Core Viewpoint - Cleveland-Cliffs is shifting focus from traditional steel production to rare earths mining, indicating a strategic pivot in its business model [1] Financial Performance - The third-quarter earnings report showed that earnings were not the primary focus, as the company is prioritizing its entry into the rare earths sector [1] Strategic Shift - Cleveland-Cliffs aims to diversify its operations by exploring opportunities in rare earths mining, which is seen as a growth area amid increasing demand for these materials [1] Industry Context - The move into rare earths aligns with broader industry trends where companies are seeking to secure supply chains for critical materials essential for technology and renewable energy [1]

Cleveland-Cliffs posted higher third-quarter revenue and said demand for U.S.-produced steel was rising due to the Trump administration's tariffs. ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of Cleveland-Cliffs Inc.'s third-quarter 2025 consolidated financial performance and strategic initiatives [Third-Quarter 2025 Consolidated Results Overview](index=1&type=section&id=Third-Quarter%202025%20Consolidated%20Results%20Overview) Cleveland-Cliffs Inc. reported Q3 2025 consolidated results, showing a slight revenue decrease but improved GAAP and adjusted net loss and adjusted EBITDA quarter-over-quarter, maintaining strong liquidity Consolidated Results Overview | Metric | Q3 2025 | Q2 2025 | | :------------------- | :------------- | :------------- | | Consolidated Revenue | $4.7 billion | $4.9 billion | | GAAP Net Loss | $234 million | $473 million | | Adjusted Net Loss | $223 million | $250 million | | Adjusted Diluted Loss Per Share | $0.45 | $0.51 | | Adjusted EBITDA | $143 million | $94 million | - Steel shipments for Q3 2025 were **4.0 million net tons**[4](index=4&type=chunk) - As of September 30, 2025, the company's liquidity was **$3.1 billion**[4](index=4&type=chunk) [CEO Commentary and Strategic Outlook](index=1&type=section&id=CEO%20Commentary%20and%20Strategic%20Outlook) CEO Lourenco Goncalves noted Q3 results reflect a clear recovery in U.S. automotive-grade steel demand, driven by new trade policies, with new multi-year supply agreements and a focus on rare earth opportunities - Q3 results marked a clear recovery in U.S. automotive-grade steel demand, benefiting from the new trade environment implemented by the Trump administration[3](index=3&type=chunk) - New, growing multi-year supply agreements have been secured with all major automotive OEM clients, reflecting the company's supply chain reliability[3](index=3&type=chunk) - This trend of a richer sales mix, improved pricing, and cost control is expected to accelerate into 2026, following the conclusion of the billet supply contract with ArcelorMittal in early December[3](index=3&type=chunk) - A Memorandum of Understanding was signed with a major global steel producer to leverage the company's unparalleled U.S. footprint and trade-compliant operations, expected to be highly accretive to shareholders[5](index=5&type=chunk) - Renewed focus on potential rare earth opportunities within upstream mining assets, with two locations in Michigan and Minnesota showing key indicators of rare earth mineralization[5](index=5&type=chunk) [Financial Performance](index=6&type=section&id=Financial%20Performance) This section details the company's financial results, including condensed statements of operations, financial position, cash flows, and non-GAAP reconciliations [Consolidated Statements of Unaudited Condensed Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Unaudited%20Condensed%20Operations) The company's Q3 2025 revenue was $4.734 billion, up year-over-year but slightly down quarter-over-quarter, with narrowed operating and net losses Consolidated Statements of Unaudited Condensed Operations (Millions of USD) | Metric (Millions of USD) | Q3 2025 | Q3 2024 | Nine Months 2025 | Nine Months 2024 | Q2 2025 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | :------------- | | Revenue | $4,734 | $4,569 | $14,297 | $14,860 | $4,934 | | Cost of Goods Sold | $(4,780) | $(4,675) | $(14,951) | $(14,524) | $(5,146) | | Operating Loss | $(204) | $(261) | $(1,248) | $(298) | $(501) | | Net Loss | $(234) | $(232) | $(1,193) | $(280) | $(473) | | Net Loss Attributable to Cliffs Shareholders | $(251) | $(244) | $(1,235) | $(313) | $(486) | | Diluted Loss Per Share Attributable to Cliffs Shareholders | $(0.51) | $(0.52) | $(2.49) | $(0.66) | $(0.98) | - Q3 2025 revenue increased **3.6% year-over-year to $4.734 billion**, but decreased **4.1% quarter-over-quarter** from $4.934 billion in Q2 2025[19](index=19&type=chunk) - Q3 2025 operating loss was **$204 million**, a significant improvement from $261 million in Q3 2024 and $501 million in Q2 