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 ...

Core Insights - Cleveland-Cliffs Inc. reported fourth-quarter and full-year results for 2025, highlighting a consistent revenue performance but significant net losses compared to the previous year [2][4][5]. Fourth-Quarter Results - Fourth-quarter 2025 consolidated revenues were $4.3 billion, unchanged from the prior year's fourth quarter [2]. - The company recorded a GAAP net loss of $235 million, or $0.44 per diluted share, an improvement from a GAAP net loss of $434 million, or $0.92 per diluted share, in the prior-year fourth quarter [2][5]. - Adjusted EBITDA loss for the fourth quarter was $21 million, compared to an Adjusted EBITDA loss of $81 million in the fourth quarter of 2024 [3]. Full-Year Results - Full-year 2025 consolidated revenues totaled $18.6 billion, down from $19.2 billion in the previous year [4]. - The company reported 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 the full year was $37 million, significantly lower than $773 million in 2024 [5]. Operational Challenges and Strategic Actions - The performance in 2025 was negatively impacted by weak production levels in the automotive sector, an expiring slab contract, and adverse market dynamics in Canada [6]. - The company took steps to optimize its operations, including exiting non-core assets, signing multi-year contracts with major automotive customers, and reducing unit costs year-over-year [6]. - Cleveland-Cliffs achieved a record safety year with the lowest Total Recordable Incident Rate of 0.8 per 200,000 hours worked [6]. Market Dynamics and Future Outlook - The trade environment in the U.S. is improving, which is expected to lead to better results in 2026 [6]. - The company anticipates steel shipment volumes of approximately 16.5 to 17.0 million net tons for 2026, with unit cost reductions of about $10 per net ton compared to 2025 [13]. - Capital expenditures are projected to be around $700 million, with selling, general, and administrative expenses estimated at $575 million [13].

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].

Australia has imposed a 10% tariff on steel ceiling frames from China, following an investigation by the nation’s Anti-Dumping Commission https://t.co/0Mr8FSxzpH ...

Market Overview - Indian markets are expected to open positively, with GIFT Nifty futures quoted at 25,928, up 192 points or 0.75% as of 8:15 AM [1] - Gains in Asian share indices, including Japan's Nikkei 225 which rose over 4%, may support Indian markets [2] Company Earnings - Sula Vineyards reported a net profit decline of 67.6% year-over-year to ₹9.10 crore in Q3FY26, with revenue down 9.87% to ₹180.4 crore [4] - State Bank of India achieved a net profit increase of 24.5% year-over-year to ₹21,028 crore in Q3FY26, marking its highest quarterly profit ever, with net interest income growing 9% to ₹45,190 crore [5] - Kalyan Jewellers saw a net profit increase of 90.3% year-over-year to ₹416.30 crore in Q3FY26, with revenue up 42.12% to ₹10,343.42 crore [5][6] Corporate Developments - Tata Chemicals approved an investment of ₹515 crore in a new greenfield manufacturing facility in Tamil Nadu to expand capacity [6] - Hindustan Zinc developed a stable zinc-ion battery pouch cell prototype for renewable energy storage in collaboration with JNCAC [7][8] - IRB Infrastructure reported a total toll revenue increase of 21.4% year-over-year to ₹335.3 crore in January [9] Regulatory and Strategic Moves - Bharti Airtel has sought a moratorium on adjusted gross revenue dues similar to the relief provided to Vodafone Idea [9] - Ireda's board approved a plan to raise ₹2,994 crore through a Qualified Institutions Placement [10][12] - BEML approved a proposal to invest ₹1,500 crore for a greenfield rail manufacturing plant in Madhya Pradesh [11]

Core Viewpoint - The Trump administration is pursuing an unprecedented strategy of taking equity stakes in U.S. companies, particularly in critical minerals and technology sectors, to reduce reliance on foreign sources, especially China and Taiwan [2][4]. Group 1: Government Investments - The Trump administration has invested in at least 10 companies, including USA Rare Earth and MP Materials, with a total portfolio that is unprecedented outside of economic crises or wartime [2]. - The administration's latest investment was in USA Rare Earth, announced at the end of January [2]. - The government is focusing on strategic industries to minimize dependence on foreign suppliers, particularly in semiconductors and critical minerals [4]. Group 2: Risks and Concerns - The approach of taking equity stakes poses risks for the companies involved, including potential political, legal, and business risks [8][9]. - Companies may face scrutiny and legal challenges if political power shifts, particularly if Democrats regain control of Congress [13]. - There are concerns about capital misallocation, as government investments may favor less competitive companies, leading to inefficient resource distribution [17]. Group 3: Political and Legal Implications - The Trump administration's strategy represents a significant ideological shift for the Republican Party, traditionally favoring free market principles [9]. - The legal basis for these investments is unclear, raising concerns about potential lawsuits and political scrutiny for the companies involved [12][13]. - The lack of clear regulations may lead to favoritism in government dealings, impacting competition and market entry for new firms [15]. Group 4: Corporate Reactions - Executives have largely remained silent on the administration's interventionist approach, with some expressing distaste for perceived favoritism [22][24]. - Companies like MP Materials have acknowledged the risks associated with government investments in their SEC filings, including potential audits and investigations [14][15]. - The number of government equity stakes is expected to grow, with discussions of potential investments in major defense companies like Lockheed Martin [23].

