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Cleveland-Cliffs Inc.

CLF · Materials

Last earnings Oct 19, 2026

Key results

Revenuequarter

$4.7 billion

revenues were $4.7 billion, compared to $4.9 billion in the second quarter of 2025.

SEC original ↗Cleveland-Cliffs Inc. — Earnings release (8-K exhibit)EX-99Oct 20, 2025

Steelmaking revenuequarter

$4.6 billion

Steelmaking revenues of $4.6 billion included $1.4 billion, or 30%, of direct sales to the automotive market $1.3 billion, or 29%, of sales to the infrastructure and manufacturing market $1.3 billion, or 28%, of sales to the distributors and converters market and $591 million, or 13%, of sales to steel producers.

SEC original ↗Cleveland-Cliffs Inc. — Earnings release (8-K exhibit)EX-99Oct 20, 2025

AI analysis

Q3 2025 · reported Oct 20, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Revenue · Q3 2025
$4.7B
-4.1% -$200M vs prior quarter computed from stated figures
EX-99 · Oct 20, 2025
Steelmaking revenue · Q3 2025
$4.6B
EX-99 · Oct 20, 2025

The quarter in charts

Revenue — quarterly

As stated

0246$4.9BPrior quarter$4.7BQ3 2025

EX-99 · Oct 20, 2025 Statement values as stated in the release.

Headline figures

MetricQ3 2025Prior qtrYear ago
Revenue$4.7 billion$4.9 billion—
Steelmaking revenue$4.6 billion——

EX-99 · Oct 20, 2025

Guidance · company-stated

Direction: Reiterated

Company outlook

“Outlook The Company updated previously guided expectations for the full-year 2025, as follows Capital expenditures of approximately $525 million, from its previous expectation of $600 million Selling, general and administrative expenses of approximately $550 million, from its previous expectation of $575 million Steel unit cost reductions maintained at a reduction of approximately $50 per net ton compared to 2024, adjusted for improved automotive shipping volume Depreciation, depletion and amortization maintained at approximately $1.2 billion Cash Pension and OPEB payments and contributions maintained at approximately $150 million Cleveland-Cliffs Inc.”

Classified from the release's primary full-year outlook statement.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Capex$525M

Outlook The Company updated previously guided expectations for the full-year 2025, as follows Capital expenditures of approximately $525 million, from its previous expectation of $600 million Selling, general and administrative expenses of approximately $550 million, from its previous expectation of $575 million Steel unit cost reductions maintained at a reduction of approximately $50 per net ton compared to 2024, adjusted for improved automotive shipping volume Depreciation, depletion and amortization maintained at approximately $1.2 billion Cash Pension and OPEB payments and contributions maintained at approximately $150 million Cleveland-Cliffs Inc.

What changed vs last quarter

  • Revenue -$200M (-4.1%) computed from stated figures

Company-stated claims

Feb 9, 2026

Historical · doubled · subscribers_users

“As a result of the Stelco Acquisition, our exposure to the North American spot market doubled, giving us further insight into spot market dynamics and diversifying our customer base toward spot customers.”

10-K · Feb 9, 2026
General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Cleveland-Cliffs Reports Third-Quarter 2025 Results

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Reiterated

Company outlook: “Outlook The Company updated previously guided expectations for the full-year 2025, as follows Capital expenditures of approximately $525 million, from its previous expectation of $600 million Selling, general and administrative expenses of approximately $550 million, from its previous expectation of $575 million Steel unit cost reductions maintained at a reduction of approximately $50 per net ton compared to 2024, adjusted for improved automotive shipping volume Depreciation, depletion and amortization maintained at approximately $1.2 billion Cash Pension and OPEB payments and contributions maintained at approximately $150 million Cleveland-Cliffs Inc.”

Company outlook — Reiterated (“maintained”)
“Outlook The Company updated previously guided expectations for the full-year 2025, as follows Capital expenditures of approximately $525 million, from its previous expectation of $600 million Selling, general and administrative expenses of approximately $550 million, from its previous expectation of $575 million Steel unit cost reductions maintained at a reduction of approximately $50 per net ton compared to 2024, adjusted for improved automotive shipping volume Depreciation, depletion and amortization maintained at approximately $1.2 billion Cash Pension and OPEB payments and contributions maintained at approximately $150 million Cleveland-Cliffs Inc.”

