Core Viewpoint - Wall Street opened higher on Monday, driven by positive investor sentiment regarding upcoming earnings reports and the potential for another rate cut by the Federal Reserve [1] Group 1: Market Sentiment - Investors are optimistic about the upcoming slew of earnings, indicating a potentially strong performance from companies [1] - The possibility of another rate cut by the Federal Reserve is contributing to the positive market sentiment [1] Group 2: Market Performance - The Dow Jones Industrial Average showed an upward trend at the market opening, reflecting the overall positive sentiment among investors [1]

Core Viewpoint - Cleveland-Cliffs shares increased nearly 19% in premarket trading following the company's report of strong demand for its US-produced steel and its plans to explore opportunities in rare-earth materials [1] Group 1: Company Performance - Cleveland-Cliffs reported strong demand for its US-produced steel, contributing to the significant rise in its stock price [1] Group 2: Future Opportunities - The company revealed plans to explore opportunities in the rare-earth materials sector, indicating a strategic expansion beyond its traditional steel business [1]

Financial Data and Key Metrics Changes - The third quarter adjusted EBITDA improved to $143 million, a 52% increase over the prior quarter, driven by margin expansion from higher realized prices and improved mix [17] - Steel shipment volumes were 4 million tons in the quarter, a reduction from the prior quarter due to summer slowdowns and continued market discipline [17] - The average selling price increased to $1,032 per net ton, up $17 per net ton over the prior quarter, driven by an increase in automotive shipments from 26% to 30% share [17][18] Business Line Data and Key Metrics Changes - The automotive sector is leading the rebound in domestic steel demand, with the third quarter being the best auto steel shipment quarter since Q1 2024 [3] - The company locked in multi-year agreements with major automotive OEMs, covering higher sales volumes and favorable pricing through 2027 or 2028 [3][4] - The mix shifted favorably toward automotive, with coated volumes increasing from 27% to 29% share [17] Market Data and Key Metrics Changes - The Canadian market continues to lag expectations, with 9% of total sales coming from Stelco, and imported steel penetration into Canada at 65% [11] - The U.S. automotive sector is experiencing a resurgence, supported by domestic steel production, which is critical for national security [4][5] Company Strategy and Development Direction - The company is focused on strengthening its position in the automotive steel market and is prepared for increased demand in 2026 [6][7] - A memorandum of understanding with a major global steelmaker aims to leverage the company's U.S. footprint for downstream industrial clients moving production to the U.S. [10] - The company is exploring opportunities in rare earth elements within its mining portfolio, identifying two sites in Minnesota and Michigan for potential development [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the automotive sector and the effectiveness of cost actions taken [24] - The company anticipates that operational improvements will lead to amplified EBITDA and cash flow as demand stabilizes [22][23] - The management highlighted the importance of consistent demand and stable policy to sustain the recovery [22] Other Important Information - The company was awarded a five-year, $400 million fixed-price contract by the U.S. Department of War for grain-oriented electrical steel, reinforcing its strategic importance [14] - The company is on track to achieve projected annual savings of $300 million from operational efficiencies implemented earlier in the year [18] Q&A Session Summary Question: How quickly could the company produce products in the rare earth vertical? - The company has identified two promising sites and is working with geologists to assess their commercial viability, with potential cooperation opportunities with Canada [26][30] Question: Can you provide details on the asset sale process? - The company has closed on a portion of the sale of FPT and is considering selling its direct reduction plant in Toledo, Ohio, due to a lack of strategic value [34][35] Question: Did any new auto contracts kick in during this quarter? - Some contracts began on October 1, and the company expects significant activity from these contracts as the year turns to 2026 [52] Question: What does the guidance imply for further unit cost reductions? - The company expects costs to be down $50 a ton year-over-year when adjusted for the increased automotive mix, with shipments expected to be similar to Q3 [54][56] Question: Can you comment on the volume growth from the new auto agreements? - The new contracts are expected to generate more margin, and the company has significant capacity to meet the automotive industry's needs [61][62]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q3 2025 improved to $143 million, a 52% increase over the prior quarter, driven by margin expansion from higher realized prices and improved mix [16] - Steel shipment volumes were 4 million tons in the quarter, a reduction from the prior quarter due to summer slowdowns and continued market discipline [16] - The average selling price increased to $1,032 per net ton, up $17 per net ton over the prior quarter, driven by an increase in automotive shipments from 26% to 30% share [16] Business Line Data and Key Metrics Changes - The automotive sector is leading the rebound in domestic steel demand, with the third quarter being the best auto steel shipment quarter since Q1 2024 [3] - The company locked in multi-year agreements with major automotive OEMs, covering higher sales volumes and favorable pricing through 2027 or 2028 [3][4] - The automotive-grade galvanized steel plants are fully operational, with significant capacity ready to meet increasing demand [5][6] Market Data and Key Metrics Changes - The Canadian market continues to lag expectations, with 9% of total sales coming from Stelco, primarily due to high levels of imported steel [10] - Imported steel penetration into the Canadian market stands at 65%, which the company attributes to the Canadian government's inaction against dumped steel [10][11] Company Strategy and Development Direction - The company is