Cleveland-Cliffs cuts FY25 capex view to $625M from $700M

The Company updated or maintained previously guided expectations for the full-year 2025, including: Steel unit cost reductions of approximately $50 per net ton compared to 2024, from its previous expectation of a reduction of approximately $40 per net ton – due primarily to the idling of underperforming assets. Capital expenditures of approximately $625 million, from its previous expectation of $700 million. Selling, general and administrative expenses of approximately $600 million, from its previous expectation of approximately $625 million. Depreciation, depletion and amortization maintained at approximately $1.1 billion. Cash Pension and OPEB payments and contributions maintained at approximately $150 million.