2025[19](index=19&type=chunk) [Consolidated Statements of Unaudited Condensed Financial Position](index=7&type=section&id=Consolidated%20Statements%20of%20Unaudited%20Condensed%20Financial%20Position) As of September 30, 2025, total assets decreased from year-end 2024, with reductions in current assets and liabilities, but an increase in long-term debt Consolidated Statements of Unaudited Condensed Financial Position (Millions of USD) | Metric (Millions of USD) | Sep 30, 2025 | Dec 31, 2024 | | :----------------------- | :------------- | :------------- | | Total Assets | $20,290 | $20,947 | | Total Current Assets | $6,689 | $6,907 | | Total Current Liabilities | $3,280 | $3,361 | | Long-Term Debt | $8,039 | $7,065 | | Total Liabilities | $14,583 | $14,080 | | Total Equity | $5,707 | $6,867 | - As of September 30, 2025, long-term debt increased to **$8.039 billion**, up **$974 million** from $7.065 billion on December 31, 2024[20](index=20&type=chunk) - Total assets decreased from **$20.947 billion** at year-end 2024 to **$20.290 billion** as of September 30, 2025[20](index=20&type=chunk) [Consolidated Statements of Unaudited Condensed Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Unaudited%20Condensed%20Cash%20Flows) In Q3 2025, the company reported cash outflows from operating and investing activities, offset by significant inflows from financing, primarily due to senior notes issuance Consolidated Statements of Unaudited Condensed Cash Flows (Millions of USD) | Metric (Millions of USD) | Q3 2025 | Q3 2024 | Nine Months 2025 | Nine Months 2024 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | | Net Cash from Operating Activities | $(143) | $(84) | $(449) | $577 | | Net Cash from Investing Activities | $(138) | $(146) | $(394) | $(477) | | Net Cash from Financing Activities | $286 | $159 | $853 | $(259) | | Net Increase (Decrease) in Cash and Cash Equivalents | $5 | $(71) | $10 | $(159) | - Q3 2025 operating cash outflow was **$143 million**, an increase from the $84 million outflow in Q3 2024[21](index=21&type=chunk) - Financing activities generated **$286 million** in cash inflow, primarily from the issuance of **$850 million** in senior notes[21](index=21&type=chunk) [Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) The company provides non-GAAP financial metrics like adjusted net income and adjusted EBITDA to better assess operational performance by excluding non-recurring and/or non-cash items [Adjusted Net Income and Adjusted Earnings Per Share Reconciliation](index=9&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20Earnings%20Per%20Share%20Reconciliation) This section reconciles GAAP net loss to adjusted net loss and adjusted diluted loss per share, excluding impacts from idle facility costs, acquisition-related expenses, and derivative fair value changes Adjusted Net Income and Adjusted Earnings Per Share Reconciliation | Metric | Q3 2025 | Q3 2024 | Nine Months 2025 | Nine Months 2024 | Q2 2025 | | :------------------------------------ | :------------- | :------------- | :------------- | :------------- | :------------- | | Net Loss Attributable to Cliffs Shareholders | $(251) | $(244) | $(1,235) | $(313) | $(486) | | Adjusted Net Loss Attributable to Cliffs Shareholders | $(223) | $(158) | $(1,021) | $(25) | $(250) | | Adjusted Diluted Loss Per Share Attributable to Cliffs Shareholders | $(0.45) | $(0.34) | $(2.06) | $(0.05) | $(0.51) | - Q3 2025 adjusted net loss was **$223 million**, an improvement from **$250 million** in Q2 2025[23](index=23&type=chunk) [EBITDA and Adjusted EBITDA Reconciliation](index=11&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) This section reconciles GAAP net loss to EBITDA and adjusted EBITDA, providing a clearer view of operating performance by excluding interest, taxes, depreciation, amortization, and other non-recurring items EBITDA and Adjusted EBITDA Reconciliation (Millions of USD) | Metric (Millions of USD) | Q3 2025 | Q3 2024 | Nine Months 2025 | Nine Months 2024 | Q2 2025 | | :---------------- | :------------- | :------------- | :------------- | :------------- | :------------- | | Net Loss | $(234) | $(232) | $(1,193) | $(280) | $(473) | | Total EBITDA | $129 | $29 | $(163) | $548 | $(79) | | Total Adjusted EBITDA | $143 | $122 | $58 | $854 | $94 | - Q3 2025 adjusted EBITDA was **$143 million**, a significant increase from **$94 million** in Q2 2025[27](index=27&type=chunk) [Operational Performance](index=2&type=section&id=Operational%20Performance) This section details the operational results of the company's steelmaking segment, including product mix, market distribution, and pricing [Steelmaking Segment Results](index=2&type=section&id=Steelmaking%20Segment%20Results) In Q3 2025, the company's steelmaking segment shipped 4.0 million net tons, with