[Second-Quarter Consolidated Results](index=1&type=section&id=Second-Quarter%20Consolidated%20Results) Cleveland-Cliffs reported second-quarter 2025 revenues of **$4.9 billion**, a GAAP net loss of **$470 million** including **$323 million** in non-recurring charges, and a significant sequential improvement in Adjusted EBITDA to **$97 million** from a first-quarter loss | Financial Metric | Q2 2025 | Q1 2025 | | :--- | :--- | :--- | | **Revenues** | $4.9 billion | $4.6 billion | | **GAAP Net Loss** | ($470 million) | ($483 million) | | **Adjusted Net Loss** | ($247 million) | ($456 million) | | **Adjusted Net Loss per Share** | ($0.50) | ($0.92) | | **Adjusted EBITDA** | $97 million | ($174 million) | | **Steel Unit Cost Reduction (QoQ)** | $15 per net ton | - | - Footprint optimization initiatives announced previously are already generating a positive impact on both costs and revenues, with further improvements expected in Q3 and Q4[3](index=3&type=chunk) - The company will not extend its five-year contract to supply slabs from Indiana Harbor, which had become a negative contributor to EBITDA due to low index-based prices[3](index=3&type=chunk)[5](index=5&type=chunk) - The CEO noted the positive impact of tariffs on domestic manufacturing and expects the trend to continue, benefiting both the domestic steel and automotive industries[5](index=5&type=chunk) [Steelmaking Segment Results](index=2&type=section&id=Steelmaking%20Segment%20Results) The Steelmaking segment achieved record sales volume of **4.3 million net tons** in Q2 2025, but revenues slightly decreased to **$4.77 billion** with the average net selling price per ton falling to **$1,015**, resulting in a gross margin loss of **$225 million** | Metric | Q2 2025 | Q2 2024 | Q1 2025 | | :--- | :--- | :--- | :--- | | **Steel Products (k net tons)** | 4,290 | 3,989 | 4,140 | | **Avg. Net Selling Price/ton** | $1,015 | $1,125 | $980 | | **Revenues (in millions)** | $4,771 | $4,915 | $4,467 | | **Gross Margin (in millions)** | ($225) | $145 | ($400) | - Q2 2025 steel product sales mix consisted of **40% hot-rolled**, **27% coated**, **15% cold-rolled**, **5% plate**, **3% stainless and electrical**, and **10% other**[6](index=6&type=chunk) - Revenue breakdown by market: **31% to infrastructure and manufacturing**, **30% to distributors and converters**, **26% to automotive**, and **13% to steel producers**[7](index=7&type=chunk) [Liquidity](index=2&type=section&id=Liquidity) As of June 30, 2025, Cleveland-Cliffs reported total liquidity of **$2.7 billion** - The company had **$2.7 billion** in total liquidity as of June 30, 2025[8](index=8&type=chunk) [Outlook](index=3&type=section&id=Outlook) The company updated its full-year 2025 guidance, lowering expectations for capital expenditures and SG&A expenses while increasing the forecast for depreciation, depletion, and amortization due to accelerated depreciation from idled facilities | Full-Year 2025 Guidance | Previous Expectation | Updated Expectation | | :--- | :--- | :--- | | **Capital Expenditures** | $625 million | ~$600 million | | **SG&A Expenses** | ~$600 million | ~$575 million | | **Depreciation, Depletion & Amortization** | ~$1.1 billion | ~$1.2 billion | | **Steel Unit Cost Reductions (vs 2024)** | Maintained | ~$50 per net ton reduction | | **Cash Pension & OPEB Payments** | Maintained | ~$150 million | [Financial Tables](index=6&type=section&id=Financial%20Tables) This section provides detailed unaudited condensed consolidated financial statements for the periods ended June 30, 2025, including Statements of Operations, Financial Position, and Cash Flows, along with reconciliations of GAAP to non-GAAP measures [Statements of Unaudited Condensed Consolidated Operations](index=6&type=section&id=STATEMENTS%20OF%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20OPERATIONS) For the second quarter of 2025, consolidated revenues were **$4.934 billion**, leading to an operating loss of **$498 million** and a net loss of **$470 million** due to increased operating costs including restructuring charges | (In millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Revenues** | $4,934 | $5,092 | | **Operating Income (Loss)** | ($498) | $6 | | **Net Income (Loss)** | ($470) | $9 | | **Diluted Loss Per Share** | ($0.97) | $0.00 | [Statements of Unaudited Condensed Consolidated Financial Position](index=7&type=section&id=STATEMENTS%20OF%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20POSITION) As of June 30, 2025, total assets were **$20.47 billion**, slightly down from year-end 2024 due to reduced inventories, while total liabilities increased to **$14.43 billion** primarily from a rise in long-term debt | (In millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $6,687 | $6,907 | | **Inventories** | $4,699 | $5,094 | | **Total Assets** | $20,471 | $20,947 | | **Long-Term Debt** | $7,727 | $7,065 | | **Total Liabilities** | $14,429 | $14,050 | | **Total Equity** | $6,042 | $6,897 | [Statements of Unaudited Condensed Consolidated Cash Flows](index=8&type=section&id=STATEMENTS%20OF%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20CASH%20FLOWS) In Q2 2025, net cash provided by operating activities significantly declined to **$45 million** from **$519 million** in Q2 2024, impacted by lower net income despite a positive change in inventories | (In millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $45 | $519 | | **Net cash used by investing activities** | ($111) | ($152) | | **Net cash provided (used) by financing activities** | $68 | ($287) | [Non-GAAP Reconciliations](index=9&type=section&id=NON-GAAP%20RECONCILIATION) This section provides reconciliations for non-GAAP financial measures, detailing adjustments to GAAP net income (loss) to derive Adjusted Net Income (Loss) and Adjusted EBITDA, primarily excluding non-recurring charges for idled facilities | (In millions) | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Net Income (Loss) Attributable to Cliffs** | ($483) | ($495) | $2 | | **Adjusted Net Income (Loss)** | ($247) | ($456) | $50 | | **Adjusted EPS - Diluted** | ($0.50) | ($0.92) | $0.11 | | (In millions) | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Net Income (Loss)** | ($470) | ($483) | $9 | | **Total EBITDA** | ($76) | ($208) | $291 | | **Total Adjusted EBITDA** | $97 | ($174) | $323 |

