CLEVELAND-CLIFFS INC. CLF

Basic materials SIC 1000 - Metal Mining NAICS Mining, Quarrying, and Oil and Gas Extraction › Mining (except Oil and Gas) › Metal Ore Mining derived NYSE

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.

Last close 13.90 2026-10-23
Market cap $7.93B 2026-06-30 share count
52-week range 7.73 - 15.35

Valuation FY2025 figures against the last close

P/S0.4x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-2.91

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -2.91-1.580.752.575.63-0.321.063.801.280.88
EPS, diluted -2.91-1.580.752.555.36-0.321.033.711.260.87
Shares, diluted (wtd. avg.) 508.0M480.0M511.0M524.0M558.0M379.0M284.0M304.0M293.0M200.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -10B 0 10B 20B 30B Revenue, FY2016: 1.4B Gross profit, FY2016: 280.1M Net income, FY2016: 174.1M Revenue, FY2017: 1.9B Gross profit, FY2017: 467.6M Net income, FY2017: 367M Revenue, FY2018: 2.3B Gross profit, FY2018: 809.6M Net income, FY2018: 1.1B Revenue, FY2019: 2B Gross profit, FY2019: 575.7M Net income, FY2019: 293M Revenue, FY2020: 5.4B Gross profit, FY2020: 252M Net income, FY2020: -122M Revenue, FY2021: 20.4B Gross profit, FY2021: 4.5B Net income, FY2021: 3B Revenue, FY2022: 23B Gross profit, FY2022: 2.5B Net income, FY2022: 1.3B Revenue, FY2023: 22B Gross profit, FY2023: 1.4B Net income, FY2023: 385M Revenue, FY2024: 19.2B Gross profit, FY2024: 63M Net income, FY2024: -760M Revenue, FY2025: 18.6B Gross profit, FY2025: -860M Net income, FY2025: -1.5B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.38B $1.87B $2.33B $1.99B $5.35B $20.44B $22.99B $22.00B $19.18B $18.61B
Gross profit $280.1M $467.6M $809.6M $575.7M $252.0M $4.53B $2.52B $1.37B $63.0M -$860.0M
Net income $174.1M $367.0M $1.13B $293.0M -$122.0M $2.99B $1.33B $385.0M -$760.0M -$1.48B

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 1000

TickerCompanyMarket capP/ERevenue growth
SCCO SOUTHERN COPPER CORP/ $154.36B 35.3x 17.4%
FCX FREEPORT-MCMORAN INC $93.60B — 0.1%
MP MP Materials Corp. / DE $6.82B — 10.1%
IE Ivanhoe Electric Inc. $1.25B 9.9x 11.8%
USAR USA Rare Earth, Inc. $1.24B — —
TMC TMC the metals Co Inc. $1.07B 2.9x —
LAC LITHIUM AMERICAS CORP. $751.5M — —
DC Dakota Gold Corp. $707.1M — —