 Outlook

CLF

Earnings

Guidance Update

New Projects/Investments

For Q3 2025, Cleveland-Cliffs reported $4.7 billion in revenues, $143 million in Adjusted EBITDA, and 4.0 million net tons of steel shipments.
The company signed a Memorandum of Understanding (MOU) with a major global steel producer on September 17, 2025, with a formal announcement anticipated in Q4 2025 or Q1 2026.
Cleveland-Cliffs was awarded a Department of War contract for electrical steel, valued at up to $400 million over a 5-year ordering period for up to 53,000 net tons.
The onerous third-party steel slab contract, which accounts for approximately 1.5 million net tons annually, is scheduled to expire on December 9, 2025.
The 2025 outlook, updated in October 2025, guides Capital Expenditures to ~$525 million and Selling, General and Administrative Expenses to ~$550 million.

Oct 20, 2025, 12:30 PM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for CLEVELAND-CLIFFS.

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