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MARKETS / NYSE / Materials / Metal mining / CLF
NYSE · METAL MINING · LARGE CAP

Cleveland-cliffs Inc. CLF

19 fiscal years on record · USD · FY2025 reported · SEC filings only
$18.6B
▼ 3.0% YoY
$-1.5B
$-1.0B

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Cleveland-Cliffs extracts iron ore, produces pellets and direct reduced iron, processes ferrous scrap, and operates primary steelmaking and downstream finishing, stamping, tooling, and tubing operations. As of December 31, 2025, Cleveland-Cliffs employed approximately 25,000 people, with approximately 90% based in the United States. Cleveland-Cliffs operates seven blast furnaces and four electric arc furnaces with the configured capability of producing approximately 20.0 million net tons of raw steel annually. Cleveland-Cliffs is organized into four operating segments — Steelmaking, Tubular, Tooling and Stamping, and European Operations — and primarily operates through one reportable segment, Steelmaking. Cleveland-Cliffs sells its products to customers in four broad market categories: direct automotive, infrastructure and manufacturing, distributors and converters, and steel producers. Cleveland-Cliffs became a steel company in 2020.

Written from the business description in CLEVELAND-CLIFFS INC.'s annual report to the U.S. Securities and Exchange Commission, filed 9 February 2026. Every sentence was checked against that document before publication.

Growth

USD 18.6B
Revenue, FY2025 · full 19-year series below
Revenue $B Net income $B
FY2025 · Revenue 18.6 · Net income -1.5
10B20B-3B-6B
2007201020132016201920222025
Compound annual growth
−6.8%
+28.3%
+24.9%
+10.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +28.3% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−8 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -8.5% · Net -7.7%
20%40%-100%-200%
200720162025
ROE
FY2025 · ROE -23.2%
20%40%60%-10%-20%
200720162025
Three returns, three denominators.
Gross margin-4.6%
Operating margin-8.5%
Net margin-7.7%
EBITDAUSD -344.0M

Each USD of equity lost 23 cents this year.

Cash & shareholders

USD 0.00
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF -1.0
1.0B2.0B-0.5B-1.0B
200720162025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks -951.0
300M600M-400M-800MDividendsNet buybacks
2007201020132016201920222025
Dividends paid·
Net buybacksUSD -951.0M
Share of profit-0.0%
Consecutive raises·

Total assetsUSD 20.0B
EquityUSD 6.1B
CashUSD 57.0M
Gross debtUSD 7.3B
Net debtUSD 7.2B
Current ratio1.95×

Net debt stands at 118% of equity.

The 19-year record

19 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
CLF, 19-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010200920082007
Revenue $B18.619.222.023.020.45.42.02.31.91.62.03.43.95.96.64.52.33.62.3
Operating income $B−1.6−0.80.71.94.0−0.10.40.70.40.10.20.11.4−0.32.31.20.20.90.4
EBITDA $B−0.30.21.63.04.90.20.50.80.50.20.30.62.00.22.71.60.51.10.5
Income tax $B−0.6−0.20.10.40.8−0.10.0−0.5−0.3−0.00.2−0.10.20.30.40.30.00.10.1
Net income $B−1.5−0.80.41.33.0−0.10.31.10.40.2−0.7−7.20.4−0.91.61.00.20.50.3
Free cash flow $B−1.0−0.61.61.52.1−0.8−0.10.20.20.3−0.00.10.3−0.61.41.10.10.70.1
EPS, diluted $−2.91−1.580.752.555.36−0.321.033.711.260.87−5.13−47.522.37−6.3211.487.491.634.762.57
Dividend / sh $◌◌◌◌◌0.060.270.050.000.000.600.600.602.160.840.510.260.350.25
Payout %—————−3425000−0−122−34771678
ROE %−23.2−10.54.920.179.6−10.374.9—————7.7−17.333.631.99.634.021.1
Shares out B0.570.490.500.510.500.480.270.290.300.230.150.150.150.140.140.140.130.11◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

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Provenance

Company facts, as filed

How we verify · 0 failures in 87 reconciliationsAUDITED

Reconciled in 19 of the 19 fiscal years we could check. Two checks were skipped: the balance sheet is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityMetal Mining
Listed onNYSE
Incorporated inOhio
Fiscal year endsDecember 31
Data on record since2007

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