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CLF

Cleveland-Cliffs Inc.

CLF

Cleveland-Cliffs Inc. • NYSE
$13.04 ▲ 3.16% (+0.40)
Market Cap $6.47 B
52w High $16.70
52w Low $5.63
Dividend Yield 0%
P/E -3.84
Volume 7.53M
Outstanding Shares 496.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.734B ▼ $130M ▼ $-251M ▲ -5.302% ▲ $-0.51 ▲ $132M ▲
Q2-2025 $4.934B ▲ $289M ▲ $-483M ▲ -9.789% ▲ $-0.97 ▲ $-76M ▲
Q1-2025 $4.629B ▲ $147M ▼ $-495M ▼ -10.693% ▼ $-1 ▼ $-208M ▼
Q4-2024 $4.325B ▼ $192M ▲ $-447M ▼ -10.335% ▼ $-0.92 ▼ $-177M ▼
Q3-2024 $4.569B $155M $-242M -5.297% $-0.52 $31M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $66M ▲ $20.29B ▼ $14.583B ▲ $5.466B ▼
Q2-2025 $61M ▲ $20.471B ▼ $14.429B ▲ $5.819B ▼
Q1-2025 $57M ▲ $20.836B ▼ $14.352B ▲ $6.254B ▼
Q4-2024 $54M ▲ $20.947B ▲ $14.05B ▲ $6.664B ▼
Q3-2024 $39M $16.796B $9.701B $6.854B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-248M ▲ $-143M ▼ $-138M ▼ $286M ▲ $5M ▲ $-300M ▼
Q2-2025 $-483M ▲ $45M ▲ $-111M ▲ $68M ▼ $4M ▲ $-67M ▲
Q1-2025 $-495M ▼ $-351M ▲ $-145M ▲ $499M ▼ $3M ▼ $-503M ▲
Q4-2024 $-447M ▼ $-472M ▼ $-2.735B ▼ $3.229B ▲ $15M ▲ $-677M ▼
Q3-2024 $-242M $-84M $-146M $159M $-71M $-235M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Other Businesses
Other Businesses
 $0 ▲$160.00M ▲$160.00M ▲$170.00M ▲
Steelmaking
Steelmaking
 $15.61Bn ▲$4.47Bn ▼$4.77Bn ▲$4.56Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown sharply over the last few years as the company integrated acquisitions and expanded in flat‑rolled steel, especially for autos. However, profits have been very volatile. After strong profitability in 2021 and 2022, margins compressed significantly and the most recent year slipped back into a loss at the operating and net income level. This shows how sensitive the business is to steel prices, input costs, and contract resets. Overall, Cleveland-Cliffs is now a much larger company than it was a few years ago, but earnings quality has weakened recently, with very thin or negative margins indicating a tough part of the steel cycle.

Balance Sheet

Balance Sheet The company has built a sizeable asset base, reflecting its mines, mills, and downstream operations. Equity has grown compared with a few years ago, but dipped in the latest period, which is consistent with the return to losses. Debt jumped noticeably most recently, while cash on hand is quite low, leaving the firm more leveraged and with a thinner cash cushion than before. The balance sheet supports an integrated steel platform, but it is now carrying more financial risk and relies heavily on continued cash generation to stay comfortable.

Cash Flow

Cash Flow For several years, the business produced solid cash from operations and positive free cash flow after capital spending. In the latest year, cash generation fell sharply and free cash flow turned negative, even though investment spending stayed fairly steady. That means the company did not fully cover its capital needs from internal cash and likely leaned more on borrowing or other sources. Overall, cash flows mirror earnings volatility: strong in good years, pressured when pricing and volumes soften, with limited room for error given low cash balances.

Competitive Edge

Competitive Edge Cleveland-Cliffs holds a strong position as a fully integrated, primarily North American steel producer. Controlling iron ore mines, pellet plants, direct reduction, steel mills, and downstream finishing gives it cost and supply advantages versus less integrated rivals. Its scale and product mix make it a key supplier to the automotive industry, where technical requirements and long-term relationships create some stickiness. Recent acquisitions have concentrated and strengthened its domestic footprint. The flip side is significant exposure to cyclical end markets, especially autos and manufacturing, as well as continued competition from imported steel and alternative materials like aluminum and composites.

Innovation and R&D

Innovation and R&D The company is actively pushing higher-value and more specialized steels rather than relying on basic commodity products. Its dedicated research center supports advanced offerings such as electrical steels for electric motors, high-strength steels for lighter and safer vehicles, and heat‑resistant stainless grades for demanding auto applications. These products deepen ties with automakers and position the firm for trends like electrification and lightweighting. Cleveland-Cliffs is also working on lower‑emission steelmaking through direct reduction and natural gas, with longer‑term ambitions around hydrogen. The opportunity is meaningful, but it depends on continued investment, evolving regulations, customer adoption, and the pace of decarbonization technologies.

Summary

Cleveland-Cliffs has transformed itself into a major, vertically integrated steel player with a strong presence in automotive and other flat‑rolled markets. Scale and control of raw materials are clear strategic strengths, and its focus on advanced, specialized steels offers potential for more stable and higher‑value business over time. However, recent financial results highlight the ongoing realities of the steel industry: earnings and cash flow remain highly cyclical, margins have come under pressure, and leverage has risen as profitability has softened. The company’s future performance will hinge on how well it can navigate steel cycles, manage its higher debt load, deepen its role in electric vehicles and electrical steels, and execute on its decarbonization and innovation plans without overextending its balance sheet.

NEWS

November 12, 2025 · 7:00 AM UTC

Cleveland-Cliffs Appoints Edilson Camara to the Board of Directors

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October 30, 2025 · 7:52 AM UTC

Cleveland-Cliffs Announces POSCO as MoU Counterparty as Korea Trade Agreement Takes Effect

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October 30, 2025 · 6:54 AM UTC

Cleveland-Cliffs Inc. Prices Public Offering of 75,000,000 Common Shares

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October 29, 2025 · 4:26 PM UTC

Cleveland-Cliffs Inc. Announces Proposed Offering of 75,000,000 Common Shares

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October 29, 2025 · 7:00 AM UTC

Cleveland-Cliffs Announces Breakthrough Replacement of Aluminum with Steel in Automotive Stamping Equipment

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