The earnings call highlighted significant improvements in EBITDA, cost reductions, and shipment volumes, alongside strategic investments and an optimistic outlook for the automotive sector. However, challenges in the Canadian market and high interest rates impacting automotive sales were notable lowlights. Overall, the positive developments and strategic positioning suggest a promising outlook, with concerns being addressed actively.

Company Guidance -

Q3 2025

During the Cleveland-Cliffs Inc. Second Quarter 2025 earnings call, the company highlighted several key metrics and guidance for future performance. The adjusted EBITDA for Q2 improved by $271 million compared to the prior quarter, with shipment volumes reaching 4.3 million tons, marking a 150,000-ton increase. Cost efficiencies were achieved with a $15 per ton decrease, and the average selling price rose by $35 per ton to $1,015. The company aims to further reduce costs by $20 per ton from Q2 to Q3 and maintain a $50 per ton reduction for the full year compared to 2024. Cleveland-Cliffs Inc. ended the quarter with $2.7 billion in liquidity and no near-term maturities, and they are focused on using free cash flow for debt reduction. The company also mentioned a $150 million investment in their bright anneal line, enhancing their stainless steel capabilities. Looking ahead, they anticipate further improvements in operational efficiencies and EBITDA, supported by strategic cost-cutting measures and favorable market dynamics.

Significant Improvement in Adjusted EBITDA

Adjusted EBITDA in Q2 improved by $271 million from the prior quarter, driven by higher shipment volumes and improved operational efficiency.

Cost Reduction Achievements

Achieved a $15 per ton unit cost decrease in Q2, contrary to expectations of a slight increase. Projected further cost reductions of $20 per ton from Q2 to Q3.

Record Shipment Volumes

Q2 shipment volumes reached 4.3 million tons, a 150,000-ton increase from the prior quarter, allowing for more efficient mill operations.

Strategic Investment in Stainless Steel

Completed a $150 million investment in a bright anneal line at Coshocton Works plant, enhancing the quality and productivity of premium stainless steel products.

Successful Inventory and Cash Flow Management

Significant inventory reductions, particularly in raw materials, served as a meaningful source of cash in Q2, contributing to a strong liquidity position of $2.7 billion.

Optimistic Outlook for Automotive Sector

Poised for growth with underutilized automotive steel capacity, anticipating a resurgence in American vehicle production with consumer-friendly interest rates.

Cleveland-Cliffs (CLF) Earnings, Revenues Date & History

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CLF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	-0.45 / -	-0.33	―	―	―
Jul 21, 2025	2025 (Q2)	-0.71 / -0.50	0.11	-554.55% (-0.61)
May 07, 2025	2025 (Q1)	-0.82 / -0.92	0.18	-611.11% (-1.10)
Feb 24, 2025	2024 (Q4)	-0.61 / -0.68	-0.05	-1260.00% (-0.63)
Nov 04, 2024	2024 (Q3)	-0.30 / -0.33	0.52	-163.46% (-0.85)
Jul 22, 2024	2024 (Q2)	>-0.01 / 0.11	0.67	-83.58% (-0.56)
Apr 22, 2024	2024 (Q1)	0.22 / 0.18	-0.11	263.64% (+0.29)	―
Jan 29, 2024	2023 (Q4)	-0.05 / -0.05	-0.41	87.80% (+0.36)	―
Oct 23, 2023	2023 (Q3)	0.43 / 0.52	0.29	79.31% (+0.23)	―
Jul 24, 2023	2023 (Q2)	0.69 / 0.67	1.267	-47.12% (-0.60)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CLF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 21, 2025	$9.48	$10.66	+12.45%
May 07, 2025	$8.49	$7.15	-15.78%
Feb 24, 2025	$11.15	$10.79	-3.23%
Nov 04, 2024	$13.11	$11.61	-11.44%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.