Core Insights - Cleveland-Cliffs Inc. (CLF) is expected to report second-quarter 2025 results on July 21, with a projected revenue of $4.9 billion, indicating a year-over-year decline of 3.8% [4][7] - The company has experienced a trailing fourth-quarter negative earnings surprise of approximately 9.7% and a negative surprise of around 17.9% in the last reported quarter [1][2] - Higher steel prices and increased volumes are anticipated to have positively impacted CLF's performance, although rising unit costs may offset these gains [5][10] Revenue Estimates - The Zacks Consensus Estimate for CLF's second-quarter consolidated revenues is $4,899.2 million, reflecting a 3.8% decline compared to the previous year [4][7] - The average net selling price per net ton of steel products is estimated to be $1,020, representing a 4.1% increase from the prior quarter [8] Factors Influencing Performance - CLF is expected to benefit from higher steel prices, which have rebounded following a decline in 2024 due to reduced demand and oversupply [5][7] - The imposition of a 25% tariff on steel imports in March 2025 and its subsequent increase to 50% in June 2025 have contributed to a surge in hot-rolled coil (HRC) prices [5][10] - External sales volumes for steel products are projected at 4.2 million net tons, indicating a 1.4% sequential rise and a 5.3% year-over-year increase [9] Cost Considerations - Steelmaking unit costs are expected to have risen by $5 per ton in the second quarter compared to the first quarter, which may offset the benefits from higher prices and volumes [10] - Despite anticipated cost increases in the second quarter, a reduction in costs is expected in the latter half of 2025 due to the idling of underperforming assets [10] Earnings Prediction - The Earnings ESP for CLF is -4.60%, with the consensus estimate indicating a loss of 67 cents for the second quarter [12] - CLF currently holds a Zacks Rank of 3, suggesting a neutral outlook for earnings performance [12]

