Financial Data and Key Metrics Changes - Total shipments in Q4 were 3.8 million tons, slightly lower than Q3 due to seasonal impacts, with expectations for Q1 to improve back to 4 million tons [17] - Q4 price realization was $993 per net ton, down by around $40 per net ton, but a substantial improvement in realized prices is expected starting in Q1 2026, with an anticipated increase of approximately $60 per ton [18] - 2025 marked the third consecutive year of unit cost reductions, with a reduction of $40 per ton, and expectations for another $10 per ton decrease in 2026 [19] Business Line Data and Key Metrics Changes - The company has secured more business from automotive clients, which is expected to show throughout 2026 as OEMs reshore production back to the U.S. [4] - The cancellation of the slab contract with ArcelorMittal is projected to yield an EBITDA improvement of around $500 million by replacing lower-margin slabs with higher-margin products [28][29] - The company anticipates continued demand for domestically produced slabs due to melted and poured requirements [5] Market Data and Key Metrics Changes - The Canadian government has moved to restrict imported steel, creating positive momentum for the company's Canadian subsidiary, Stelco [4] - The spot steel price is currently at a two-year high, benefiting the company due to its cost structure and ability to generate its own power [6] - Vehicle production in the U.S. was down for three consecutive years, but a return to pre-COVID levels is expected due to policy-driven reshoring [7] Company Strategy and Development Direction - The company is focused on sustainable performance in an improved market, operating with a leaner footprint and a stronger order book [24] - The partnership with POSCO is a strategic priority, aimed at enhancing industrial cooperation and meeting U.S. trade requirements [14][52] - The company is positioned to benefit from the transition from aluminum to steel in automotive applications, leveraging existing technology and production capabilities [10][54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving business environment, with solid order books, rising prices, and declining costs [23] - The company is confident in its ability to absorb increased automotive demand with existing production capacity, avoiding the need for new plant construction [8] - Management highlighted the importance of the recent changes in the Canadian steel market and the positive impact on pricing and shipments [12][63] Other Important Information - The company achieved the lowest total recordable incident rate since becoming a steel producer, with a 43% improvement compared to 2021 [15] - Capital expenditures in 2025 were at a record low of $561 million, with projections for 2026 to be around $700 million [20] - Total liquidity at the end of 2025 was $3.3 billion, with a focus on generating EBITDA and cash flow [22] Q&A Session Summary Question: What benefit is expected from the cancellation of the slab contract? - The cancellation is projected to yield an EBITDA improvement of around $500 million by replacing lower-margin slabs with higher-margin products [28][29] Question: When should the improvement in EBITDA be expected? - The company is already selling the material in Q1, with more impact expected in Q2 and Q3 as cost flows through inventory [32] Question: How much open capacity is available for contracting? - The company has downstream capacity in every location, with significant potential to deploy more specialized steel products [40][41] Question: What is the outlook for Q1 regarding ASP and costs? - Shipments are expected to return to 4 million tons, with ASP projected to increase by $60 per ton in Q1, while costs may rise temporarily before normalizing [44][46] Question: How has Stelco performed and what is the outlook? - Stelco was disappointing in 2025 but is expected to contribute significantly in 2026 as market dynamics improve [60][62] Question: What is the status of asset sales? - The company is under contract to sell several idled properties, with total proceeds expected to reach $425 million, while larger asset sales are on hold pending POSCO negotiations [70][72]

