Cleveland-Cliffs Q4 revenue misses estimates, adjusted EPS beats

Cleveland-Cliffs

09/02/2026 11:12

Overview

North America steel producer's Q4 revenue was $4.3 bln, missing analyst expectations

Adjusted loss per share Q4 was smaller than analyst expectations

Company attributes 2025 performance to weak automotive sector and market challenges

Outlook

Company expects 2026 steel shipment volumes between 16.5 mln and 17.0 mln net tons

Cleveland-Cliffs anticipates steel unit cost reductions of $10 per net ton in 2026

Company projects 2026 capital expenditures of approximately $700 mln

Result Drivers

AUTOMOTIVE SECTOR IMPACT - CEO Lourenco Goncalves cited weak production levels in the automotive sector as a negative factor for 2025 results

SLAB CONTRACT EXPIRATION - Expiring five-year slab contract was value-destructive in its last year, according to CEO Lourenco Goncalves

CANADIAN MARKET CHALLENGES - Newly adverse dynamics in the Canadian market affected 2025 performance, per CEO Lourenco Goncalves

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Miss
$4.3 bln
$4.59 bln (9 Analysts)
Q4 Adjusted EPS
Beat
-$0.43
-$0.60 (7 Analysts)
Q4 EPS
-$0.44
Q4 Net Income
-$235 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 9 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the iron & steel peer group is "buy."

Wall Street's median 12-month price target for Cleveland-Cliffs Inc is $13.00, about 11.7% below its February 6 closing price of $14.73

Press Release: ID:nBw2JmbLPa

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)