Cleveland-cliffs Inc. · NYSE:CLF
Cleveland-cliffs — Q4 2025 Earnings Presentation
22 slides from Cleveland-cliffs's earnings presentation, Feb 9, 2026
Slide 1: Fourth-Quarter and Full-Year 2025 Earnings Presentation
CLEVELAND-CLIFFS INC. Fourth-Quarter and Full-Year 2025 Earnings Presentation February 9, 2026 © 2026 Cleveland-Cliffs Inc. All Rights Reserved.
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. As a general matter, forward-looking statements relate to anticipated trends and expectations rather than historical matters. Forward-looki
Slide 3: 2025 Highlights
2025 HIGHLIGHTS Revenues Record safety year with Total Recordable Incident Rate of 0.8 $18.6 Billion Formed strategic partnership Steel with POSCO Shipments 16.2 Million Optimized operational footprint (net tons) Total Unit cost reductions for third year Recordable in a row Incident Rate 0.8 Onerous
Slide 4: Q4 2025 Overview
Q4 2025 OVERVIEW Cliffs’ Q4 2025 Results and Highlights Revenues $4.3 Q4 2025 expected to be trough in quarterly profitability Billion Closed sale of FPT Florida assets for ~$60 million total value Adj. EBITDA1 Loss Successfully replaced aluminum with steel for automotive applications on pre-existin
Slide 5: Improved 2026 Outlook
IMPROVED 2026 OUTLOOK 2025 2026 Lagged effect of tariff implementation Full-year of 50% steel tariffs Weak automotive volumes Market share gains in automotive Recession like conditions in manufacturing Improving market conditions Loss-making operations running at Full-year benefit of asset optimizat
Slide 6: Transformative MOU Signed with POSCO
TRANSFORMATIVE MOU SIGNED WITH POSCO Partnership Signed Memorandum of Understanding on September 17, 2025 with POSCO, Korea’s largest and a top ten global steelmaker Reflects rising interest in Cliffs amid the resurgence of U.S. manufacturing POSCO seeking to support and grow their established custo
Slide 7: Asset Sales Process
ASSET SALES PROCESS Accomplishments to date Highlights Assets that are well-positioned Under contract, geographically with infrastructure closed, or Total Value in place and access to power and agreements in principle for 8 non- ~$425 million water (~$60 million received) EBITDA 100% of net cash pro
Slide 8: 2025 End Market and Product Overview
2025 END MARKET AND PRODUCT OVERVIEW 9% 13% 5% Slabs Steel Producers Plate 28% 28% Direct Coated End Automotive Product (primarily galvanized) Market Mix 30% Mix (Shipments) Infrastructure & (Revenue) 40% Manufacturing Hot-Rolled 15% Cold-Rolled 29% Distributors & 3% Converters Stainless & Electrica
Slide 9: Reliability of Automotive Steel Supply Chain
RELIABILITY OF AUTOMOTIVE STEEL SUPPLY CHAIN Successfully Completed Steel Production Trial Steel Advantages Over Aluminum Breakthrough replacement of aluminum with Less costly – Steel is generally less expensive than aluminum, making it a more cost-effective steel in automotive stamping equipment op
Slide 10: Trade and Tariffs
TRADE AND TARIFFS Trump Administration’s Continued Focus on Strengthening Domestic Steel Top 10 Importing 2024 Jan. 20, 2025 Mar. 12, 2025 Imports Current Countries (Thousand Net Tons) Status Status Canada 6,557 Exempt 25% Tariff 50% Tariff Brazil 4,498 Quota 25% Tariff 50% Tariff Mexico 3,517 Exemp
Slide 11: Effectiveness of Tariffs for Steel
EFFECTIVENESS OF TARIFFS FOR STEEL Total Flat-Rolled Imports Imports as a Percent of Finished (HRC, CRC, Coated) Steel Market Share 25% 857 865 865 819 770 750 755 2024 Avg. 717 711 724 712 755K 22% 671 21% Section 232 tariffs 619 620 reinstated 20% 20% Thousand Net Tons 564 554 19% 504 18% 453 437
