CLEVELAND-CLIFFS INC.

Listed Company

CLFCIK 0000764065NYSELarge AcceleratedMetal MiningOhioFY ends Dec 31

Period

FY 2025

Revenue

$18.61B

Net Income

$-1.43B

Total Assets

$20.01B

Equity

$6.12B

Shares Out

570.41M

Op. Cash Flow

$-462.00M

Business

CLEVELAND-CLIFFS INC. is a vertically integrated North American steel producer focused on value‑added flat‑rolled and specialty steels and downstream manufacturing for demanding end markets. It produces and sells hot‑ and cold‑rolled coil, coated steels, advanced high‑strength steels, electrical steels (GOES/NOES), iron ore pellets, HBI, coke, scrap processing, stamped components, tooling and tubing, and related downstream services. The company operates four reporting segments—Steelmaking, Tubular, Tooling and Stamping, and European Operations—with Steelmaking as its primary reportable segment. It sells principally in North America to automotive, infrastructure and manufacturing customers, distributors/converters and other steel producers via fixed‑price contracts, index‑linked arrangements and spot sales.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	18,610	19,185	21,996	22,989	20,444
Cost of goods sold	−19,470	−19,122	−20,623	−20,471	−15,910
Selling, general and administrative expenses	−543	−486	−577	−465	−422
Restructuring and other charges	−86	−129	0	0	—
Acquisition-related costs	−1	−44	−12	−4	−20
Asset impairment	−39	−79	0	−29	—
Goodwill impairment	0	0	−125	0	0
Miscellaneous net	−50	−88	0	−81	−80
Total operating costs	−20,189	−19,948	−21,337	−21,050	−16,432
Operating income (loss)	−1,579	−763	659	1,939	4,012
Interest expense, net	−594	−370	−289	−276	−337
Loss on extinguishment of debt	−10	−27	0	−75	−88
Net periodic benefit credits other than service cost component	223	247	204	212	210
Changes in fair value of derivatives, net	−45	−41	0	—	—
Other non-operating income	1	4	5	−4	6
Total other expense	−425	−187	−80	−143	−209
Income (loss) from continuing operations before income taxes	−2,004	−950	579	1,796	3,803
Income tax benefit (expense)	581	236	−144	−423	−773
Income (loss) from continuing operations	−1,423	−714	435	1,373	3,030
Income (loss) from discontinued operations, net of tax	−5	0	1	3	3
Net income (loss)	−1,428	−714	436	1,376	3,033
Net income attributable to noncontrolling interests	−50	−46	−51	−41	−45
Net income (loss) attributable to Cliffs shareholders	−1,478	−760	385	1,335	2,988
Continuing operations (in dollars per share)	−2.9	−1.58	0.75	2.57	5.62
Discontinued operations (in dollars per share)	−0.01	0	0	0	0.01
Earnings (loss) per common share attributable to Cliffs common shareholders - basic (in dollars per share)	−2.91	−1.58	0.75	2.57	5.63
Continuing operations (in dollars per share)	−2.9	−1.58	0.75	2.55	5.35
Discontinued operations (in dollars per share)	−0.01	0	0	0	0.01
Earnings (loss) per common share attributable to Cliffs common shareholders - diluted (in dollars per share)	−2.91	−1.58	0.75	2.55	5.36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	57	54	198	26	48
Accounts receivable, net	1,442	1,576	1,840	1,960	2,154
Inventories	4,772	5,094	4,460	5,130	5,188
Other current assets	164	183	138	306	263
Total current assets	6,435	6,907	6,636	7,422	7,653
Property, plant and equipment, net	9,481	9,942	8,895	9,070	9,186
Goodwill	1,814	1,768	1,005	1,130	1,116
Intangible assets	1,135	1,170	201	—	—
Pension and OPEB assets	469	427	329	356	223
Other non-current assets	678	733	471	777	797
TOTAL ASSETS	20,012	20,947	17,537	18,755	18,975
Accounts payable	1,893	2,008	2,099	2,186	2,073
Accrued employment costs	517	486	511	429	585
Accrued expenses	396	375	380	383	—
Other current liabilities	496	492	518	551	903
Total current liabilities	3,302	3,361	3,508	3,549	3,561
Long-term debt	7,253	7,065	3,137	4,249	5,238
Pension and OPEB liabilities	655	751	821	1,058	—
Deferred income taxes	375	849	639	590	112
Asset retirement and environmental obligations	682	601	557	—	—
Other non-current liabilities	1,422	1,453	753	1,267	1,329
TOTAL LIABILITIES	13,689	14,080	9,415	10,713	13,201
Commitments and contingencies (See NOTE 20)	—	—	—	—	—
Common Shares - par value $0.125 per share	76	66	66	66	63
Capital in excess of par value of shares	5,736	4,758	4,861	4,871	4,892
Retained earnings (deficit)	−529	949	1,733	1,334	−1
Cost of 36,292,287 common shares in treasury (2024 - 37,102,625 shares)	−659	−676	−430	−310	—
Accumulated other comprehensive income	1,492	1,537	1,657	1,830	618
Total Cliffs shareholders' equity	6,116	6,634	7,887	7,791	5,490
Noncontrolling interests	207	233	235	251	284
TOTAL EQUITY	6,323	6,867	8,098	8,032	5,774
TOTAL LIABILITIES AND EQUITY	20,012	20,947	17,537	18,755	18,975

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, depletion and amortization	1,235	951	973	1,034	897
Pension and OPEB credits	−187	−211	−163	−132	−103
Deferred income taxes	−506	−196	110	90	767
Restructuring and other charges	86	129	0	—	—
Other	87	277	76	226	139
Accounts receivable, net	134	364	120	197	−754
Inventories	315	−5	670	64	−1,370
Income taxes	13	−17	122	−22	−136
Pension and OPEB payments and contributions	−154	−195	−94	−204	−343
Payables, accrued employment and accrued expenses	−78	−401	22	−70	457
Other, net	−18	44	−130	−136	−51
Net cash provided (used) by operating activities	−462	105	2,267	2,423	2,785
Purchase of property, plant and equipment	−561	−695	−646	−943	−705
Proceeds from sale of business	53	0	35	—	—
Other investing activities	29	−5	20	38	33
Net cash used by investing activities	−479	−3,212	−591	−936	−1,379
Repurchase of common shares	0	−733	−152	−240	0
Proceeds from issuance of common shares	951	0	0	0	322
Proceeds from issuance of debt	1,983	3,221	750	0	1,000
Repayments of senior notes	−685	−845	0	−1,358	−1,372
Borrowings (repayments) under credit facilities	−1,109	1,560	−1,864	255	—
Debt issuance costs	−30	−109	−34	0	−20
Other financing activities	−168	−124	−204	−166	−130
Net cash provided (used) by financing activities	942	2,970	−1,504	−1,509	−1,470
Net increase (decrease) in cash and cash equivalents	1	−137	172	−22	—
Effect of exchange rate changes on cash	2	−1	0	0	—

Filings

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