Cleveland-Cliffs Inc.
14.09+0.00 (+0%)
Oct 29, 4:00:02 PM EDT · NYSE · CLF · USD
Key Stats
Market Cap
6.97BP/E (TTM)
-Basic EPS (TTM)
-3.40Dividend Yield
0%Recent Filings
8-K
Q3 loss narrows amid steel recovery
Cleveland-Cliffs reported Q3 2025 revenues of $4.7 billion and steel shipments of 4.0 million net tons, down slightly from Q2's $4.9 billion, but narrowed its GAAP net loss to $234 million from $473 million while boosting Adjusted EBITDA to $143 million from $94 million. Demand recovery for U.S. automotive-grade steel, fueled by Trump Administration trade policies, drove richer sales mix and new multi-year OEM deals. Cliffs inked a Memorandum of Understanding with a major global steel producer to tap its U.S. footprint. Recovery accelerates post-ArcelorMittal slab contract end in December.
8-K
Additional notes issuance
Cleveland-Cliffs issued $275 million in additional 7.625% senior guaranteed notes due 2034 on October 10, 2025, at 102.75% of principal, bringing the total series to $1.125 billion. The notes, identical to the prior $850 million issuance, mature January 15, 2034, with semi-annual interest starting January 15, 2026. Proceeds will repay borrowings under the asset-based credit facility. Covenants restrict liens and mergers, yet offer redemption flexibility.
8-K
Issues $850M notes to refinance debt
Cleveland-Cliffs issued $850 million in 7.625% senior guaranteed notes due 2034 on September 8, 2025, in a private placement. The company plans to use proceeds to redeem $685 million of outstanding 2027 notes and repay asset-based credit facility borrowings, easing near-term debt pressures while extending maturities. Covenants limit liens and mergers, with redemption options starting at a make-whole premium. Change of control triggers repurchase at 101%.
8-K
Debt refinancing via notes offering
Cleveland-Cliffs launched a $850 million private offering of 7.625% senior guaranteed notes due 2034, upsized from $600 million and set to close September 8, 2025. Proceeds will redeem $556 million of 5.875% notes due 2027, $73 million of 7.000% notes due 2027, and $56 million of AK Steel's 7.000% notes due 2027 on October 3, while repaying credit facility borrowings. This extends debt maturities amid steel market volatility. Redemptions hinge on the offering's success.
10-Q
Q2 FY2025 results
Cleveland-Cliffs posted Q2 revenues of $4.9B, down 3% y/y but up 3% q/q (derived), as higher HRC prices offset softer automotive demand, with steel shipments climbing 8% y/y to 4.3M net tons. Operating loss widened to $498M from breakeven y/y, driven by $86M restructuring charges and $39M asset impairments from idling Steelton, Conshohocken, and Riverdale facilities, while net loss hit $483M per Cliffs shareholders on diluted EPS of -$0.97, consistent with 495M shares. The Stelco acquisition, closed November 2024 for $2.5B cash plus $343M stock, added $789M goodwill and $1.0B intangibles amortized over 15 years, boosting Canadian spot exposure. Cash stood at $61M with $2.6B ABL availability, total debt $7.7B including $1.4B revolver at 6.2%; free cash flow was negative $570M YTD. Idled facilities charges dragged Adjusted EBITDA to $97M, defined and reconciled in the 10-Q. Steel imports remain a persistent risk, pressuring domestic pricing amid global overcapacity.
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