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

  • Increased by 4.9% from 3.84 million net tons in Q3 2024.

  • Revenues: $4.7 billion

  • Decreased by 1.2% from $4.9 billion in Q2 2025.

  • GAAP Net Loss: $234 million

  • This was an improvement compared to a GAAP net loss of $473 million in Q2 2025.

  • Adjusted Net Loss: $223 million, or $0.45 per diluted share

  • The adjusted net loss improved from $250 million, or $0.51 per diluted share in Q2 2025.

  • Adjusted EBITDA: $143 million

  • Increased from $94 million in Q2 2025.

  • Liquidity: $3.1 billion as of September 30, 2025

Comparison with Previous Quarters

  • Revenues:
  • Q3 2025: $4.7 billion

  • Q3 2024: $4.569 billion (increased by 2.8% YoY)

  • GAAP Net Loss:

  • Q3 2025: $234 million

  • Q3 2024: $232 million (increase of 0.9% in net loss YoY)

  • Steel Shipments:

  • Q3 2025: 4.0 million net tons

  • Q3 2024: 3.84 million net tons (up by 4.9%)

  • Average Selling Price per Net Ton:

  • $1,032 in Q3 2025 compared to $1,045 in Q3 2024 (down by 1.2%).

  • Gross Margin:

  • Q3 2025: -$56 million compared to -$116 million in Q3 2024 (improvement).

Steelmaking Segment Results

  • External Sales Volumes:

  • 4,029 thousand net tons in Q3 2025 vs. 3,840 thousand net tons in Q3 2024.

  • Revenues:

  • Steelmaking revenues reached $4.56 billion in Q3 2025 compared to $4.419 billion in Q3 2024 (up by 3.1% YoY).

  • Cash Costs of Goods Sold:

  • Increased slightly from $4,309 million in Q3 2024 to $4,356 million in Q3 2025.

  • Cash Margin:

  • Improved cash margin at $205 million compared to $110 million in Q3 2024.

Business Updates

  • 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.

  • 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

  • Capital Expenditures: Expected to be approximately $525 million, down from previous guidance of $600 million.

  • Selling, General and Administrative Expenses: Projected at approximately $550 million, revised from $575 million.

  • Steel Unit Cost Reductions: Maintaining a reduction of approximately $50 per net ton compared to 2024.

  • Depreciation, Depletion, and Amortization: Maintained at approximately $1.2 billion.

  • Cash Pension and Other Post-Employment Benefits Payments: Maintained at approximately $150 million.

Shareholder Information

  • Quarterly Dividend Declared: No quarterly dividend was mentioned in the report.

  • 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

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