focused on strengthening its position in the automotive sector and enhancing domestic steel sourcing to reduce exposure to tariffs and foreign volatility [4][5] - A memorandum of understanding with a major global steelmaker is expected to facilitate the onboarding of their downstream industrial clients moving production to the U.S. [9] - The company is exploring opportunities in rare earth elements within its mining portfolio, identifying two sites in Minnesota and Michigan for potential development [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the automotive sector and the positive impact of trade policies on domestic steel demand [20][22] - The company anticipates that operational improvements and cost reductions will lead to amplified EBITDA and cash flow as demand stabilizes [21] - The management remains cautious but acknowledges the first signs of recovery in the automotive sector and the potential for increased volumes and pricing in the future [22][39] Other Important Information - The company was awarded a five-year, $400 million fixed-price contract by the U.S. Department of Defense for grain-oriented electrical steel, reinforcing its strategic importance [12] - The company plans to proceed with projects receiving grants from the Department of Energy, which were not included in a recent cancellation list [13] Q&A Session Summary Question: How quickly could the company produce products in the rare earth vertical? - The company has identified two promising sites and is working with geologists to assess their commercial viability, with potential cooperation opportunities with Canada [24][27] Question: What is the status of the asset sale process? - The company has closed on a portion of the sale of FPT and is considering selling its direct reduction plant in Toledo, Ohio, due to a lack of strategic value [30][31] Question: Did any new automotive contracts kick in during this quarter? - Some contracts began on October 1, and the company expects significant activity from these contracts as the year turns to 2026 [38] Question: What is the guidance for further unit cost reductions? - The company expects costs to be down $50 a ton year over year, with shipments anticipated to be similar to Q3 [41] Question: Can the company provide details on the auto contracts and volume growth? - The new contracts are expected to generate more margin, and the company has significant capacity to meet the automotive industry's needs [43][45]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q3 2025 improved to $143 million, representing a 52% increase over the prior quarter, driven by margin expansion from higher realized prices and improved mix [23] - Steel shipment volumes were 4 million tons in the quarter, a reduction from the prior quarter due to summer slowdowns and continued market discipline, but the average selling price increased to $10.32 per net ton, up $17 per net ton over the prior quarter [23][24] - The CapEx budget for 2025 is now $525 million, down from the original expectation of $700 million, reflecting reduced spending at Stelco and changes in the DOE project at Middletown [25] Business Line Data and Key Metrics Changes - Automotive shipments increased from 26% to 30% share, while coated volumes moved from 27% to 29% share, contributing to the improved average selling price [24] - The company locked in multi-year agreements with major automotive OEMs, covering higher sales volumes and favorable pricing through 2027 or 2028 [5][6] Market Data and Key Metrics Changes - The U.S. automotive sector is experiencing a significant rebound, with domestic steel demand increasing, particularly in the automotive sector [4][5] - The Canadian market continues to lag expectations, with only 9% of total sales coming from Stelco, attributed to the Canadian government's inaction against steel dumping [15][16] Company Strategy and Development Direction - The company is focused on capitalizing on the resurgence of the U.S. automotive sector and has positioned itself as a key supplier of domestic steel [11][12] - A memorandum of understanding was entered into with a major global steelmaker to leverage the company's U.S. footprint for onboarding their downstream industrial clients [13][14] - The company is exploring opportunities in rare earth elements within its mining portfolio, identifying two sites in Minnesota and Michigan for potential development [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the automotive sector and the effectiveness of cost actions taken, while cautioning that the company is not declaring victory yet [30] - The company expects continued demand growth from automotive contracts and anticipates that operational improvements will lead to amplified EBITDA and cash flow [29] Other Important Information - The company was awarded a five-year $400 million fixed-price contract by the U.S. Department of War for grain-oriented electrical steel, reinforcing its strategic importance to national security [19][20] - The company is proceeding with the Butler project on schedule and is working with the DOE on the Middletown project, which is critical for future operations [21] Q&A Session Summary Question: How quickly could the company produce products in the rare earth vertical? - The company is assessing two promising sites and is optimistic about developing mining capabilities, potentially in cooperation with Canada [33][34][39] Question: What is the status of the asset sale process? - The company has closed on a portion of the sale of FPT and is considering selling its direct reduction plant in Toledo, Ohio, while deprioritizing the asset sale process due to the MOU with the global steelmaker [44][46] Question: Did any new automotive contracts kick in during this quarter? - Some contracts began on October 1, and while Q4 may not see significant activity due to typical shutdowns, the company is excited about the upcoming contracts in 2026 [61][62] Question: What is the expected volume growth from new automotive agreements? - The new contracts are expected to generate more margin, and the company has significant capacity to meet the automotive industry's needs [72][75] Question: What is the nature of the electrical steel contract with the U.S. government? - The contract is a multiyear opportunity to build a strategic inventory of electrical steel for national security purposes [89][90]