hot-rolled products dominating, and the automotive market being the largest direct sales contributor at an average net selling price of $1,032 per net ton Steel Product Mix | Steel Product Type | Percentage | | :------------- | :--- | | Hot-Rolled | 37% | | Coated | 29% | | Cold-Rolled | 15% | | Plate | 6% | | Stainless and Electrical | 4% | | Other (including Billet) | 9% | Market Sales Distribution (Millions of USD) | Market | Sales (Millions of USD) | Percentage | | :------------------- | :---------------- | :--- | | Automotive Market | $1,400 | 30% | | Infrastructure and Manufacturing Market | $1,300 | 29% | | Distributors and Processors Market | $1,300 | 28% | | Steel Producers | $591 | 13% | - Q3 2025 average net selling price for steel products was **$1,032 per net ton**, lower than $1,045 in Q3 2024 but higher than $1,015 in Q2 2025[6](index=6&type=chunk) - Q3 2025 steel shipments were **4.029 million net tons**, higher than **3.84 million net tons** in Q3 2024[6](index=6&type=chunk) [Financial Position & Outlook](index=3&type=section&id=Financial%20Position%20%26%20Outlook) This section covers the company's liquidity and updated full-year 2025 financial outlook [Liquidity](index=3&type=section&id=Liquidity) As of September 30, 2025, the company maintained ample liquidity - As of September 30, 2025, the company's total liquidity was **$3.1 billion**[10](index=10&type=chunk) [Full-Year 2025 Outlook](index=3&type=section&id=Full-Year%202025%20Outlook) The company updated its full-year 2025 outlook, reducing capital expenditures and SG&A, while maintaining expectations for steel unit cost reductions, D&A, and pension/OPEB payments - Capital Expenditures: Approximately **$525 million** (previously $600 million)[13](index=13&type=chunk) - Selling, General & Administrative Expenses: Approximately **$550 million** (previously $575 million)[13](index=13&type=chunk) - Steel Unit Cost Reductions: Maintained at approximately **$50 per net ton** (versus 2024), adjusted for improved automotive volumes[13](index=13&type=chunk) - Depreciation, Depletion, and Amortization: Maintained at approximately **$1.2 billion**[13](index=13&type=chunk) - Cash Pension and OPEB Payments and Contributions: Maintained at approximately **$150 million**[13](index=13&type=chunk) [Company Information & Disclosures](index=3&type=section&id=Company%20Information%20%26%20Disclosures) This section provides background information on Cleveland-Cliffs Inc., forward-looking statements, risk factors, and contact details [About Cleveland-Cliffs Inc.](index=3&type=section&id=About%20Cleveland-Cliffs%20Inc.) Cleveland-Cliffs is North America's leading steel producer, vertically integrated from iron ore mining to finishing, specializing in high-value flat-rolled products for the automotive industry, employing approximately 30,000 people - Cleveland-Cliffs is North America's largest flat-rolled steel producer and the largest producer of iron ore pellets in North America, focusing on high-value flat-rolled products, particularly for the automotive industry[12](index=12&type=chunk) - The company's operations are vertically integrated, encompassing iron ore mining, pellet and direct reduced iron production, scrap processing, primary steelmaking, and downstream finishing[12](index=12&type=chunk) - The company employs approximately **30,000 people** across its operations in the United States and Canada[12](index=12&type=chunk) [Forward-Looking Statements & Risk Factors](index=4&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) This press release contains forward-looking statements, cautioning investors that actual results may differ materially due to various risks and uncertainties, advising consultation of the company's 10-K report - Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations[14](index=14&type=chunk) - Investors should not place undue reliance on forward-looking statements[14](index=14&type=chunk) - Risk factors include fluctuations in steel, scrap, and iron ore market prices, the competitive and cyclical nature of the steel industry, global economic conditions, trade policies, environmental regulations, liquidity, debt levels, and supply chain disruptions[14](index=14&type=chunk) - For additional factors concerning the company's business, refer to Part I, Item 1A, "Risk Factors" of the Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the U.S. Securities and Exchange Commission[16](index=16&type=chunk) [Contact Information](index=5&type=section&id=Contact%20Information) Contact details for media and investor relations are provided - Media Contact: Patricia Persico, Senior Director, Corporate Communications, at (216) 694-5316[18](index=18&type=chunk) - Investor Contact: James Kerr, Director, Investor Relations, at (216) 694-7719[18](index=18&type=chunk)