Financial Data and Key Metrics Changes - Total shipments in Q4 2025 were 3.8 million tons, slightly lower than Q3 due to seasonal impacts, with expectations to improve to 4 million tons in Q1 2026 [17] - Q4 price realization was $993 per net ton, down by approximately $40 per net ton, but expected to improve by about $60 per ton in Q1 2026 [18][22] - Unit costs decreased by $40 per ton in 2025, marking the third consecutive year of reductions, with further expectations of a $10 per ton decrease in 2026 [19] Business Line Data and Key Metrics Changes - The company has shifted melting capacity from low-margin slabs to higher-margin flat-rolled products, anticipating continued demand for domestically produced slabs [5] - The automotive sector remains the core end market, with multi-year fixed-price contracts signed with major OEMs, expected to enhance market share and profitability in 2026 [7][9] Market Data and Key Metrics Changes - The spot steel price is at a two-year high, benefiting from Section 232 tariffs and increased domestic production [6] - Canadian pricing and shipments have improved following government restrictions on imported steel, positively impacting the Canadian subsidiary, Stelco [12] Company Strategy and Development Direction - The company is focused on leveraging existing production capacity without the need for new plants, positioning itself to benefit from the anticipated increase in domestic automotive production [8][10] - A strategic partnership with POSCO is a top priority, aimed at enhancing collaboration and meeting U.S. trade requirements [14][53] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving business environment, citing a solid order book, rising prices, and declining costs as key factors for 2026 [22] - The company is well-positioned to capitalize on the return of vehicle production to pre-COVID levels, with expectations of significant throughput and profitability gains [23] Other Important Information - The company achieved a record low total recordable incident rate in 2025, reflecting a 43% improvement compared to 2021 [15] - Capital expenditures in 2025 were $561 million, with projections for 2026 to be around $700 million, reflecting normalized maintenance spending [20] Q&A Session Summary Question: Expected benefits from the cancellation of the slab contract - Management anticipates an EBITDA improvement of approximately $500 million from the cancellation of the slab contract, with benefits expected to materialize more significantly in Q2 2026 [27][31] Question: CapEx expectations beyond 2026 - CapEx is projected to be $700 million in 2026, increasing to $900 million in 2027 due to a blast furnace reline, then returning to $700 million in 2028 [34] Question: Open capacity and potential for contracting - The company has significant downstream capacity available, with the ability to produce specialized steel products, contingent on increased domestic automotive production [39][41] Question: Outlook for Q1 2026 - Shipments are expected to return to 4 million tons in Q1 2026, with ASP projected to increase by $60 per ton, driven by improved demand and pricing dynamics [44][46] Question: Impact of Stelco on earnings - Stelco's performance in 2025 was disappointing, but improvements are expected in 2026 as Canadian market dynamics change, contributing positively to overall results [60][64]

Financial Data and Key Metrics Changes - Total shipments in Q4 2025 were 3.8 million tons, slightly lower than Q3 due to seasonal impacts, with expectations for Q1 2026 to improve back to 4 million tons [15] - Q4 price realization was $993 per net ton, down by approximately $40 per net ton, but a substantial improvement in realized prices is expected starting in Q1 2026, with an anticipated increase of about $60 per ton [16][30] - Unit costs decreased by $40 per ton in 2025, marking the third consecutive year of reductions, with further expectations of a $10 per ton decrease in 2026 [16][17] Business Line Data and Key Metrics Changes - The company has shifted melting capacity from low-margin slabs to higher-margin flat-rolled products, anticipating continued demand for domestically produced slabs [5] - Multi-year fixed-price contracts with major automotive OEMs have been signed, increasing market share and securing high-margin business for 2026 [7][9] Market Data and Key Metrics Changes - The Canadian government has implemented restrictions on imported steel, positively impacting the Canadian subsidiary Stelco and improving pricing and shipments [4][12] - The U.S. market is benefiting from Section 232 tariffs at 50%, driving demand for domestically produced steel and reducing import competition [4][20] Company Strategy and Development Direction - The company is focused on leveraging existing production capacity without the need for new plants, positioning itself to benefit from the anticipated increase in domestic vehicle production [8][10] - The strategic partnership with POSCO aims to enhance collaboration and meet U.S. trade requirements, with a definitive agreement targeted for the first half of 2026 [13][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving business environment, citing a solid order book, rising prices, and declining costs as key factors for profitability in 2026 [20][21] - The company is committed to maximizing profitability through operational efficiency and strategic partnerships, with a focus on the automotive sector [20][21] Other Important Information - The company achieved its lowest total recordable incident rate in 2025, reflecting significant improvements in safety performance [14] - Capital expenditures in 2025 were a record low at $561 million, with projections for 2026 to be around $700 million, reflecting normalized maintenance capital [18] Q&A Session Summary Question: Expected benefits from the cancellation of the slab contract - Management expects an EBITDA improvement of approximately $500 million from the cancellation of the slab contract, with benefits starting in Q1 but more pronounced in Q2 and Q3 [26][30] Question: CapEx expectations beyond 2026 - CapEx for 2026 is projected at $700 million, with expectations to rise to $900 million in 2027 due to a blast furnace reline, then returning to $700 million in 2028 [34] Question: Open capacity and potential EBITDA sensitivity - The company has significant downstream capacity available, with the need for increased domestic automotive production to fully utilize this capacity [39] Question: Outlook for Q1 and pricing expectations - Shipments are expected to return to 4 million tons in Q1, with ASP anticipated to increase by $60 per ton, driven by improved demand and pricing dynamics [43][44] Question: Impact of Stelco on earnings and market dynamics - Stelco's performance in 2025 was disappointing due to market conditions, but improvements are expected in 2026 as Canadian pricing stabilizes [60][64]