Company Performance - Cleveland-Cliffs (CLF) closed at $9.39, reflecting a +2.74% increase from the previous day, outperforming the S&P 500's daily gain of 0.54% [1] - Over the last month, the company's shares have risen by 24.69%, while the Basic Materials sector experienced a slight loss of 0.05% and the S&P 500 gained 4.2% [1] Upcoming Earnings Disclosure - The earnings report for Cleveland-Cliffs is scheduled for July 21, 2025, with an anticipated EPS of -$0.67, representing a 709.09% decline compared to the same quarter last year [2] - The consensus estimate for revenue is $4.9 billion, indicating a 3.83% decrease from the same quarter last year [2] Fiscal Year Estimates - For the entire fiscal year, Zacks Consensus Estimates predict an EPS of -$1.83 and revenue of $19.46 billion, reflecting changes of -150.68% and +1.45% respectively from the previous year [3] - Recent adjustments to analyst estimates suggest a positive outlook for the business, as these revisions often align with short-term business dynamics [3] Zacks Rank and Industry Performance - The Zacks Rank system, which evaluates estimate changes, currently ranks Cleveland-Cliffs at 3 (Hold), with a recent 13.02% decrease in the EPS estimate over the past month [5] - The Steel - Producers industry, part of the Basic Materials sector, holds a Zacks Industry Rank of 199, placing it in the bottom 20% of over 250 industries [6]

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Cleveland-Cliffs Inc. due to allegations of materially misleading business information issued by the company [1]. Group 1: Company Financial Performance - On May 7, 2025, Cleveland-Cliffs reported a GAAP net loss of $483 million for Q1 2025, an increase from a $434 million GAAP net loss in Q4 2024 [3]. - The company announced plans to fully or partially idle six facilities to optimize operations and release excess working capital [3]. - CEO's statement indicated that the first-quarter results were negatively impacted by underperforming non-core assets and lower index prices from late 2024 and early 2025 [3]. Group 2: Stock Market Reaction - Following the financial results announcement, Cleveland-Cliffs' stock fell over 15% on May 8, 2025, and an additional 2% on May 9, 2025 [3]. Group 3: Legal Action and Investor Rights - Investors who purchased Cleveland-Cliffs securities may be entitled to compensation through a class action lawsuit without any out-of-pocket fees [2]. - The Rosen Law Firm is preparing a class action to seek recovery of investor losses [2]. Group 4: Rosen Law Firm's Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company at the time [4]. - The firm has been ranked in the top 4 for securities class action settlements since 2013 and recovered hundreds of millions for investors, including over $438 million in 2019 [4].

Group 1 - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Cleveland-Cliffs Inc. due to allegations of materially misleading business information [1] - Cleveland-Cliffs reported a GAAP net loss of $483 million for Q1 2025, an increase from a $434 million net loss in Q4 2024 [3] - Following the financial results announcement, Cleveland-Cliffs' stock fell over 15% on May 8, 2025, and an additional 2% on May 9, 2025 [3] Group 2 - The Rosen Law Firm is preparing a class action to seek recovery of investor losses without any out-of-pocket fees for those who purchased Cliffs securities [2] - Investors are encouraged to join the prospective class action through the Rosen Law Firm's website or by contacting their office [2] Group 3 - The Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements and recognition in the field [4] - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4]

Cleveland-Cliffs (CLF) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on July 21, might help the stock move higher if these key numbers are better than expectati ...

Company Overview - Cleveland-Cliffs (NYSE: CLF) is set to announce its earnings on July 21, 2025, with a consensus forecast of approximately $0.63 per share, indicating ongoing margin challenges despite cost-cutting efforts [2] - The company's current market capitalization is $4.8 billion, with revenue over the past twelve months amounting to $19 billion, and it has reported an operating loss of $1.2 billion and a net income of -$1.2 billion [3] Financial Performance - Revenues are expected to decline by nearly 4% compared to the same quarter last year, although early advantages from cost reductions and improved pricing are anticipated to begin reflecting in the second quarter [2] - The company is expected to remain unprofitable until full savings for the second half are realized and automotive demand strengthens [2] Earnings Reaction History - Over the last five years, there have been 20 earnings data points recorded, with 10 positive and 10 negative one-day (1D) returns, resulting in a 50% occurrence rate of positive 1D returns [5] - The median of the 10 positive returns is 5.7%, while the median of the 10 negative returns is -8.4% [5] Correlation Data - The correlation between 1D post-earnings returns and subsequent 5D returns is noted, which can inform trading strategies based on historical performance [6]

