Cleveland-Cliffs Inc

clevelandcliffs.com

What Do They Do?

Makes and sells flat-rolled steel and related steel products to automakers, manufacturers and steel distributors.

How Do They Make Money?

Customers buy steel and related products through purchase orders; the sale is completed at a single point based on the shipping terms.

revenue

Segment	Share	How money arrives
Steelmaking Sold outright	97% FY2022: 98%	Sold outright
Other Businesses Sold outright	3.5% FY2022: 2.6%	Sold outright
Eliminations	−0.6% FY2022: −0.3%

Who Are Their Customers?

Automakers buy directly; infrastructure and manufacturing businesses, plus steel-industry buyers such as service centers and steel producers, also buy. Service centers source steel and fabricate it for their customers.

Do Revenues Turn Into Profits?

No. It lost $1.5B in FY2025.

Operating income, FY2025

−8% of revenue

▲ +107% (Loss) vs FY2024 (−$763M, −4%)

Net income, FY2025

−8% of revenue

▲ +94% (Loss) vs FY2024 (−$760M, −4%)

Free cash flow, FY2025

−5% of revenue

▲ +73% (Loss) vs FY2024 (−$590M, −3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +19%; vs $4.7B in Q3 FY2025
Net income: ▲ Now profitable; vs −$251M in Q3 FY2025

Steelmaking share of revenue vs 96.9% in Q3 FY2025

Jul 23, 2026 Sets third-quarter adjusted EBITDA guidance at approximately $575 million

Shrinking. Revenue fell 9% in 4 years, from $20.4B in FY2021 to $18.6B in FY2025, about 2% a year.

Shift from slab sales The older report listed slabs among the company's steel products; the latest says its long-term slab supply contract ended and sales shifted toward products with higher profit margins.

Revenue over time

Steelmaking Other Businesses Eliminations

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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