Cleveland-Cliffs Inc

Latest Results (20.11.2025):

Cleveland-Cliffs Inc — third quarter of 2025 results: steel shipments were 4.0 million net tons and consolidated revenues were $4.7 billion. The company reported a GAAP net loss of $234 million and an adjusted net loss of $223 million, or $0.45 per diluted share, with Adjusted EBITDA of $143 million and liquidity of $3.1 billion as of September 30, 2025. Results showed sequential improvement from Q2 2025 (narrower GAAP loss and higher Adjusted EBITDA) and management cited recovering automotive demand and strategic developments that they expect to accelerate into 2026.

Revenues & shipments

Third-quarter 2025 consolidated revenues were $4.7 billion with steel shipments of 4.0 million net tons. Steelmaking revenues were $4.6 billion and average net selling price per ton was about $1,032.

Profitability

Cleveland-Cliffs reported a GAAP net loss of $234 million and an adjusted net loss of $223 million ($0.45 per diluted share) for Q3 2025, improving versus a GAAP loss of $473 million and adjusted loss of $250 million ($0.51) in Q2 2025.

Adjusted EBITDA

Adjusted EBITDA for the quarter was $143 million, up from $94 million in Q2 2025, reflecting improved pricing, a richer sales mix and cost execution per management.

Liquidity

The company held $3.1 billion of total liquidity as of September 30, 2025.

Steel mix & end markets

Q3 product mix: 37% hot-rolled, 29% coated, 15% cold-rolled, 6% plate, 4% stainless/electrical, 9% other. By customer market, steelmaking sales comprised ~30% automotive, ~29% infrastructure & manufacturing, ~28% distributors & converters, and ~13% sales to other steel producers.

Management commentary & strategic developments

CEO Lourenco Goncalves highlighted signs of automotive demand recovery tied to recent trade enforcement, multi‑year OEM supply wins, and expectation of accelerating trends after the end of the ArcelorMittal slab supply contract in early December. Cliffs also announced a Memorandum of Understanding with a major global steel producer (UBS advising) and reiterated interest in exploring rare-earth potential at two mining sites in Michigan and Minnesota.

Updated 2025 outlook

The company updated guidance: capex lowered to ~ $525 million (from $600M), SG&A to ~ $550 million (from $575M), steel unit cost reduction maintained at ~$50/nt vs. 2024 (adjusted for automotive mix), DDA ~ $1.2 billion, and cash pension/OPEB payments ~ $150 million.