Company Overview - Cleveland-Cliffs closed at $8.49, reflecting a -3.74% change from the previous trading session, underperforming the S&P 500's loss of 0.79% [1] - Prior to this trading day, shares had increased by 16.05%, outperforming the Basic Materials sector's gain of 4.52% and the S&P 500's gain of 5.22% [1] Earnings Expectations - The upcoming earnings report is scheduled for July 21, 2025, with an expected EPS of -$0.65, indicating a significant decline of 690.91% compared to the same quarter last year [2] - Revenue is projected to be $4.94 billion, reflecting a 2.91% decrease from the year-ago quarter [2] Annual Performance Estimates - For the annual period, the Zacks Consensus Estimates predict an EPS of -$1.83 and revenue of $19.49 billion, representing declines of -150.68% and a slight increase of +1.6%, respectively [3] - Recent adjustments to analyst estimates may indicate changing business dynamics, with positive revisions suggesting optimism about the company's outlook [3] Stock Performance and Rankings - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown a strong track record, with 1 rated stocks delivering an average annual return of +25% since 1988 [5] - Cleveland-Cliffs currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate decreasing by 12.62% over the last 30 days [5] Industry Context - The Steel - Producers industry, part of the Basic Materials sector, holds a Zacks Industry Rank of 90, placing it in the top 37% of over 250 industries [6] - The Zacks Industry Rank measures the strength of industry groups based on the average Zacks Rank of individual stocks, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [6]

Core Viewpoint - The article discusses the renewed focus on "Made in America" as a significant investment theme, driven by geopolitical tensions and a push for domestic manufacturing and energy independence [2]. Group 1: Companies Highlighted - Cleveland-Cliffs Inc. is North America's largest flat-rolled steel producer, operating fully integrated steelmaking facilities in the U.S. and supplying steel to various domestic sectors [5][6]. - Newell Brands Inc. produces iconic American household products and maintains substantial U.S. manufacturing despite some global sourcing. The company is focusing on streamlining operations and has a forecasted 19% earnings growth in the next 12 months [10][11]. - Energy Transfer LP operates over 125,000 miles of pipelines for transporting crude oil and natural gas, positioning itself as a key player in U.S. energy security. The stock has a consensus price target of $22.64, indicating a 26% upside potential [13][15]. Group 2: Stock Performance and Market Indicators - Cleveland-Cliffs stock is trading around $8.71, showing a strong rebound and surpassing key moving averages, with a potential upside target of $10 [7][8]. - Newell Brands stock has seen a decline of over 40% in 2025 but has recently increased by about 17% in the last 30 days, nearing its 100-day moving average [12]. - Energy Transfer stock is currently at $17.91, just below its 100-day moving average, with analysts predicting a bullish trend and a dividend yield of 7.31% [16].

Core Viewpoint - Cleveland-Cliffs stands to benefit significantly from President Trump's recent steel tariff increase, which has led to a notable rise in its stock price, despite the company's recent financial struggles [1][4]. Group 1: Tariff Impact - President Trump reinstated a 25% tariff on all foreign steel on February 10, 2024, and subsequently doubled it to 50% effective June 4, 2024 [2][4]. - The new tariff regime includes strict reporting requirements for foreign importers, with severe penalties for non-compliance, which is expected to favor American steel producers like Cleveland-Cliffs [4]. - The aggressive tariff strategy aims to bolster American manufacturing, positioning Cleveland-Cliffs as a key beneficiary due to its status as the largest producer of flat-rolled steel in the U.S. [4]. Group 2: Financial Performance - Cleveland-Cliffs has experienced declining annual revenue over the past two years, reporting a net loss of $754 million on nearly $19.2 billion in revenue for 2024 [5]. - The company has been unprofitable in four of its last five quarters, indicating ongoing financial challenges despite the favorable tariff environment [5]. Group 3: Market Sentiment and Risks - Investor enthusiasm for Cleveland-Cliffs has surged, with the stock trading over 30% higher following the tariff announcement, reflecting confidence in the company's potential to capitalize on the new tariffs [1]. - However, there are concerns regarding the sustainability of the 50% tariff, as negotiations with countries like Mexico could lead to exemptions that would diminish Cleveland-Cliffs' competitive advantage [6][8]. - The potential for tariff reductions in future negotiations raises uncertainty about the long-term benefits for Cleveland-Cliffs and the broader American steel industry [7][8].