Cleveland-Cliffs Reports Third-Quarter 2025 Results (Form 8-K)

Cleveland-Cliffs Reports Third-Quarter 2025 Results

CLEVELAND-October 20, 2025-Cleveland-Cliffs Inc. (NYSE: CLF) today reported third-quarter results for the period ended September 30, 2025.

Third-Quarter Consolidated Results

•Steel shipments of 4.0 million net tons

•Revenues of $4.7 billion

•GAAP net loss of $234 million and Adjusted net loss1 of $223 million, or $0.45 per diluted share

•Adjusted EBITDA2 of $143 million

•Liquidity of $3.1 billion as of September 30, 2025

Third-quarter 2025 consolidated revenues were $4.7 billion, compared to $4.9 billion in the second quarter of 2025. For the third quarter of 2025, the Company recorded a GAAP net loss of $234 million and adjusted net loss1 of $223 million, or $0.45 per diluted share. This compares to a second quarter 2025 GAAP net loss of $473 million and adjusted net loss1 of $250 million, or $0.51 per diluted share.

For the third quarter of 2025, the Company reported Adjusted EBITDA2 of $143 million, compared to the Adjusted EBITDA2 of $94 million recorded in the second quarter of 2025.

Cliffs' Chairman, President and CEO, Lourenco Goncalves, said: "Our third quarter results marked a clear sign of demand recovery for automotive-grade steel made in the USA, and that is a direct consequence of the new trade environment implemented and enforced by the Trump Administration. As a result of this new trade environment, we have won new and growing supply arrangements with all major automotive OEMs, locking in multi-year agreements that reflect the reliability of our well-established supply chains anchored by our nine galvanizing plants dedicated to automotive-grade steels, with five of these plants specialized in exposed parts. Our Q3 results show a richer sales mix and improved pricing, further bolstered by our continued execution on costs. With the end of the slab supply contract to ArcelorMittal in early December, we expect this trend to accelerate into 2026."

Mr. Goncalves added: "The United States is the most attractive steel market in the world. It is large, growing, and is now hostile territory for dumped steel from abroad. As the only truly integrated producer with leadership positions in automotive steel, electrical steel, stainless steel, and plate, Cleveland-Cliffs sits

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at the center of this ecosystem. For a foreign partner, the opportunity to participate in the U.S. market through Cliffs is incredibly valuable. This past quarter, we entered into a Memorandum of Understanding with a major global steel producer, which seeks to leverage our unmatched U.S. footprint and trade-compliant operations. We expect the ultimate outcome of this MoU to be highly accretive to our shareholders. We look forward to sharing more on this ongoing development soon."

Mr. Goncalves concluded: "Beyond steelmaking, the renewed importance of rare earths has driven us to re-focus on this potential opportunity at our upstream mining assets. It is our obligation to do so as a company with our geological footprint. We have looked at all of our ore bodies and tailings basins, and two sites in particular, one in Michigan and one in Minnesota, show the most potential. At these two sites, geological surveys show key indicators of rare-earth mineralization. If successful, it would align Cleveland-Cliffs with the broader national strategy for critical material independence, similar to what we achieved in steel. American manufacturing shouldn't rely on China or any foreign nation for essential minerals, and Cliffs intends to be part of the solution."

UBS is acting as financial advisor to Cliffs for the transaction with a major global steel producer.

Steelmaking Segment Results

			Three Months Ended September 30,												Nine Months Ended September 30,												Three Months Ended
			2025						2024						2025						2024						Jun. 30, 2025
External Sales Volumes - In Thousands
Steel Products (net tons)			4,029						3,840						12,459						11,769						4,290
Selling Price - Per Net Ton
Average net selling price per net ton of steel products			$	1,032					$	1,045					$	1,009					$	1,116					$	1,015
Operating Results - In Millions
Revenues			$	4,561					$	4,419					$	13,799					$	14,361					$	4,771
Cash cost of goods sold			(4,356)						(4,309)						(13,606)						(13,404)						(4,633)
Cash margin			205						110						193						957						138
Depreciation, depletion, and amortization			(261)						(226)						(882)						(663)						(366)
Gross margin			$	(56)					$	(116)					$	(689)					$	294					$	(228)

Third-quarter 2025 steel product sales volumes of 4.0 million net tons consisted of 37% hot-rolled, 29% coated, 15% cold-rolled, 6% plate, 4% stainless and electrical, and 9% other, including slabs and other steel products.

Steelmaking revenues of $4.6 billion included $1.4 billion, or 30%, of direct sales to the automotive market; $1.3 billion, or 29%, of sales to the infrastructure and manufacturing market; $1.3 billion, or 28%, of sales to the distributors and converters market; and $591 million, or 13%, of sales to steel producers.

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Liquidity

As of September 30, 2025, the Company has $3.1 billion in total liquidity.

Outlook

The Company updated previously guided expectations for the full-year 2025, as follows:

•Capital expenditures of approximately $525 million, from its previous expectation of $600 million

•Selling, general and administrative expenses of approximately $550 million, from its previous expectation of $575 million

•Steel unit cost reductions maintained at a reduction of approximately $50 per net ton compared to 2024, adjusted for improved automotive shipping volume

•Depreciation, depletion and amortization maintained at approximately $1.2 billion

•Cash Pension and OPEB payments and contributions maintained at approximately $150 million

Cleveland-Cliffs Inc. will host a conference call this morning, October 20, 2025, at 8:30 a.m. ET. The call will be broadcast live and archived on Cliffs' website: www.clevelandcliffs.com.

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada.

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