Cleveland-Cliffs Inc. reported a revenue increase of 3% for the third quarter of 2025, totaling $4.734 billion compared to $4.569 billion in the same period last year. However, the company experienced a net loss of $234 million, slightly higher than the $232 million loss reported in the third quarter of 2024. For the nine months ending September 30, 2025, revenues decreased by 4% to $14.297 billion from $14.860 billion in the prior year, with a net loss of $1.193 billion compared to a loss of $280 million in the same period of 2024. The decline in profitability was attributed to lower realized revenue rates and inconsistent buying behavior from customers, particularly in the automotive sector.
The company’s operational adjustments included the indefinite idling of several facilities, including the Steelton and Riverdale operations, which contributed to a $39 million asset impairment charge. Additionally, Cleveland-Cliffs completed the acquisition of Stelco Holdings Inc. on November 1, 2024, which is expected to enhance its market position and diversify its customer base. The acquisition added approximately $400 million in revenue during the third quarter, although it was partially offset by lower sales from other operations.
Cleveland-Cliffs reported a total steel shipment of 4.029 million net tons in the third quarter of 2025, a 5% increase from 3.840 million net tons in the same quarter of 2024. The automotive sector remains a key market, with revenues from automotive sales reaching $1.356 billion, a slight increase from $1.334 billion in the previous year. However, the company noted a 12% decline in automotive revenues for the nine-month period, reflecting broader market challenges.
Looking ahead, Cleveland-Cliffs anticipates improved domestic steel demand driven by recent tariffs on imports and a recovering automotive market. The company is focused on maximizing operational efficiencies and capturing synergies from the Stelco acquisition. Despite the current challenges, Cleveland-Cliffs aims to leverage its integrated steelmaking operations and strong market position to navigate the evolving landscape of the steel industry. The company maintains a robust liquidity position, with $3.1 billion available under its Asset-Based Revolving Credit Agreement as of September 30, 2025, which supports its strategic initiatives and operational flexibility.
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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