钢铁制造商克利夫兰克里夫公司(CLF.US)于10月20日盘前发布第三季度财报，数据显示，公司Q3营收 47亿美元，同比增长3.5%，但较市场预期低2亿美元，非公认会计准则每股收益(Non-GAAP EPS) 为-0.45美元，与市场预期持平。经调整的息税折旧摊销前利润(EBITDA)为1.43亿美元，高于此前华尔 街预期的1.28亿美元。 同时，公司更新了2025财年全年业绩指引，具体调整上，资本支出从此前预期的6亿美元下调至约5.25 亿美元;销售、一般及管理费用(SG&A)从5.75亿美元下调至约5.5亿美元; 钢铁单位成本维持此前指引，较2024年每净吨降低约50美元(已根据汽车发货量提升情况调整); 折旧、损耗及摊销(DDA)维持约12亿美元;养老金与其他退休后福利(OPEB)现金支出及缴款维持约1.5亿 美元。 对比2024年第三季度(去年同期)数据，本季度基准钢价平均约为800美元/吨，而去年同期平均约为700美 元/吨。 这份业绩报告表现稳健，推动克利夫兰克里夫股价在盘前交易中上涨8%;同期标普500指数期货和道琼 斯工业平均指数期货分别上涨0.53%和0.52%。截至周一，克利夫斯股价今年已 ...

CLEVELAND-CLIFFS INC. Third-Quarter 2025 Earnings Presentation October 20, 2025 © 2025 Cleveland-Cliffs Inc. All Rights Reserved. FORWARD-LOOKING STATEMENTS This presentation contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry or our businesses, are forward-looking statements. We ...

分组1 - Cleveland-Cliffs reported a quarterly loss of $0.45 per share, which was better than the Zacks Consensus Estimate of a loss of $0.48, but worse than a loss of $0.33 per share a year ago, indicating an earnings surprise of +6.25% [1] - The company posted revenues of $4.73 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 3.12%, but showing an increase from $4.57 billion in the same quarter last year [2] - Cleveland-Cliffs shares have increased approximately 41.7% year-to-date, significantly outperforming the S&P 500's gain of 13.3% [3] 分组2 - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The trend of estimate revisions for Cleveland-Cliffs was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is -$0.38 on revenues of $4.84 billion, and for the current fiscal year, it is -$2.25 on revenues of $19.29 billion [7] 分组3 - The Steel - Producers industry, to which Cleveland-Cliffs belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

盘前市场动向 1. 10月20日(周一)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.14%，标普500指数期货 涨0.27%，纳指期货涨0.35%。 | ■ US 30 | 46,256.60 | 46,397.80 | 46,124.00 | +66.00 | +0.14% | | --- | --- | --- | --- | --- | --- | | # US 500 | 6,682.00 | 6,700.40 | 6,657.40 | +18.00 | +0.27% | | 監 US Tech 100 | 24,905.40 | 24,988.50 | 24,790.80 | +87.50 | +0.35% | 2. 截至发稿，德国DAX指数涨1.12%，英国富时100指数涨0.38%，法国CAC40指数跌0.17%，欧洲斯托 克50指数涨0.64%。 | ■ 德国DAX30 | 24,113.52 | 24,163.99 | 24,005.70 | +268.11 | +1.12% | | --- | --- | --- | --- | --- | --- | | 器 英国富时100 ...

来源：环球市场播报 美国钢铁制造商克利夫兰克利夫斯公司（Cleveland-Cliffs）公布第三季度营收增长，受特朗普政府征收 钢铁关税带动，美国本土钢材需求显著上升。 公司最新报告称，第三季度销售额为47.3亿美元，高于去年同期的45.7亿美元，略低于分析师预期的49 亿美元。 首席执行官洛伦索·冈萨尔维斯表示，得益于特朗普总统今年实施的50%钢铁关税，美国汽车行业对国 产钢材需求回升，公司已与所有主要汽车制造商签订新的长期供货协议。 此外，克利夫兰克利夫斯还与一家全球钢铁生产商签署了谅解备忘录，合作利用其美国产能以受益于关 税政策。 公司本季度录得净亏损2.51亿美元（即每股亏损0.51美元），与去年同期的2.44亿美元亏损相近；调整 后每股收益为0.45美元，符合市场预期。 CEO冈萨尔维斯同时透露，公司计划扩大在稀土金属领域的布局，目前正在密歇根州和明尼苏达州勘探 潜在矿区，这些地区显示出关键稀土矿物迹象。"这将使克利夫兰克利夫斯在关键原材料独立战略上与 国家目标保持一致，就像我们在钢铁领域取得的成果一样，"他说。 ...