Cleveland-Cliffs Inc. reported a decrease in revenue and profitability for the fiscal year ending December 31, 2025, with total revenues of $18.6 billion, down from $19.2 billion in 2024. The company experienced a net loss of $1.4 billion, compared to a loss of $714 million in the previous year. This decline was attributed to lower realized revenue rates and inconsistent buying behavior from customers, particularly in the automotive sector, which is a significant market for the company. The average selling price per ton of steel products decreased to $1,005 from $1,081 in 2024, reflecting a shift in product mix and reduced demand.
In terms of operational changes, Cleveland-Cliffs made strategic decisions to optimize its footprint, including the indefinite idling of several facilities, such as the Steelton and Weirton operations, which contributed to a reduction in revenues of approximately $220 million. The company also completed the acquisition of Stelco Holdings Inc. in November 2024, which expanded its presence in Canada and diversified its customer base. The Stelco acquisition is expected to yield significant synergies, enhancing the company's operational efficiency and market share.
Cleveland-Cliffs reported a total steel shipment of 16.2 million net tons in 2025, an increase from 15.6 million tons in 2024. The automotive sector remained the largest market, accounting for 30% of total revenues, although revenues from this segment decreased to $5.0 billion from $5.6 billion in 2024. The company also noted a significant increase in its operational efficiency, with a record low Total Recordable Incident Rate of 0.8 per 200,000 hours worked, marking a 43% decrease since 2021.
Looking ahead, Cleveland-Cliffs anticipates a recovery in demand for its products, particularly in the automotive sector, driven by a declining interest rate environment and government support for domestic manufacturing. The company expects to benefit from the 25% tariff on imports of automobiles and parts, which is likely to increase demand for domestically produced vehicles. Additionally, the company plans to continue its focus on cost discipline and operational efficiency, aiming to reduce unit costs further in 2026. The outlook remains cautiously optimistic, with expectations of improved financial performance as market conditions stabilize.
About CLEVELAND-CLIFFS INC.
Cleveland-Cliffs Inc. is a leading North American integrated steel producer specializing in value-added flat-rolled steel products, primarily for the automotive industry. Its vertically integrated operations span iron ore mining, pellet production, steelmaking, and downstream finishing, stamping, tooling, and tubing. The company serves automotive, infrastructure, manufacturing, distributors, and steel producers markets, leveraging domestic raw materials and advanced R&D to deliver high-quality, technologically advanced steel solutions with stable supply and cost advantages.
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