Classified from the release's primary full-year outlook statement.

Capital allocation

Outlook The Company updated previously guided expectations for the full-year 2025, as follows Capital expenditures of approximately $525 million, from its previous expectation of $600 million Selling, general and administrative expenses of approximately $550 million, from its previous expectation of $575 million Steel unit cost reductions maintained at a reduction of approximately $50 per net ton compared to 2024, adjusted for improved automotive shipping volume Depreciation, depletion and amortization maintained at approximately $1.2 billion Cash Pension and OPEB payments and contributions maintained at approximately $150 million Cleveland-Cliffs Inc.

SEC original ↗Cleveland-Cliffs Inc. — Earnings release (8-K exhibit)EX-99Oct 20, 2025

2021 Equity and Incentive Compensation Plan ABL Facility Asset-Based Revolving Credit Agreement, dated as of March 13, 2020, which matures the earlier of June 9, 2028, or 91 days prior to the maturity of certain other material debt, among Cleveland-Cliffs Inc.

SEC original ↗Cleveland-Cliffs Inc. — 10-Q Quarterly report10-QOct 20, 2026

The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.

SEC original ↗Cleveland-Cliffs Inc. — 10-Q Quarterly report10-QOct 20, 2026

We are not obligated to make any repurchases, and the program may be suspended or discontinued at any time.

SEC original ↗Cleveland-Cliffs Inc. — 10-Q Quarterly report10-QOct 20, 2026

The share repurchase program does not have a specific expiration date.

SEC original ↗Cleveland-Cliffs Inc. — 10-Q Quarterly report10-QOct 20, 2026

20 Table of Contents During both the three and nine months ended September 30, 2026 and 2025, we did not repurchase any common shares.

SEC original ↗Cleveland-Cliffs Inc. — 10-Q Quarterly report10-QOct 20, 2026

Strategy & priorities

Goncalves concluded Beyond steelmaking, the renewed importance of rare earths has driven us to re-focus on this potential opportunity at our upstream mining assets.

SEC original ↗Cleveland-Cliffs Inc. — Earnings release (8-K exhibit)EX-99Oct 20, 2025

If successful, it would align Cleveland-Cliffs with the broader national strategy for critical material independence, similar to what we achieved in steel.

SEC original ↗Cleveland-Cliffs Inc. — Earnings release (8-K exhibit)EX-99Oct 20, 2025

Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry.

SEC original ↗Cleveland-Cliffs Inc. — Earnings release (8-K exhibit)EX-99Oct 20, 2025

Securities and Exchange Commission Section 232 Section 232 of the Trade Expansion Act of 1962 (as amended by the Trade Act of 1974) Stelco Stelco Holdings Inc.

SEC original ↗Cleveland-Cliffs Inc. — 10-Q Quarterly report10-QOct 20, 2026

NATURE OF BUSINESS We are a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry.

SEC original ↗Cleveland-Cliffs Inc. — 10-Q Quarterly report10-QOct 20, 2026

Risks & headwinds

We caution investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements.

SEC original ↗Cleveland-Cliffs Inc. — Earnings release (8-K exhibit)EX-99Oct 20, 2025

LEGAL PROCEEDINGS 41 ITEM 1A.

SEC original ↗Cleveland-Cliffs Inc. — 10-Q Quarterly report10-QOct 20, 2026

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Rio Tinto (RIO) MaterialsCemex Sab De Cv (CX) MaterialsWheaton Precious Metals (WPM) MaterialsNucor (NUE) MaterialsFranco-Nevada (FNV) MaterialsKinross Gold (KGC) MaterialsBarrick Mining (B) MaterialsCarpenter Technology (CRS) Materials
Documents

Filings

34 documents

Earnings releases

7 documents

Presentations

0 documents

No presentations for Cleveland-Cliffs Inc. are held in this edition of the library.

Transcripts

0 documents

No transcripts for Cleveland-Cliffs Inc. are held in this edition of the library.

Mentioned by

1 company

Other tracked companies whose held documents mention Cleveland-Cliffs Inc. by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.