Slide 12: Effectiveness of Tariffs for Auto
EFFECTIVENESS OF TARIFFS FOR AUTO U.S. Light Vehicle Sales Originating Outside of USMCA Region Total U.S. Light Vehicle Imports (Percent of Daily Sales Rate) 24% 25% Auto tariffs announced Down ~14% ~7.1 YTD 23% 23% 23% ~6.1 22% 22% 22% Million Light Vehicles Thousand Units 21% 20% 20% Mar-25 Apr-25
Slide 13: Onerous Third-Party Steel Slab Contract
ONEROUS THIRD-PARTY STEEL SLAB CONTRACT Slab Contract Expired December 9, 2025 Contract expired December 9, HRC vs. Slab $1,000 (price per net ton) 2025 HRC Represented ~1.5 million net $900 ~$935 tons annually Directly linked to Brazilian slab $800 export price, which was negatively impacted
Slide 14: Steel Tariffs Support U.S. HRC Price
STEEL TARIFFS SUPPORT U.S. HRC PRICE Marginal Import Ton Sets the Price Importance of Steel Tariffs of Steel in U.S. The United States steel industry has long ~$970 been undermined by excessive imports $150 $900 Tariffs play a crucial role in protecting the U.S. economy, national security and $2
Slide 15: Well-Positioned Balance Sheet
WELL-POSITIONED BALANCE SHEET Liquidity Leverage Commitment to (As of December 31, 2025) Target utilize 100% of $3.3 (Net debt / TTM Adj. cash flow EBITDA) towards debt billion 2.5x repayment 3-Year Note Maturities Capital Allocation Priorities Debt reduction is #1 priority Maintain ample liquid
Slide 16: Capex Discipline
CAPEX DISCIPLINE Total Capital Expenditures Note: All years inclusive of Stelco $1,093 $893 $791 $800 $700 $ in millions $561 2021 Pro Forma 2022 Pro Forma 2023 Pro Forma 2024 Pro Forma 2025 2026E 16 © 2026 Cleveland-Cliffs Inc. All Rights Reserved.
Slide 17: Record Safety Year
RECORD SAFETY YEAR Historical Total Recordable Incident Rate (Including employees and contractors) 2025 Safety Continued implementation of Cliffs’ Metrics 1.5 safety culture throughout footprint 1.4 43% reduction in TRIR since 2021 0.8 Total Recordable 1.2 Incident Rate Per 200,000 hours worked Cont
Slide 18: Pension and OPEB Liability Reduction
PENSION AND OPEB LIABILITY REDUCTION $3.9 billion reduction in pension/OPEB net liabilities since AM USA acquisition Historical Net Pension and OPEB Liabilities $4,207 93% Reduction $2,872 Net Liabilities in $ Millions $813 $586 $416 $299 2020 2021 2022 2023 2024 2025 18 © 2026 Cleveland-Cliffs Inc.
Slide 19: Significant Cost Reductions
SIGNIFICANT COST REDUCTIONS Steel Unit Costs Down ~$150 Per Ton In Three Years and Further Cost Reductions Expected in 2026 Cost Savings Highlights 2026 Optimization of integrated ~$10/t Estimated footprint and reduction of fixed Decrease costs Reduction 2025 Reduced overhead and ~$40/t improved eff
Slide 20: 2026 Outlook
2026 OUTLOOK Increased Domestic Steel Demand, Higher Shipments, Cost Reductions and Operational Efficiencies 2026 Expected Capital Outlay and Expenses Steel shipment volumes of ~16.5 - 17.0 million net tons Steel unit cost reductions ~$10 per net ton compared to 2025 Capital expenditures ~$700 milli
Slide 21: Cleveland-Cliffs' Adjusted EBITDA Reconciliation
CLEVELAND-CLIFFS’ ADJUSTED EBITDA RECONCILIATION Three Months Twelve Months Ended Ended December 31, December 31, ($ in millions) 2025 2025 Net loss ($235) ($1,428) Less: Interest expense, net (152) (594) Income tax benefit 206 581 Depreciation, depletion and amortization (272) (1,235) Total EBITDA
Slide 22: © 2026 Cleveland-Cliffs Inc. All Rights Reserved.
© 2026 Cleveland-Cliffs Inc. All Rights Reserved.