Core Viewpoint - The Trump administration has made significant equity investments in at least 10 companies, focusing on critical minerals, chipmakers, and potentially nuclear reactor companies, aiming to build a domestic supply chain and reduce reliance on China [1][2]. Group 1: Government Investments - The administration's investments include a governance stake in U.S. Steel, allowing the president to veto key business decisions without a direct economic interest [2][5]. - The government is acting as a strategic investor, aiming for both commercial returns and national purposes [4]. - The Commerce Secretary indicated potential future stakes in major defense suppliers like Lockheed Martin [3]. Group 2: Specific Company Investments - **MP Materials**: A critical minerals company with a market value over $10 billion, the Pentagon agreed to buy $400 million of preferred stock, potentially giving it a 15% stake [6][7]. - **Intel**: The Commerce Department acquired a 10% stake in Intel by purchasing 433.3 million shares at $20.47 each, funded by government grants [8][9]. - **Lithium Americas**: The Department of Energy took a 5% stake in Lithium Americas and its joint venture with GM, deferring $182 million of debt service on a $2.3 billion federal loan [10][11]. - **Trilogy Metals**: The government invested $35.6 million, becoming a 10% shareholder with warrants for an additional 7.5% [12][13]. - **USA Rare Earth**: The Commerce Department issued a letter of intent for a $1.3 billion loan, resulting in an 8% to 16% stake depending on warrant exercise [14][15]. - **Westinghouse**: The government signed a deal to finance $80 billion in nuclear plants, potentially becoming an 8% shareholder if the company's value exceeds $30 billion [16][17]. - **Vulcan Elements**: A $1.4 billion partnership to build a rare earth magnet supply chain includes a $50 million equity stake for Commerce [18][19]. - **XLight**: The Commerce Department issued a letter of intent for up to $150 million in federal incentives, resulting in a $150 million equity stake [20]. - **L3Harris**: A proposed partnership includes a $1 billion investment in its rocket motor business, converting to common equity upon an IPO in 2026 [21][22].

Core Viewpoint - Investor Ross Gerber suggests that Tesla Inc. may become a division of a larger entity referred to as "X" in the future, following the acquisition of the United States Steel Corporation, which previously used the 'X' ticker symbol [1][2]. Group 1: Tesla and SpaceX Merger Speculation - Gerber indicates that Tesla and SpaceX could potentially merge in a "1-1 share deal" due to their similar valuations, with Tesla valued at approximately $1.5 trillion and SpaceX-xAI at around $1.25 trillion [3][4]. - The merger is described as a significant opportunity, with Gerber stating that "the stars/planets have aligned" for such a consolidation [3][4]. Group 2: Investor Sentiment - Investor Gary Black expresses skepticism regarding the merger's benefits for Tesla shareholders, particularly concerning potential stock dilution [5]. - Conversely, investor Anthony Pompliano has shown bullish sentiment towards Tesla, recently purchasing over $1 million in shares, citing advancements in robotics, AI, and self-driving technology as key factors in his investment decision [6].

Core Insights - ArcelorMittal S.A. reported a fourth-quarter 2025 net income of $177 million, or 23 cents per share, a significant improvement from a loss of $390 million, or 51 cents per share, in the same quarter last year [2] - Adjusted earnings were 86 cents per share, exceeding the Zacks Consensus Estimate of 56 cents [2] - Total sales increased by approximately 2% year over year to $14,971 million, although this figure fell short of the consensus estimate of $15,760.7 million [2] Financial Performance - Total steel shipments decreased by 4% year over year to 13 million metric tons, missing the consensus estimate of 14.5 million metric tons [3] - In North America, sales rose by 16% year over year to $3,045 million, while crude steel production fell by 4.2% to 1,804 million metric tons [4] - Brazil saw a slight sales increase of 0.4% year over year to $2,901 million, with crude steel production rising by 3.1% to 3,636 million metric tons [5] - European sales declined by around 6% year over year to $6,736 million, with crude steel production down nearly 17% to 6,398 million metric tons [6] - Mining segment sales surged by 29% year over year to $908 million, with iron ore production totaling 10.1 million metric tons, up approximately 13.5% [7] Cash and Debt Position - At the end of the reported quarter, cash and cash equivalents stood at $5,476 million, down from $5,733 million in the previous quarter, with net debt around $7.9 billion [8] Future Outlook - The company anticipates global steel demand, excluding China, to improve in 2026, with apparent steel consumption projected to grow around 2% year over year [9] - ArcelorMittal plans to invest $4.5 to $5.0 billion in capital expenditures during 2026 to enhance capacity and efficiency, targeting medium- and long-term structural demand drivers [11] Stock Performance - ArcelorMittal's shares have increased by 105.6% over the past year, contrasting with a 58.7% decline in the industry [14]