Cleveland-Cliffs Posts Q4 2025 Results, Eyes Higher 2026 Steel Shipments

SEATTLE (Scrap Monster): Cleveland-Cliffs Inc. (NYSE: CLF) reported fourth-quarter and full-year results for the period ended December 31, 2025, highlighting improved operational trends heading into 2026 despite continued losses.

Fourth-quarter 2025 consolidated revenues totaled $4.3 billion, flat year-over-year. Steel shipments reached 3.8 million net tons. The company posted a GAAP net loss of $235 million, or $0.44 per diluted share, narrowing from a $434 million loss a year earlier. Adjusted EBITDA loss improved to $21 million from $81 million in the prior-year quarter. Liquidity stood at $3.3 billion.

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For full-year 2025, revenues were $18.6 billion compared to $19.2 billion in 2024. The company recorded a GAAP net loss of $1.4 billion, while Adjusted EBITDA declined to $37 million from $773 million in 2024. Full-year steel shipments totaled 16.2 million net tons.

CEO Lourenco Goncalves cited weak automotive production, an expiring slab contract, and Canadian market pressures for 2025 performance but expects stronger results in 2026. The company forecasts 2026 steel shipments of 16.5–17.0 million net tons, $10 per ton unit cost reductions, and capital expenditures of approximately $700 million.