Cliffs(US:CLF)2026-02-09 11:19Financial 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].