Cleveland-Cliffs Q3 Loss Narrower Than Expected, Revenues Miss

Core Insights - Cleveland-Cliffs Inc. reported an adjusted loss of 45 cents per share for Q3 2025, which was better than the Zacks Consensus Estimate of a loss of 48 cents per share and narrower than the adjusted loss of 33 cents per share in the same quarter last year [1][7] - Revenues increased by 3.6% year over year to $4,734 million, but fell short of the Zacks Consensus Estimate of $4,886.6 million [1][7] Operational Highlights - Steelmaking revenues were approximately $4.6 billion for Q3, reflecting a year-over-year increase of around 3% [2] - The average net selling price per net ton of steel products was $1,032, down about 1.2% year over year, but exceeded the estimate of $996 [2] - External sales volumes for steel products reached roughly 4.03 million net tons, up about 5% year over year, although this was below the estimate of 4.3 million net tons [2] Financial Position - As of the end of Q3, the company had cash and cash equivalents of $66 million, an increase of approximately 8.2% from the previous quarter [3] - Long-term debt rose by 4% sequentially to $8,039 million [3] - Total liquidity stood at $3.1 billion as of September 30, 2025 [3] Outlook - The company revised its full-year 2025 guidance, lowering capital expenditures to approximately $525 million from the previous estimate of $600 million [4] - Selling, general and administrative (SG&A) expenses were also reduced to around $550 million from an earlier estimate of $575 million [4] - The company continues to target steel unit cost reductions of approximately $50 per net ton compared to 2024 [5] Price Performance - Shares of Cleveland-Cliffs have increased by 3% over the past year, while the industry has seen a rise of 13.9% [6]