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Cleveland-Cliffs Inc.

Cleveland-Cliffs Inc.

NYSE•CLF
CEO: Mr. C. Lourenco Goncalves
Sector: Basic Materials
Industry: Steel
Listing Date: 1987-11-05
Cleveland-Cliffs Inc. operates as a flat-rolled steel producer in North America. The company offers hot-rolled, cold-rolled, electrogalvanized, hot-dip galvanized, hot-dip galvannealed, aluminized, galvalume, enameling, and advanced high-strength steel products; austenitic, martensitic, duplex, precipitation hardening, and ferritic stainless steel products; plates; and grain oriented and non-oriented electrical steel products, as well as slab, scrap, iron ore, coal, and coke. It also provides tubular components, including carbon steel, stainless steel, and electric resistance welded tubing. In addition, the company offers tinplate products, such as electrolytic tin coated and chrome coated sheet, and tin mill products; tooling and sampling; ingots, rolled blooms, and cast blooms; and hot-briquetted iron products. Further, it owns five iron ore mines in Minnesota and Michigan. The company serves automotive, infrastructure and manufacturing, distributors and converters, and steel producers. The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.
Contact Information
200 Public Square, Suite 3300, Cleveland, OH, 44114-2315, United States
216-694-5700
www.clevelandcliffs.com
Market Cap
$5.18B
P/E (TTM)
-3.1
22.4
Dividend Yield
--
52W High
$16.70
52W Low
$5.63
52W Range
43%
3.1
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.1 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$4.73B+3.61%
4-Quarter Trend

EPS

-$0.51-1.92%
4-Quarter Trend

FCF

-$300.00M+27.66%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Q3 Revenue Rises Q3 Revenues reached $4,734M, marking a 3% increase compared to prior period, aided by Stelco integration.
Adjusted EBITDA Gains Q3 Adjusted EBITDA totaled $143M, showing a $21M improvement over the prior year period results.
Strong HRC Pricing Domestic HRC pricing averaged $843 per net ton for Q3 2025, representing a 24% increase versus Q3 2024.
Debt Management Actions Redeemed $685M in 2027 Senior Notes in October 2025 using proceeds from new 7.625% 2034 Senior Notes issuance.

Risk Factors

YTD Profitability Deterioration YTD Net Loss widened to $(1,193)M, reflecting $(913)M deterioration versus prior nine months results.
Operating Cash Flow Negative Operating cash flow turned negative at $(449)M used for nine months, compared to $577M provided last year.
Facility Idling Charges Facility idling resulted in $39M Asset Impairment YTD 2025, streamlining footprint despite short-term charges.
Commodity Price Volatility Exposure remains high to volatile steel, scrap metal, and iron ore market prices impacting future margins.

Outlook

Exploring Non-Core Asset Sales Launched sell-side processes for non-core assets, expecting net proceeds from potential transactions to pay down debt.
Potential Accretive Transaction Signed MOU for potential highly accretive transaction leveraging unmatched U.S. footprint and trade-compliant operations.
New GHG Reduction Targets Committed to new GHG goals, targeting 30% Scope 1 and 2 intensity reduction by 2035 relative to 2023 levels.
Capital Spending Forecast Anticipate approximately $700M in capital expenditures over the next 12 months, primarily focused on sustaining spend.

Peer Comparison

Revenue (TTM)

Cleveland-Cliffs Inc.CLF
$18.62B
-6.8%
Ternium S.A.TX
$15.71B
-16.1%
Gerdau S.A.GGB
$12.03B
+7.0%

Gross Margin (Latest Quarter)

Osisko Gold Royalties LtdOR
96.7%
+17.1 pp
B2Gold Corp.BTG
50.8%
+7.5 pp
Hudbay Minerals Inc.HBM
32.9%
+14.7 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
NEU$7.30B16.328.5%26.7%
GGB$7.22B11.75.8%22.5%
TX$7.12B12.05.0%10.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+3.1%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Oct 22, 2025|
    Revenue: $4.73B+3.6%
    |
    EPS: $-0.51-1.9%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 23, 2025|
    Revenue: $4.93B-3.1%
    |
    EPS: $-0.97-23195.2%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $4.63B-11.0%
    |
    EPS: $-1.00+614.3%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 25, 2025|
    Revenue: $19.19B-12.8%
    |
    EPS: $-1.57-301.3%
    Miss

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 5, 2024|
    Revenue: $4.57B-18.5%
    |
    EPS: $-0.52-200.0%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Jul 24, 2024|
    Revenue: $5.09B-14.9%
    |
    EPS: $0.00-99.4%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: Apr 25, 2024|
    Revenue: $5.20B-1.8%
    |
    EPS: $-0.14+27.3%
    Miss

  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 8, 2024|
    Revenue: $22.00B-4.3%
    |
    EPS: $0.78-69.7%
    Miss