Cleveland-Cliffs Inc

Latest Results (04.04.2026):

Cleveland-Cliffs Inc. reported fourth‑quarter 2025 results (quarter ended December 31, 2025). Consolidated Q4 revenue was $4.3 billion and steel shipments were 3.8 million net tons. The company recorded a Q4 GAAP net loss of $235 million ($0.44 diluted) and an adjusted net loss of $0.43 per diluted share; adjusted EBITDA was a loss of $21 million. Liquidity at year‑end was $3.3 billion. Full‑year 2025 results showed revenues of $18.6 billion and a GAAP net loss of $1.4 billion ($2.91 diluted), with full‑year adjusted EBITDA of $37 million.

Quarterly revenue and shipments

Q4 2025 consolidated revenues: $4.3B (flat vs Q4 2024). Q4 steel shipments: 3.8 million net tons (product mix: 42% hot‑rolled, 28% coated, 14% cold‑rolled, 6% plate, 3% stainless/electrical, 7% other/slabs).

Profitability — Q4 and full‑year

Q4 GAAP net loss: $235M (−$0.44 per diluted share); adjusted net loss: −$0.43/sh. Q4 adjusted EBITDA loss: $21M (improved vs $81M adjusted EBITDA loss in Q4 2024). Full‑year 2025 GAAP net loss: $1.4B (−$2.91/sh); full‑year adjusted net loss: −$2.48/sh; full‑year adjusted EBITDA: $37M (down from $773M in 2024).

Liquidity and balance sheet

Reported liquidity of $3.3B. Cash and cash equivalents at year‑end: $57M. Total assets: $20.01B; total liabilities: $13.69B; long‑term debt: $7.25B; total equity: $6.32B.

Cash flow and capital deployment

Operating cash flow: Q4 used $13M; full‑year operating cash used $462M. Full‑year capex (purchase of PP&E) was $561M. Net cash from financing included $951M proceeds from issuance of common shares and $1.98B net debt proceeds during the year.

2026 outlook / guidance

2026 expectations: steel shipments ~16.5–17.0M net tons; unit cost reductions ≈ $10/ton vs 2025 (including mix effects); capital expenditures ≈ $700M; SG&A ≈ $575M; depreciation ≈ $1.1B; cash pension/OPEB payments ≈ $125M.

Operational and commercial actions

Management noted steps taken in 2025 to position the company for recovery: footprint optimization, exit of non‑core assets, signing multi‑year automotive contracts, year‑over‑year unit cost reductions, extended debt maturities, and lower capex.

Market drivers and management commentary

CEO Lourenco Goncalves attributed 2025 weakness to low automotive production, a value‑destructive expiring slab contract, and adverse Canadian market dynamics, but said these conditions improved entering 2026 and that U.S. trade environment is constructive—supporting expectations for materially improved results.

Strategic partnership update

POSCO due diligence on a proposed strategic partnership remains active; Cliffs is targeting a definitive agreement in the first half of 2026 and describes the transaction as a top strategic priority for both parties.

Safety

Cliffs reported a record safety year in 2025, achieving its lowest Total Recordable Incident Rate (TRIR) of 0.8 per 200,000 hours worked.