Cleveland-Cliffs Inc. (CLF) Financial Results Summary
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Cleveland-Cliffs Inc. (CLF) Q3 2025 Financial Results Summary
Cleveland-Cliffs Inc. (NYSE: CLF) reported its third-quarter results for the period ending September 30, 2025, on October 20, 2025.
Third-Quarter Consolidated Results
- Steel Shipments: 4.0 million net tons
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Increased by 4.9% from 3.84 million net tons in Q3 2024.
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Revenues: $4.7 billion
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Decreased by 1.2% from $4.9 billion in Q2 2025.
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GAAP Net Loss: $234 million
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This was an improvement compared to a GAAP net loss of $473 million in Q2 2025.
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Adjusted Net Loss: $223 million, or $0.45 per diluted share
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The adjusted net loss improved from $250 million, or $0.51 per diluted share in Q2 2025.
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Adjusted EBITDA: $143 million
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Increased from $94 million in Q2 2025.
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Liquidity: $3.1 billion as of September 30, 2025
Comparison with Previous Quarters
- Revenues:
- Q3 2025: $4.7 billion
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Q3 2024: $4.569 billion (increased by 2.8% YoY)
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GAAP Net Loss:
- Q3 2025: $234 million
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Q3 2024: $232 million (increase of 0.9% in net loss YoY)
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Steel Shipments:
- Q3 2025: 4.0 million net tons
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Q3 2024: 3.84 million net tons (up by 4.9%)
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Average Selling Price per Net Ton:
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$1,032 in Q3 2025 compared to $1,045 in Q3 2024 (down by 1.2%).
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Gross Margin:
- Q3 2025: -$56 million compared to -$116 million in Q3 2024 (improvement).
Steelmaking Segment Results
- External Sales Volumes:
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4,029 thousand net tons in Q3 2025 vs. 3,840 thousand net tons in Q3 2024.
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Revenues:
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Steelmaking revenues reached $4.56 billion in Q3 2025 compared to $4.419 billion in Q3 2024 (up by 3.1% YoY).
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Cash Costs of Goods Sold:
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Increased slightly from $4,309 million in Q3 2024 to $4,356 million in Q3 2025.
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Cash Margin:
- Improved cash margin at $205 million compared to $110 million in Q3 2024.
Business Updates
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The company expressed that the results indicated a demand recovery for its automotive-grade steel due to new trade policies. They secured multi-year supply contracts with major automotive OEMs.
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Cleveland-Cliffs is focused on increasing its market presence and exploring rare earth elements, as geological surveys indicated potential mineralization in Michigan and Minnesota.
Financial Guidance for Full-Year 2025
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Capital Expenditures: Expected to be approximately $525 million, down from previous guidance of $600 million.
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Selling, General and Administrative Expenses: Projected at approximately $550 million, revised from $575 million.
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Steel Unit Cost Reductions: Maintaining a reduction of approximately $50 per net ton compared to 2024.
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Depreciation, Depletion, and Amortization: Maintained at approximately $1.2 billion.
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Cash Pension and Other Post-Employment Benefits Payments: Maintained at approximately $150 million.
Shareholder Information
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Quarterly Dividend Declared: No quarterly dividend was mentioned in the report.
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Share Repurchase Program: The company did not indicate any share repurchases in this quarter and noted a previous repurchase of common shares during the year.
Conclusion
Cleveland-Cliffs Inc. indicated improvements in the steel market dynamics and its operational metrics in Q3 2025, reflected through better liquidity and strategic agreements with automotive producers. The company continues to enhance its efficiencies and pursue opportunities in rare earth materials.
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | June 30, 2025 | |
|---|---|---|---|---|---|
| Revenues | $4,734 | $4,569 | $14,297 | $14,860 | $4,934 |
| Operating costs: | |||||
| Cost of goods sold | -4,780 | -4,675 | -14,951 | -14,524 | -5,146 |
| Selling, general and administrative expenses | -130 | -112 | -399 | -347 | -137 |
| Acquisition-related costs | — | -14 | -1 | -14 | — |
| Restructuring and other charges | -3 | -2 | -92 | -131 | -86 |
| Asset impairment | — | — | -39 | -79 | -39 |
| Miscellaneous – net | -25 | -27 | -63 | -63 | -27 |
| Total operating costs | -4,938 | -4,830 | -15,545 | -15,158 | -5,435 |
| Operating loss | -204 | -261 | -1,248 | -298 | -501 |
| Other income (expense): | |||||
| Interest expense, net | -153 | -102 | -442 | -235 | -149 |
| Loss on extinguishment of debt | — | — | — | -27 | — |
| Net periodic benefit credits other than service cost component | 57 | 62 | 157 | 184 | 43 |
| Changes in fair value of derivatives, net | -10 | -7 | -34 | -7 | — |
| Other non-operating income (expense) | 1 | — | 2 | 3 | -14 |
| Total other expense | -105 | -47 | -317 | -82 | -120 |
| Loss from continuing operations before income taxes | -309 | -308 | -1,565 | -380 | -621 |
| Income tax benefit | 78 | 76 | 375 | 100 | 148 |
| Loss from continuing operations | -231 | -232 | -1,190 | -280 | -473 |
| Loss from discontinued operations, net of tax | -3 | — | -3 | — | — |
| Net loss | -234 | -232 | -1,193 | -280 | -473 |
| Net income attributable to noncontrolling interests | -17 | -12 | -42 | -33 | -13 |
| Net loss attributable to Cliffs shareholders | $-251 | $-244 | $-1,235 | $-313 | $-486 |
| Loss per common share attributable to Cliffs shareholders – basic | $-0.51 | $-0.52 | $-2.49 | $-0.66 | $-0.98 |
| Discontinued operations | — | — | — | — | — |
| Loss per common share attributable to Cliffs shareholders – diluted | $-0.51 | $-0.52 | $-2.49 | $-0.66 | $-0.98 |
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $66 | $54 |
| Accounts receivable, net | 1,797 | 1,576 |
| Inventories | 4,683 | 5,094 |
| Other current assets | 143 | 183 |
| Total current assets | 6,689 | 6,907 |
| Non-current assets: | ||
| Property, plant and equipment, net | 9,508 | 9,942 |
| Goodwill | 1,796 | 1,768 |
| Intangible assets | 1,142 | 1,170 |
| Pension and OPEB assets | 469 | 427 |
| Other non-current assets | 686 | 733 |
| TOTAL ASSETS | $20,290 | $20,947 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $1,914 | $2,008 |
| Accrued employment costs | 565 | 486 |
| Accrued expenses | 339 | 375 |
| Other current liabilities | 462 | 492 |
| Total current liabilities | 3,280 | 3,361 |
| Non-current liabilities: | ||
| Long-term debt | 8,039 | 7,065 |
| Pension and OPEB liabilities | 645 | 751 |
| Deferred income taxes | 506 | 849 |
| Asset retirement and environmental obligations | 614 | 601 |
| Other non-current liabilities | 1,499 | 1,453 |
| TOTAL LIABILITIES | 14,583 | 14,080 |
| TOTAL EQUITY | 5,707 | 6,867 |
| TOTAL LIABILITIES AND EQUITY | $20,290 | $20,947 |