Cleveland-Cliffs Stock Slides On Q4 Earnings: The Details

Cleveland-Cliffs Inc CLF reported fourth-quarter financial results Monday after the bell. Here’s a look at the key details from the report.

• Q4 Revenue: $4.33 billion, versus estimates of $4.43 billion
• Q4 EPS: Loss of 68 cents, versus estimates for a loss of 61 cents

Fourth-quarter steelmaking revenue included approximately $1.2 billion of sales to the infrastructure and manufacturing market, $1.2 billion of sales to direct automotive customers, $1.2 billion of sales to the distributors and converters market and $623 million of sales to steel producers.

Steel product sales totaled 3.8 million net tons in the fourth quarter, consisting of 40% hot-rolled, 26% coated, 16% cold-rolled, 5% plate, 3% stainless and electrical and 10% other, including slabs and rail.

“Our results in 2024 were a consequence of the worst steel demand environment since 2010 (ex-COVID). Cleveland-Cliffs is an American steel company, designed to supply high-end manufacturers producing things in the United States. That said, for the first time, the number of cars sold in the United States that were produced abroad and imported into the United States surpassed the number of cars sold that were produced domestically. With this decline in domestic automotive production, and too much imported steel from abroad that drove unsustainably low steel prices, Cliffs was deeply impacted,” said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs.

“This impact was particularly evident in the fourth quarter, which we expect to be the trough going forward. Our cash use in the fourth quarter, due largely to inventory build, has set us up nicely for the rebound we are seeing so far in 2025.”

Outlook: Cleveland-Cliffs expects full-year 2025 steel unit cost reductions of approximately $40 per net ton. The company anticipates full-year capital expenditures of approximately $700 million.

Cleveland-Cliffs executives will further discuss the quarter on a conference call scheduled for 8:30 a.m. ET Tuesday morning.

CLF Price Action: Cleveland-Cliffs shares were down 2.96% after hours, trading at $10.82 at the time of publication Monday, according to Benzinga Pro.

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