Cleveland-Cliffs Reports Third-Quarter 2025 Results
Cleveland-Cliffs Inc. recently released its third-quarter results for the period ending September 30, 2025. The company, a leading North America-based steel producer, focuses on value-added sheet products, particularly for the automotive industry. The report highlights key financial metrics, business performance indicators, and strategic initiatives that provide insights into the company's current position and future outlook.
Financial Highlights
For the third quarter of 2025, Cleveland-Cliffs reported:
- Revenues of $4.7 billion, a slight decrease from $4.9 billion in the second quarter of 2025.
- A GAAP net loss of $234 million and an adjusted net loss of $223 million, or $0.45 per diluted share.
- Adjusted EBITDA of $143 million, an improvement from $94 million in the second quarter of 2025.
- Total liquidity of $3.1 billion as of September 30, 2025.
Business and Operational Highlights
The company shipped 4.0 million net tons of steel products during the third quarter. The sales mix included:
- 37% hot-rolled
- 29% coated
- 15% cold-rolled
- 6% plate
- 4% stainless and electrical
- 9% other, including slabs and other steel products
Steelmaking revenues of $4.6 billion were distributed across various markets, with 30% to the automotive market, 29% to infrastructure and manufacturing, 28% to distributors and converters, and 13% to steel producers.
Strategic Initiatives and Corporate Developments
CEO Lourenco Goncalves highlighted the impact of the new trade environment enforced by the Trump Administration, which has led to new and growing supply arrangements with major automotive OEMs. The company also entered into a Memorandum of Understanding with a major global steel producer, aiming to leverage Cleveland-Cliffs' U.S. footprint and trade-compliant operations. Additionally, the company is exploring the potential of rare earth mineralization at its mining assets in Michigan and Minnesota.
Management's Perspective
Goncalves emphasized the demand recovery for automotive-grade steel made in the USA and the company's strategic positioning in the U.S. steel market. He also noted the company's focus on cost execution and the expected acceleration of positive trends into 2026 with the end of the slab supply contract to ArcelorMittal.
Future Outlook
The company updated its full-year 2025 guidance, including:
- Capital expenditures of approximately $525 million, down from the previous expectation of $600 million.
- Selling, general, and administrative expenses of approximately $550 million, down from $575 million.
- Steel unit cost reductions maintained at approximately $50 per net ton compared to 2024.
- Depreciation, depletion, and amortization maintained at approximately $1.2 billion.
- Cash Pension and OPEB payments and contributions maintained at approximately $150 million.
Original SEC Filing: CLEVELAND-CLIFFS INC. [ CLF ] - 8-K - Oct. 20, 2025