Cleveland-Cliffs increased steel sales by 4% y/y in 2025

According to its 2025 results, the American steel company Cleveland-Cliffs increased its external sales of steel products by 4% year-on-year to 16.2 million short tons. This is stated in the company’s report.

Hot-rolled steel accounted for 40% of total sales for the period. The average net selling price of steel products in 2025 was $1,005 per short ton, compared to $1,081/ton in the previous year.

Last year, Cliffs generated consolidated revenue of approximately $18.6 billion, but recorded a net loss of approximately $1.7 billion for 2025.

As noted by Cliffs Chairman, President, and CEO Lorenço Gonçalves, the company’s performance in 2025 was negatively impacted by low production volumes in the automotive sector, the termination of a five-year slab contract with ArcelorMittal, and new unfavorable dynamics in the Canadian market.

Gonzalez added that last year the company optimized its presence and exited non-core assets with minimal impact on flat steel production, signed multi-year contracts with all major customers in the automotive industry, and reduced production costs compared to 2024. Cleveland-Cliffs also extended its debt maturities and reduced capital expenditures.

The American steel producer also aims to complete a deal with South Korea’s Posco in the first half of this year. The latter continues to conduct due diligence as part of the recently announced strategic partnership between the parties.

Cleveland-Cliffs expects steel shipments in 2026 to be 16.5-17 million short tons, slightly higher than last year. The company forecasts a $10/ton reduction in the cost of steel and capital expenditures of approximately $700 million.

As a reminder, in 2024, Cleveland-Cliffs reduced its external steel sales by 5% year-on-year – to 15.6 million short tons.