The earnings call highlighted significant improvements in EBITDA and cost reductions, strategic investments, and a strong liquidity position. However, challenges persist in the Canadian market, high interest rates affecting the automotive sector, and potential impacts from non-core asset sales. The company remains optimistic about future growth and cost-cutting measures.

Company Guidance

During the Cleveland-Cliffs Inc. Second Quarter 2025 earnings call, the company provided guidance on several key metrics, highlighting a strong performance and positive outlook. The adjusted EBITDA for Q2 improved by $271 million compared to the prior quarter, driven by better realized pricing, cost reductions, and record shipments of 4.3 million tons. The company successfully decreased unit costs by $15 per ton, contrary to the expected rise, and anticipates a further $20 per ton reduction in Q3. The average selling price increased by $35 per ton to $1,015. Cleveland-Cliffs reported a cash outflow of $67 million in Q2, but future working capital reductions are expected to enhance cash flow. The company's liquidity stood at $2.7 billion, with no near-term debt maturities. Strategic initiatives, such as internal coke sourcing, are projected to yield significant cost benefits, and the company maintains its full-year target of a $50 per ton cost reduction. Additionally, Cleveland-Cliffs is exploring non-core asset sales to accelerate debt reduction and leverage its integrated model for future growth, particularly in the automotive sector.

Significant Improvement in Adjusted EBITDA

Q2 2025 saw an improvement of $271 million in adjusted EBITDA from the prior quarter, driven by higher shipment volumes and improved operational efficiency.

Cost Reduction Achievements

Cleveland-Cliffs Inc. achieved a $15 per ton unit cost decrease in Q2, contrary to expectations of a cost increase. Further cost reductions are anticipated in Q3 and Q4.

Strategic Investments in Stainless Steel

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

Strong Liquidity Position

The company ended Q2 with $2.7 billion of liquidity and no near-term debt maturities, with plans to use excess free cash flow to pay down debt.

Positive Future Outlook

Expectations of continued EBITDA improvement, with macro trends aligning favorably for the second half of 2025.

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)	-0.44 / -	-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.