Global Finance News
09 Feb 2026, 16:40
Cleveland-Cliffs Inc. reported fourth-quarter and full-year 2025 results marked by continued losses but signs of operational improvement heading into 2026.
In the fourth quarter, Cleveland-Cliffs posted revenues of $4.3 billion, flat year over year, and steel shipments of 3.8 million net tons. The company reported a GAAP net loss of $235 million, or $0.44 per share, narrower than the $434 million loss a year earlier. Adjusted EBITDA improved to a loss of $21 million from a loss of $81 million in the prior-year quarter. Liquidity stood at $3.3 billion at year-end.
For full-year 2025, revenues declined to $18.6 billion from $19.2 billion in 2024. The company recorded a GAAP net loss of $1.4 billion, or $2.91 per share, compared with a $714 million loss in the prior year. Adjusted EBITDA fell sharply to $37 million from $773 million in 2024, reflecting weak automotive production, an expiring slab contract, and adverse conditions in the Canadian market.
CEO Lourenco Goncalves said conditions improved entering 2026, citing a more constructive U.S. trade environment, cost reductions, extended debt maturities, lower capital expenditures, and new multi-year contracts with major automotive customers. He also highlighted progress on the strategic partnership with POSCO, with both companies targeting a definitive agreement in the first half of 2026.
In the fourth quarter, Cleveland-Cliffs posted revenues of $4.3 billion, flat year over year, and steel shipments of 3.8 million net tons. The company reported a GAAP net loss of $235 million, or $0.44 per share, narrower than the $434 million loss a year earlier. Adjusted EBITDA improved to a loss of $21 million from a loss of $81 million in the prior-year quarter. Liquidity stood at $3.3 billion at year-end.
For full-year 2025, revenues declined to $18.6 billion from $19.2 billion in 2024. The company recorded a GAAP net loss of $1.4 billion, or $2.91 per share, compared with a $714 million loss in the prior year. Adjusted EBITDA fell sharply to $37 million from $773 million in 2024, reflecting weak automotive production, an expiring slab contract, and adverse conditions in the Canadian market.
CEO Lourenco Goncalves said conditions improved entering 2026, citing a more constructive U.S. trade environment, cost reductions, extended debt maturities, lower capital expenditures, and new multi-year contracts with major automotive customers. He also highlighted progress on the strategic partnership with POSCO, with both companies targeting a definitive agreement in the first half of 2026.
