- Cleveland-Cliffs Inc. (CLF, Financial) reported record steel shipments of 4.3 million net tons in Q2 2025.
- Revenues for the second quarter reached $4.9 billion, a rise from $4.6 billion in Q1 2025.
- The company recorded a GAAP net loss of $470 million, with an adjusted EBITDA of $97 million, showing a $271 million improvement quarter-over-quarter.
Cleveland-Cliffs Inc. (CLF) has announced its financial results for the second quarter of 2025, marking record steel shipments of 4.3 million net tons. The company reported consolidated revenues of $4.9 billion for the quarter ending June 30, 2025, an increase from $4.6 billion in the first quarter of 2025.
The company faced a GAAP net loss of $470 million, significantly impacted by $323 million in previously disclosed non-recurring charges associated with idled facilities. However, Cleveland-Cliffs demonstrated a quarter-over-quarter improvement in adjusted net loss, which decreased to $247 million, or $0.50 per diluted share, from $456 million, or $0.92 per diluted share, in Q1 2025.
Adjusted EBITDA showed significant improvement, reporting a positive $97 million, compared to a loss of $174 million in the prior quarter. This improvement was attributed to effective cost reduction strategies, including a $15 per net ton reduction in steel unit costs.
Lourenco Goncalves, Chairman, President, and CEO of Cleveland-Cliffs, highlighted the impact of footprint optimization initiatives on both costs and revenues, expressing optimism for further improvements in the upcoming quarters. He noted the company's focus on generating free cash flow and reducing debt, supported by strong domestic steel pricing and a robust order book.
As of June 30, 2025, the company maintained a liquidity position of $2.7 billion. Looking ahead, Cleveland-Cliffs has adjusted its capital expenditure expectation to approximately $600 million and selling, general and administrative expenses to about $575 million for the full year. The company also anticipates depreciation, depletion, and amortization at around $1.2 billion, largely due to accelerated depreciation on idled facilities.
Cleveland-Cliffs continues to align itself with market demands and policy support for the domestic steel industry, positioning itself as a major supplier to the automotive sector. The company is affirming its strategic stance in the evolving U.S. steel market amidst international competition and trade dynamics.
