Shares of steelmaker and miner Cleveland-Cliffs (NYSE: CLF) plunged as much as 25% today after a disappointing fourth-quarter report. The news wasn't all bad, however. Shipments are expected to grow this year for Cliffs and other steel companies. Today's news came after the stock had soared 50% over the past six months. Cliffs shares recovered from the early plunge, but were still 19.9% lower as of 11:35 a.m. ET. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 ...

Financial Data and Key Metrics Changes - Total shipments in Q4 were 3.8 million tons, slightly lower than Q3 due to seasonal impacts, with expectations for Q1 to improve back to 4 million tons [17] - Q4 price realization was $993 per net ton, down by around $40 per net ton, but a substantial improvement in realized prices is expected starting in Q1 2026, with an anticipated increase of approximately $60 per ton [18] - 2025 marked the third consecutive year of unit cost reductions, with a reduction of $40 per ton, and expectations for another $10 per ton decrease in 2026 [19] Business Line Data and Key Metrics Changes - The company has secured more business from automotive clients, which is expected to show throughout 2026 as OEMs reshore production back to the U.S. [4] - The cancellation of the slab contract with ArcelorMittal is projected to yield an EBITDA improvement of around $500 million by replacing lower-margin slabs with higher-margin products [28][29] - The company anticipates continued demand for domestically produced slabs due to melted and poured requirements [5] Market Data and Key Metrics Changes - The Canadian government has moved to restrict imported steel, creating positive momentum for the company's Canadian subsidiary, Stelco [4] - The spot steel price is currently at a two-year high, benefiting the company due to its cost structure and ability to generate its own power [6] - Vehicle production in the U.S. was down for three consecutive years, but a return to pre-COVID levels is expected due to policy-driven reshoring [7] Company Strategy and Development Direction - The company is focused on sustainable performance in an improved market, operating with a leaner footprint and a stronger order book [24] - The partnership with POSCO is a strategic priority, aimed at enhancing industrial cooperation and meeting U.S. trade requirements [14][52] - The company is positioned to benefit from the transition from aluminum to steel in automotive applications, leveraging existing technology and production capabilities [10][54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving business environment, with solid order books, rising prices, and declining costs [23] - The company is confident in its ability to absorb increased automotive demand with existing production capacity, avoiding the need for new plant construction [8] - Management highlighted the importance of the recent changes in the Canadian steel market and the positive impact on pricing and shipments [12][63] Other Important Information - The company achieved the lowest total recordable incident rate since becoming a steel producer, with a 43% improvement compared to 2021 [15] - Capital expenditures in 2025 were at a record low of $561 million, with projections for 2026 to be around $700 million [20] - Total liquidity at the end of 2025 was $3.3 billion, with a focus on generating EBITDA and cash flow [22] Q&A Session Summary Question: What benefit is expected from the cancellation of the slab contract? - The cancellation is projected to yield an EBITDA improvement of around $500 million by replacing lower-margin slabs with higher-margin products [28][29] Question: When should the improvement in EBITDA be expected? - The company is already selling the material in Q1, with more impact expected in Q2 and Q3 as cost flows through inventory [32] Question: How much open capacity is available for contracting? - The company has downstream capacity in every location, with significant potential to deploy more specialized steel products [40][41] Question: What is the outlook for Q1 regarding ASP and costs? - Shipments are expected to return to 4 million tons, with ASP projected to increase by $60 per ton in Q1, while costs may rise temporarily before normalizing [44][46] Question: How has Stelco performed and what is the outlook? - Stelco was disappointing in 2025 but is expected to contribute significantly in 2026 as market dynamics improve [60][62] Question: What is the status of asset sales? - The company is under contract to sell several idled properties, with total proceeds expected to reach $425 million, while larger asset sales are on hold pending POSCO negotiations [70][72]

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. is set to report quarterly earnings on February 9, 2026, with an anticipated EPS of -$0.62 and revenue of approximately $4.59 billion [1] - The expected quarterly loss of $0.62 per share represents an 8.8% improvement from the same period last year, with projected revenue of $4.62 billion marking a 6.8% year-over-year increase [2][6] - Analysts have revised the consensus EPS estimate for Cleveland-Cliffs downwards by 17.4% over the past 30 days, indicating a reevaluation of the company's financial outlook [3][6] Financial Metrics - The company has a negative P/E ratio of -4.07, indicating negative earnings, while its price-to-sales ratio is 0.42, suggesting the stock is valued at less than half of its sales per share [4] - The enterprise value to sales ratio is 0.85, reflecting its valuation relative to sales [4] - Cleveland-Cliffs has a current ratio of 2.04, indicating good short-term financial health, but a debt-to-equity ratio of 1.47 suggests a relatively high level of debt [5]

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]

ArcelorMittal (NYSE:MT) Q4 2025 Earnings call February 05, 2026 09:30 AM ET Company ParticipantsAditya Mittal - CEOCole Hathorn - SVP of Equity ResearchDaniel Fairclough - Head of Investor RelationsEphrem Ravi - Managing DirectorGenuino M. Christino - CFOMatt Greene - Head of European Metals and Mining Equity ResearchReinhardt Van Der Walt - SVP of Equity ResearchTimna Tanners - Managing Director of Equity ResearchTristan Gresser - Head of Steel Equity ResearchConference Call ParticipantsAlain Gabriel - Met ...

ArcelorMittal (NYSE:MT) Q4 2025 Earnings call February 05, 2026 09:30 AM ET Company ParticipantsAditya Mittal - CEOCole Hathorn - SVP of Equity ResearchDaniel Fairclough - Head of Investor RelationsEphrem Ravi - Managing DirectorGenuino M. Christino - CFOMatt Greene - Head of European Metals and Mining Equity ResearchReinhardt Van Der Walt - SVP of Equity ResearchTimna Tanners - Managing Director of Equity ResearchTristan Gresser - Head of Steel Equity ResearchConference Call ParticipantsAlain Gabriel - Met ...

4Q 2025 and FY 2025 Financial Results February 5, 2026 1. LTIFR = Lost time injury frequency rate defined as Lost Time Injuries (LTI) per 1,000,000 worked hours (own personnel and contractors) and includes fatalities; A LTI is an incident that causes an injury that prevents the person from returning to his/her next scheduled shift or work period Year 1 (2025) – Laying the foundations for change Year 2 – Shifting into the implementation and scale phase Roadmaps have been established at the Corporate and site ...

Group 1 - The steel maker is implementing measures to protect domestic production, which could enhance its market share in the continent [1] - The company aims to reverse the decline in earnings experienced last year [1]

Tariffs are inflationary. Did you say that at that time. Yes or no. No.Okay. Thank you. Okay.We have a New York Times article that, you know, a great New York Times. Then last summer, when you testified before a Senate committee, you said, and I quote, There is no inflation. Terrorists are not being passed on to consumers.You are quite you were quite definitive and even claim that critics had, quote, tariff derangement syndrome. Well, those comments are at odds with the statement you made to investors that ...