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Cleveland-Cliffs Inc. (NYSE:CLF), currently trading at $7.01 and showing a market capitalization of $3.47 billion, held its Annual Meeting on May 15, 2025, where shareholders cast their votes on several key proposals, including the election of directors and executive compensation. According to InvestingPro analysis, the company’s financial health score currently stands at "WEAK."
At the meeting, shareholders re-elected all the company’s nominees to the board of directors for a term that will expire at the 2026 annual meeting. The elected directors include Lourenco Goncalves, Douglas C. Taylor, John T. Baldwin, Ron A. Bloom, Jane M. Cronin, Susan M. Green, Ralph S. Michael, III, Ben Oren, Gabriel Stoliar, and Arlene M. Yocum. The board faces significant challenges, as InvestingPro data shows the company operates with a debt-to-capital ratio of 0.66, though maintaining a healthy current ratio of 2.13.
The shareholders also approved, on an advisory basis, the compensation of the company’s named executive officers. The proposal received an affirmative vote of over 90%, indicating strong shareholder support for the company’s executive compensation practices. This comes despite the stock’s challenging performance, with a decline of over 37% in the past six months. For deeper insights into Cleveland-Cliffs’ financial metrics and performance indicators, investors can access the comprehensive Pro Research Report available on InvestingPro.
Additionally, the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the year 2025 was ratified with more than a majority of the votes.
The meeting saw a quorum with holders of 374,011,038 common shares present in person or by proxy, out of the 494,485,270 common shares entitled to vote as of the record date, March 17, 2025.
The company’s SEC filing on May 21, 2025, provides the detailed voting results for each proposal. This information is based on the press release statement issued by Cleveland-Cliffs Inc.
In other recent news, Cleveland-Cliffs Inc. reported disappointing first-quarter 2025 earnings, revealing a larger-than-expected loss and a revenue shortfall. The company posted an earnings per share (EPS) of -$0.92, missing the forecast of -$0.67, while revenue came in at $4.63 billion, slightly below the expected $4.68 billion. Cleveland-Cliffs is implementing operational changes, including idling non-core assets, aiming to save $300 million annually. The company expects improved EBITDA in the second quarter and the latter half of 2025, driven by an anticipated increase in average selling prices. Despite these setbacks, Cleveland-Cliffs remains optimistic about its position in the automotive steel market, with expected increases in domestic auto production. Analysts from B. Riley Securities and Jefferies have shown interest in the company’s cost-saving measures and strategic initiatives. Cleveland-Cliffs is also considering potential asset sales to generate substantial value and reduce debt, as indicated by CFO Celso.
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