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Cleveland-Cliffs
Cleveland-Cliffs (CLF) investor relations material
Cleveland-Cliffs Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary9 Feb, 2026
Executive summary
2025 was marked by restructuring, asset shutdowns, contract terminations, and workforce reductions to address market challenges and improve profitability, with revenues reaching $18.6 billion and steel shipments totaling 16.2 million net tons.
The company secured multi-year fixed-price contracts with major automotive OEMs, increasing market share and positioning for growth as U.S. vehicle production recovers.
Acquisition of Stelco and strategic moves in Canada improved market dynamics, with Canadian pricing and shipments rebounding after government intervention.
Strategic partnership negotiations with POSCO are ongoing, aiming to enhance U.S. market access, compliance with trade requirements, and attract foreign investment.
Safety performance reached record levels, with a Total Recordable Incident Rate of 0.8 and a 43% improvement since 2021.
Financial highlights
Q4 2025 shipments were 3.8 million net tons, with full-year shipments at 16.2 million net tons; Q1 2026 shipments expected to rebound to 4 million net tons.
Full-year 2025 revenues were $18.6 billion, with Q4 revenues at $4.3 billion; full-year adjusted EBITDA was $37 million, and net loss was $1.43 billion.
Q4 2025 price realization was $993/ton, with full-year average net selling price at $1,005/ton; Q1 2026 expected to rise by $60/ton.
Steel unit costs reduced by ~$150 per ton over three years, with further reductions of about $10/ton anticipated in 2026.
Liquidity at year-end 2025 was $3.3 billion.
Outlook and guidance
2026 is expected to see higher utilization, improved price realization, declining unit costs, and strong cash generation, with shipment guidance of 16.5–17 million net tons.
Automotive volumes are set to increase as OEMs reshore production, with incremental margins from existing capacity.
Capital expenditures projected at $700 million for 2026, with SG&A expenses of $575 million and D&A of $1.1 billion.
Asset sales are expected to generate $425 million in proceeds, with potential for more if larger assets are sold post-POSCO negotiations.
Management expects improved results in 2026 due to a better trade environment and resolved 2025 headwinds.
Elaborate on POSCO partnership structure
Slab contract expiration impact on 2026 costs?
What specific trade policies are constructive?
Timing of $500M slab contract EBITDA benefit
EBITDA potential from current unused capacity
What makes POSCO deal accretive to Cliffs?
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Next Cleveland-Cliffs earnings date
Q1 20267 May, 2026
Cleveland-Cliffs
Next Cleveland-Cliffs earnings date
Q1 20267 May, 2026
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Frequently asked questions
Cleveland-Cliffs Inc. produces iron ore pellets, lump and fines iron ore, and metallurgical coal products. It sells its products to integrated steel companies and steel producers in the United States, Canada, and Mexico, as well as Asia. The company was formerly known as Cliffs Natural Resources Inc. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.
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