Cleveland-Cliffs Inc (NYSE: CLF) is a North American steel and iron ore company that produces flat-rolled steel products through a vertically integrated manufacturing process spanning iron ore mining through finished steel stamping, tooling, and tubing. Revenue comes from transactional and contract sales of steel products to automotive, service center, construction, and industrial customers. CLF operates seven blast furnaces and four electric arc furnaces with configured capacity of approximately 20.0 million net tons of raw steel annually as of the FY2025 10-K filed February 9, 2026. The company completed the Stelco acquisition on November 1, 2024, expanding its Canadian footprint and doubling its exposure to the North American spot market. CLF is organized into four segments: Steelmaking, Tubular, Tooling and Stamping, and European Operations, with Steelmaking as the sole reportable segment. FY2025 revenues were $16.784 billion against cost of goods sold of $17.470 billion, producing a net loss of $1.063 billion attributable to Cliffs shareholders.

Revenue model

Transactional and contract sales of steel products priced to end markets, with automotive customers typically commanding higher selling prices than commodity steel buyers due to exacting quality requirements. Spot market sales expanded after the Stelco acquisition, which doubled CLF's North American spot market exposure.

Products and services

Flat-rolled steel including hot-rolled coil (HRC), non-oriented electrical steel (NOES) for EV motors, high-strength automotive steel, tubular products, stamped steel parts, and tooling. Upstream inputs produced internally include iron ore pellets, hot briquetted iron (HBI), coke, and coking coal.

Customers and end markets

The automotive industry is the largest end market. Additional end markets include service centers, construction, and other industrial buyers. Post-Stelco acquisition, the Canadian customer base expanded across service centers, construction, and industrial end markets. CLF is described in the FY2025 filing as a critical supplier of steel to U.S. automotive manufacturers.

Value-chain role

Vertically integrated producer: mines iron ore in Michigan and Minnesota, converts ore to pellets and HBI, operates blast furnaces and EAFs to produce raw steel, and finishes steel at integrated mills and standalone facilities including stamping, tooling, and tube-making operations. Self-sufficiency in key raw materials is a stated cost advantage.

Geographic exposure

Primary operations in Indiana, Michigan, Ohio, Pennsylvania, and Ontario, Canada. Iron ore mining in Michigan and Minnesota. European Operations segment present as of the FY2025 filing. Canadian presence expanded via the Stelco acquisition completed November 1, 2024.

Competitors

U.S. Steel, POSCO Holdings Inc., EAF-based domestic steel producers

Source: SEC 10-K, filed 2026-02-09

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