NYSE: CLF
CLEVELAND-CLIFFS INC.CIK 0000764065 · SIC 1000 · Metal Mining
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Cleveland-Cliffs prices 75M-share offering at $12.69, raising $950.9M net to repay ABL debt
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Latest financial statements
From 10-Q filed Jul 23, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Statements of Unaudited Condensed Consolidated Operations
(In millions, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | 5,226 | 4,934 | 10,148 | 9,563 |
| Operating costs: | ||||
| Cost of goods sold | (5,094) | (5,146) | (10,098) | (10,171) |
| Selling, general and administrative expenses | (154) | (137) | (279) | (270) |
| Restructuring and other charges | (3) | (86) | (3) | (89) |
| Asset impairment | — | (39) | — | (39) |
| Miscellaneous net | (24) | (27) | (30) | (38) |
| Total operating costs | (5,275) | (5,435) | (10,410) | (10,607) |
| Operating loss | (49) | (501) | (262) | (1,044) |
| Other income (expense): | ||||
| Interest expense, net | (156) | (149) | (304) | (289) |
| Net periodic benefit credits other than service cost component | 64 | 43 | 128 | 100 |
| Changes in fair value of derivatives, net | (12) | (15) | (22) | (24) |
| Other non-operating income | 1 | 1 | 1 | 1 |
| Total other expense | (103) | (120) | (197) | (212) |
| Loss from continuing operations before income taxes | (152) | (621) | (459) | (1,256) |
| Income tax benefit | 20 | 148 | 101 | 297 |
| Loss from continuing operations | (132) | (473) | (358) | (959) |
| Loss from discontinued operations, net of tax | (2) | — | (5) | — |
| Net loss | (134) | (473) | (363) | (959) |
| Net income attributable to noncontrolling interests | (11) | (13) | (19) | (25) |
| Net loss attributable to Cliffs shareholders | (145) | (486) | (382) | (984) |
| Loss per common share attributable to Cliffs shareholders - basic | ||||
| Continuing operations | (0.25) | (0.98) | (0.66) | (1.99) |
| Discontinued operations | — | — | (0.01) | — |
| (0.25) | (0.98) | (0.67) | (1.99) | |
| Loss per common share attributable to Cliffs shareholders - diluted | ||||
| