Cleveland-Cliffs shares edge higher as automotive steel demand recovers

CLEVELAND - Cleveland-Cliffs Inc. (NYSE:CLF) reported a third-quarter adjusted loss of -$0.45 per share on Monday, meeting analyst expectations, while revenue came in at $4.7 billion, below the consensus estimate of $4.9 billion.

The steel producer’s shares rose 0.30% in pre-market trading following the results, which showed signs of recovery in automotive steel demand.

The company’s third-quarter steel shipments reached 4.0 million net tons, up from 3.8 million tons in the same period last year, reflecting improved demand particularly from the automotive sector. Revenue declined slightly from $4.9 billion in the second quarter of 2025. The company posted an adjusted EBITDA of $143 million, improving from $94 million in the previous quarter.

"Our third quarter results marked a clear sign of demand recovery for automotive-grade steel made in the USA, and that is a direct consequence of the new trade environment," said Lourenco Goncalves, Cleveland-Cliffs’ Chairman, President and CEO. "We have won new and growing supply arrangements with all major automotive OEMs, locking in multi-year agreements."

The steelmaker updated its full-year 2025 guidance, lowering expected capital expenditures to approximately $525 million from $600 million previously, and reducing selling, general and administrative expenses to approximately $550 million from $575 million. The company maintained its projection for steel unit cost reductions of approximately $50 per net ton compared to 2024.

Cleveland-Cliffs also disclosed it had entered into a Memorandum of Understanding with a major global steel producer, which it expects to be "highly accretive" to shareholders. Additionally, the company revealed plans to explore rare earth opportunities at its mining assets in Michigan and Minnesota.

As of September 30, 2025, the company reported total liquidity of $3.1 billion.

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