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CLEVELAND-CLIFFS INC. Fourth-Quarter and Full-Year 2025 Earnings Presentation February 9, 2026 For additional factors affecting the business of Cliffs, refer to Part I – Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the U.S. Securities and Exchange Commission. 2 © 2026 Cleveland-Cliffs Inc. All Rights Reserved. 3 © 2026 Cleveland-Cliffs Inc. All Rights Reserved. 3 © 2026 Cleveland-Cliffs Inc. All Rights Reserved. 2025 HIGHLIGHTS Revenues ...

Financial Performance - Fourth-quarter 2025 consolidated revenues were $4.3 billion, consistent with the prior-year fourth-quarter revenues[3]. - For the full-year 2025, the Company recorded a GAAP net loss of $1.4 billion, or $2.91 per diluted share, compared to a net loss of $714 million, or $1.58 per diluted share in 2024[5]. - Adjusted EBITDA for full-year 2025 was $37 million, a significant decrease from $773 million in 2024[5]. - Revenues for Q4 2025 were $4,313 million, a slight decrease of 0.3% compared to $4,325 million in Q4 2024[18]. - Operating loss for Q4 2025 was $331 million, an improvement from a loss of $465 million in Q4 2024[18]. - Net loss attributable to Cliffs shareholders for Q4 2025 was $243 million, compared to a loss of $447 million in Q4 2024[18]. - Total net loss for the year ended 2025 was $1,428 million, compared to $714 million in 2024[26]. - Adjusted net loss attributable to Cliffs shareholders for the year ended 2025 was $1,258 million, compared to $357 million in 2024[24]. Steel Shipments and Pricing - Fourth-quarter steel shipments totaled 3.8 million net tons, with a full-year total of 16.2 million net tons[9]. - The average net selling price per net ton of steel products in Q4 2025 was $993, compared to $976 in Q4 2024[6]. - Steelmaking revenues for Q4 2025 were $4.2 billion, with 30% of sales to the distributors and converters market[10]. - The Company expects steel shipment volumes of approximately 16.5 - 17.0 million net tons for full-year 2026[12]. Assets and Liabilities - Total assets decreased to $20,012 million in 2025 from $20,947 million in 2024, reflecting a decline of approximately 4.5%[19]. - Long-term debt increased to $7,253 million in 2025 from $7,065 million in 2024, representing a rise of about 2.7%[19]. - Cash and cash equivalents at the end of 2025 were $57 million, up from $54 million at the end of 2024[21]. Operational Efficiency and Costs - The company is focused on improving operational efficiency and reducing costs in response to the challenging market conditions[23]. - Net cash used by operating activities for Q4 2025 was $13 million, a significant improvement from $472 million used in Q4 2024[21]. - The company reported depreciation, depletion, and amortization of $272 million for Q4 2025, compared to $258 million in Q4 2024[21]. - Idled facilities charges for Q4 2025 were $6 million, up from $2 million in Q4 2024[26]. Strategic Initiatives - Cleveland-Cliffs is actively engaged in negotiations with POSCO for a strategic partnership, targeting a definitive agreement in the first half of 2026[7]. - Capital expenditures for 2026 are projected to be approximately $700 million[12]. Currency and Other Impacts - Currency exchange impacts resulted in a gain of $11 million in Q4 2025, compared to a loss of $20 million in Q4 2024[26]. - Gain on sale of business was $9 million for the year ended 2025, with no comparable figure in 2024[26]. Earnings Per Share - Loss per common share attributable to Cliffs shareholders - diluted for Q4 2025 was $(0.44), compared to $(0.92) in Q4 2024[24]. - Adjusted loss per common share attributable to Cliffs shareholders - diluted for the year ended 2025 was $(2.48), compared to $(0.74) in 2024[24]. - Total EBITDA for Q4 2025 was $(17) million, a significant decrease from $(177) million in Q4 2024[26]. - Total Adjusted EBITDA for the year ended 2025 was $37 million, down from $773 million in 2024[26].

CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) today reported fourth-quarter and full-year results for the period ended December 31, 2025. Highlights Fourth-Quarter Results Fourth-quarter 2025 consolidated revenues were $4.3 billion, consistent with prior-year fourth-quarter consolidated revenues of $4.3 billion. 11 For the full-year 2025, the Company recorded a GAAP net loss of $1.4 billion, or $2.91 per diluted share, with an adjusted net loss of $2.48 per diluted share. This compares to a ...

Cleveland-Cliffs Inc. (NYSE:CLF) will release earnings for its fourth quarter before the opening bell on Monday, Feb. 9.Analysts expect the Cleveland, Ohio-based company to report quarterly loss of 62 cents per share, versus a year-ago loss of 68 cents per share. The consensus estimate for Cleveland-Cliffs' quarterly revenue is $4.59 billion (it reported $4.33 billion last year), according to Benzinga Pro.On Nov. 18, SunCoke Energy and Cleveland-Cliffs agreed to a 3-year extension of their Cokemaking agreem ...

Core Viewpoint - Cleveland-Cliffs Inc. is expected to report a quarterly loss of 62 cents per share for Q4, an improvement from a loss of 68 cents per share a year ago, with projected revenue of $4.59 billion compared to $4.33 billion last year [1]. Group 1 - Cleveland-Cliffs will release its Q4 earnings before the market opens on February 9 [1]. - Analysts predict a quarterly loss of 62 cents per share for Cleveland-Cliffs, which is an improvement from the previous year's loss of 68 cents per share [1]. - The consensus estimate for Cleveland-Cliffs' quarterly revenue is $4.59 billion, up from $4.33 billion reported last year [1]. Group 2 - Cleveland-Cliffs and SunCoke Energy have agreed to a 3-year extension of their Cokemaking agreement [2]. - Following the announcement of the agreement, shares of Cleveland-Cliffs increased by 6.4%, closing at $14.73 [2].

Core Insights - Cleveland-Cliffs Inc. is set to report quarterly earnings on February 9, 2026, with an anticipated EPS of -$0.62 and revenue of approximately $4.59 billion [1] - The expected quarterly loss of $0.62 per share represents an 8.8% improvement from the same period last year, with projected revenue of $4.62 billion marking a 6.8% year-over-year increase [2][6] - Analysts have revised the consensus EPS estimate for Cleveland-Cliffs downwards by 17.4% over the past 30 days, indicating a reevaluation of the company's financial outlook [3][6] Financial Metrics - The company has a negative P/E ratio of -4.07, indicating negative earnings, while its price-to-sales ratio is 0.42, suggesting the stock is valued at less than half of its sales per share [4] - The enterprise value to sales ratio is 0.85, reflecting its valuation relative to sales [4] - Cleveland-Cliffs has a current ratio of 2.04, indicating good short-term financial health, but a debt-to-equity ratio of 1.47 suggests a relatively high level of debt [5]