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Jun 30, 2025
Cleveland-Cliffs Q2 2025 Earnings Report
Cleveland-Cliffs reported Q2 2025 results with a net loss driven by non-recurring charges but achieved record steel shipments and cost reductions.
Key Takeaways
Cleveland-Cliffs posted a $470 million net loss in Q2 2025 due to $323 million in non-recurring charges, but adjusted EBITDA improved to $97 million, supported by record steel shipments of 4.3 million net tons and reduced steel unit costs.
Record steel shipments of 4.3 million net tons
Net loss of $470 million due to non-recurring charges
Adjusted EBITDA improved to $97 million
Steel unit cost reductions achieved $15 per net ton QoQ
Revenue by Segment
Forward Guidance
Management expects further cost reductions and adjusted EBITDA improvements in Q3 and Q4, supported by strong domestic steel pricing and healthy order book.
Positive Outlook
- Further expected improvements in adjusted EBITDA in Q3 and Q4
- Steel unit cost reductions maintained at $50 per net ton vs 2024
- Strong domestic steel pricing
- Healthy order book for automotive and infrastructure markets
- End of unfavorable slab supply contract expected to improve EBITDA
Challenges Ahead
- Non-recurring charges related to idled facilities impacted Q2 results
- Accelerated depreciation expected due to idled facilities
- Steel market remains cyclical and sensitive to pricing volatility
- Ongoing high debt levels require reduction
Historical Earnings Impact
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Avg. Return Before/After Earnings
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