Cleveland-Cliffs Reports First-Quarter 2025 Results

About this update from Cleveland-cliffs Inc.

[{"type":"text","content":"CLEVELAND, May 07, 2025--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) today reported first-quarter results for the period ended March 31, 2025.","length":149,"tagName":"p"},{"type":"text","content":"First-Quarter Consolidated Results","length":34,"tagName":"p"},{"type":"text","content":"First-quarter 2025 consolidated revenues were $4.6 billion, compared to $4.3 billion in the fourth quarter of 2024.","length":115,"tagName":"p"},{"type":"text","content":"For the first quarter of 2025, the Company recorded a GAAP net loss of $483 million, or $1.00 per diluted share, with an adjusted net loss1 of $456 million, or $0.92 per diluted share. This compares to a fourth quarter 2024 GAAP net loss of $434 million, or $0.92 per diluted share, with an adjusted net loss1 of $332 million, or $0.68 per diluted share.","length":354,"tagName":"p"},{"type":"text","content":"For the first quarter of 2025, the Company reported an Adjusted EBITDA2 loss of $174 million, compared to an Adjusted EBITDA2 loss of $81 million in the fourth quarter of 2024.","length":176,"tagName":"p"},{"type":"text","content":"Operational Changes","length":19,"tagName":"p"},{"type":"text","content":"Between March and May of 2025, Cliffs made the decision to fully or partially idle six facilities to optimize its footprint, reposition away from loss-making operations, and release excess working capital. These actions are expected to result in savings of over $300 million annually, not including additional savings in overhead and improved productivity at other locations. The idles are not expected to impact flat-rolled steel output. These actions included:","length":462,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"A full idle of the Minorca mine and partial idle of the Hibbing Taconite mine, each in Minnesota, primarily to re-balance working capital needs and consume excess pellet inventory produced in 2024","length":196,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"An idle of the blast furnace, BOF steel shop, and continuous casting facilities at Dearborn Works in Michigan, to replace with more cost-efficient production upon restarting the #6 blast furnace at Cleveland Works","length":213,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"A full idle of the Steelton, Pennsylvania rail facility, primarily as a ...

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