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Sep 30, 2025
Cleveland-Cliffs Q3 2025 Earnings Report
Cleveland-Cliffs reported a Q3 2025 net loss with modest gains in adjusted EBITDA amid strong automotive contract wins.
Key Takeaways
Cleveland-Cliffs posted a net loss of $234 million for Q3 2025, though it showed operational improvement with adjusted EBITDA reaching $143 million and signed major multi-year contracts with automotive OEMs.
Cleveland-Cliffs reported a GAAP net loss of $234 million and an adjusted net loss of $223 million for Q3 2025.
Revenues for the third quarter were $4.7 billion, with steel shipments reaching 4.0 million net tons.
Adjusted EBITDA for Q3 2025 was $143 million, showing an increase from the previous quarter.
The company highlighted a clear sign of demand recovery for automotive-grade steel and improved pricing due to a new trade environment.
Revenue by Segment
Forward Guidance
Cleveland-Cliffs reaffirmed its positive trajectory into 2026 with improved cost discipline, strong liquidity, and strategic contract wins, while shedding legacy burdens like a costly slab contract.
Positive Outlook
- Capital expenditures guidance reduced to $525 million
- SG&A expense guidance reduced to $550 million
- Steel unit cost savings of $50 per net ton maintained
- Improved automotive sales mix and pricing
- End of onerous slab contract expected to boost profitability
Challenges Ahead
- Continued GAAP net losses in the quarter
- Operating income remains negative
- Free cash flow not reported and likely negative
- Adjusted net income still in loss territory
Historical Earnings Impact
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Avg. Return Before/After Earnings
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