Cliffs(US:CLF)2025-10-20 12:30Financial Performance - Cleveland-Cliffs reported revenues of $4.7 billion[7] and Adjusted EBITDA of $143 million[7] for the third quarter of 2025[6] - The company's liquidity stood at $3.1 billion as of September 30, 2025[7, 48] - Capital expenditure guidance for 2025 was updated to approximately $525 million[50, 55] - The company has achieved a $3.9 billion reduction in pension/OPEB net liabilities since the AM USA acquisition[52] Strategic Initiatives - A Memorandum of Understanding (MOU) was signed with a major global steel producer on September 17, 2025, expected to be highly accretive to shareholders[9] - Multi-year fixed price contracts were agreed upon with certain automotive customers[20] - The company was awarded a Department of War contract worth up to $400 million for electrical steel[25, 28] Market Dynamics - Automotive steel shipments increased by 10% from the prior quarter[14] - Tariffs on steel imports from various countries, including Canada, Brazil, and Mexico, were increased to 50%[33] - Total U S Light Vehicle Imports are down ~16% YTD[40] Cost Management - Lower Selling, General and Administrative (SG&A) expenses and capital expenditure outlook[7] - The company anticipates a ~$50 per net ton decrease in unit cost of steel for 2025[55] Contractual Obligations - The onerous third-party steel slab contract, representing approximately 1.5 million net tons annually, is set to expire on December 9, 2025[44, 46]