CLEVELAND-CLIFFS INC. CLF
We are a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. We are vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling and tubing. Headquartered in Cleveland, Ohio, we employ approximately 25,000 people across our operations in the United States and Canada.
As a leading North America-based steel producer, we benefit from having the size and scale necessary in a competitive, capital intensive business. We have a unique vertically integrated profile from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. This positioning gives us more predictable costs throughout our supply chain and more control over both our manufacturing inputs and our end-product destination.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.61B | $19.18B | $22.00B | $22.99B | $20.44B | $5.35B | $1.99B | $2.33B | $1.87B | $1.38B |
| Cost of revenue | $19.47B | $19.12B | $20.62B | $20.47B | $15.91B | $5.10B | $1.41B | $1.52B | $1.40B | $1.27B |
| Gross profit | -$860.0M | $63.0M | $1.37B | $2.52B | $4.53B | $252.0M | $575.7M | $809.6M | $467.6M | $280.1M |
| SG&A | $543.0M | $486.0M | $577.0M | $465.0M | $422.0M | $244.0M | $113.0M | $113.0M | $102.9M | $115.8M |
| Total operating expenses | $20.19B | $19.95B | $21.34B | $21.05B | $16.43B | $5.50B | $1.56B | $1.66B | $77.4M | $149.4M |
| Operating income | -$1.58B | -$763.0M | $659.0M | $1.94B | $4.01B | -$142.0M | $429.0M | $673.0M | $390.2M | $130.7M |
| Interest expense | — | — | — | — | — | — | — | $118.9M | $126.8M | $193.9M |
| Pre-tax income | -$2.00B | -$950.0M | $579.0M | $1.80B | $3.80B | -$193.0M | $313.0M | $565.0M | $108.2M | $110.4M |
| Income tax | $581.0M | $236.0M | $144.0M | $423.0M | $773.0M | $111.0M | $18.0M | $475.0M | $252.4M | $12.2M |
| Net income | -$1.48B | -$760.0M | $385.0M | $1.33B | $2.99B | -$122.0M | $293.0M | $1.13B | $367.0M | $174.1M |
| EPS, basic | -2.91 | -1.58 | 0.75 | 2.57 | 5.63 | -0.32 | 1.06 | 3.80 | 1.28 | 0.88 |
| EPS, diluted | -2.91 | -1.58 | 0.75 | 2.55 | 5.36 | -0.32 | 1.03 | 3.71 | 1.26 | 0.87 |
| Shares, diluted (wtd. avg.) | $508.0M | $480.0M | $511.0M | $524.0M | $558.0M | $379.0M | $284.0M | $304.0M | $293.0M | $200.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $57.0M | $54.0M | $198.0M | $26.0M | $48.0M | $112.0M | $353.0M | $823.0M | $978.0M | $312.8M |
| Receivables | $1.44B | $1.58B | $1.84B | $1.96B | $2.15B | $1.17B | $94.0M | $226.7M | $106.7M | $128.7M |
| Inventory | $4.77B | $5.09B | $4.46B | $5.13B | $5.19B | $3.83B | $317.0M | $181.1M | $138.4M | $178.4M |
| Total current assets | $6.43B | $6.91B | $6.64B | $7.42B | $7.65B | $5.30B | $898.0M | $1.48B | $1.54B | $824.6M |
| Property, plant and equipment | $9.48B | $9.94B | $8.89B | $9.07B | $9.19B | $8.74B | $1.93B | $1.29B | $1.03B | $984.4M |
| Goodwill | $1.81B | $1.77B | $1.00B | $1.13B | $1.12B | $1.41B | $2.0M | — | — | — |
| Other intangibles | $1.14B | $1.17B | $201.0M | $214.0M | $221.0M | $188.0M | — | — | — | $53.8M |
| Total assets | $20.01B | $20.95B | $17.54B | $18.75B | $18.98B | $16.77B | $3.50B | $3.53B | $2.95B | $1.92B |
| Accounts payable | $1.89B | $2.01B | $2.10B | $2.19B | $2.07B | $1.57B | $193.0M | $186.8M | $99.5M | $107.6M |
| Short-term debt | — | — | — | — | — | $34.0M | — | — | — | $17.5M |
| Total current liabilities | $3.30B | $3.36B | $3.51B | $3.55B | $3.56B | $2.93B | $409.0M | $468.2M | $452.2M | $391.1M |
| Long-term debt | $7.25B | $7.07B | $3.14B | $4.25B | $5.24B | $5.39B | $2.11B | $2.09B | $2.30B | $2.18B |
| Total liabilities | $13.69B | $14.08B | $9.41B | $10.71B | $13.20B | $13.69B | $3.15B | $3.11B | $3.40B | $3.25B |
| Retained earnings | -$529.0M | $949.0M | $1.73B | $1.33B | -$1.0M | -$2.99B | -$2.84B | -$3.06B | -$4.21B | -$4.57B |
| Total equity | $6.12B | $6.63B | $8.10B | $8.03B | $5.77B | $2.34B | $358.0M | $424.0M | -$445.0M | -$1.33B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$462.0M | $105.0M | $2.27B | $2.42B | $2.79B | -$258.0M | $568.0M | $479.0M | $338.1M | $303.0M |
| Depreciation and amortisation | $1.24B | $951.0M | $973.0M | $1.03B | $897.0M | $308.0M | $85.0M | $89.0M | $87.7M | $115.4M |
| Capital expenditure | $561.0M | $695.0M | $646.0M | $943.0M | $705.0M | $525.0M | $656.0M | $296.0M | $134.9M | $7.4M |
| Investing cash flow | -$479.0M | -$3.21B | -$591.0M | -$936.0M | -$1.38B | -$2.04B | -$644.0M | -$273.0M | -$156.0M | -$57.9M |
| Financing cash flow | $942.0M | $2.97B | -$1.50B | -$1.51B | -$1.47B | $2.06B | -$394.0M | -$376.0M | $498.9M | -$206.4M |
| Dividends paid | — | — | — | — | — | $41.0M | $72.0M | $0 | $0 | $0 |
| Buybacks | $0 | $733.0M | $152.0M | $240.0M | $0 | $0 | $253.0M | $48.0M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000764065-26-000025.
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