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POLAND - 2025/03/07: In this photo illustration, the Cleveland-Cliffs Inc company logo is seen displayed on a smartphone screen. (Photo Illustration by Piotr Swat/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesCleveland-Cliffs (NYSE: CLF) is scheduled to announce its earnings on Tuesday, October 21, 2025. We anticipate the company will reveal quarterly revenues close to $5.2 billion, propelled by rising steel prices and increased shipment volumes. However, we predict that t ...

With U.S. stock futures trading higher this morning on Monday, some of the stocks that may grab investor focus today are as follows:Wall Street expects Cleveland-Cliffs Inc (NYSE:CLF) to report a quarterly loss at 48 cents per share on revenue of $4.90 billion before the opening bell, according to data from Benzinga Pro. Cleveland-Cliffs shares fell 0.3% to $13.28 in after-hours trading.Analysts are expecting Steel Dynamics Inc (NASDAQ:STLD) to post quarterly earnings at $2.64 per share on revenue of $4.80 ...

Market Sentiment - The fourth year of the bull market begins with skepticism and disbelief towards bullish investors, which has been a consistent theme throughout the market run [1] - Despite the skepticism, buying the dips has proven profitable for investors over the past 45 years [2] Market Performance - The Dow gained 238 points, with the S&P 500 advancing by 0.53% and NASDAQ climbing by 0.52% [3] - Initial concerns about bad loans at banks were alleviated by positive reports from several banks, contributing to market gains [3][4] Company Performance - American Express reported a strong quarter, which contributed to the market rally and countered fears of a decline due to bad bank loans [4] - The focus should be on individual companies rather than just the S&P 500 index, as many companies are performing well despite negative sentiment [5] Upcoming Earnings Reports - The upcoming week is expected to feature earnings reports that are believed to be better than anticipated, starting with Cleveland Cliffs, a steel maker [6] - The performance of Cleveland Cliffs will provide insights into the health of the real economy, which is influenced by Federal Reserve rate cuts [6]

Core Viewpoint - Cleveland-Cliffs (CLF) is expected to report a quarterly loss of -$0.48 per share, reflecting a year-over-year decline of 45.5%, while revenues are anticipated to reach $4.89 billion, marking a 6.9% increase compared to the same quarter last year [1]. Earnings Estimates - The consensus EPS estimate has been revised down by 22.6% over the last 30 days, indicating a significant reevaluation by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts forecast 'Revenues- Other Businesses' to reach $158.71 million, a 5.8% increase from the prior-year quarter [5]. - 'Revenues- Steelmaking' is estimated at $4.72 billion, reflecting a 6.7% increase year-over-year [5]. - 'Revenues- Steelmaking- Coated steel' is projected to be $1.41 billion, indicating a 2.2% increase from the previous year [5]. - 'Revenues- Steelmaking- Slab and other steel products' is expected to reach $265.65 million, showing a year-over-year decline of 3.8% [6]. Steel Shipments - Total steel shipments are projected to be 4,274 thousand tons, up from 3,840 thousand tons reported in the same quarter last year [6]. - The average net selling price per net ton of steel products is expected to be $1,004.08, down from $1,045.00 a year ago [7]. - Steel shipments by product are estimated as follows: - Coated steel: 1,143 thousand tons, up from 1,078 thousand tons [7]. - Slab and other steel products: 409 thousand tons, slightly down from 414 thousand tons [8]. - Plate: 215 thousand tons, up from 173 thousand tons [8]. - Cold-rolled steel: 630 thousand tons, down from 635 thousand tons [9]. - Hot-rolled steel: 1,744 thousand tons, up from 1,400 thousand tons [9]. - Stainless and electrical steel: 132 thousand tons, down from 140 thousand tons [10]. Market Performance - Cleveland-Cliffs shares have increased by 19.1% over the past month, compared to a 1% increase in the Zacks S&P 500 composite [11]. - The company holds a Zacks Rank 4 (Sell), indicating expectations of underperformance relative to the overall market in the near future [11].

Whales with a lot of money to spend have taken a noticeably bullish stance on Cleveland-Cliffs.Looking at options history for Cleveland-Cliffs (NYSE:CLF) we detected 12 trades.If we consider the specifics of each trade, it is accurate to state that 50% of the investors opened trades with bullish expectations and 41% with bearish.From the overall spotted trades, 2 are puts, for a total amount of $65,950 and 10, calls, for a total amount of $343,998.What's The Price Target?Analyzing the Volume and Open Intere ...

Key Points The steel maker is tapping investors for more capital. It's floating its latest issue of senior notes. 10 stocks we like better than Cleveland-Cliffs › Market players are eager to lend Cleveland-Cliffs (NYSE: CLF) money, so much so that a planned debt issue was quickly and substantially upsized. That impressed the market enough to send the company's equity skyward, and in late-session action the large steel maker's stock was up by 9% in price. That performance was notably hotter than tha ...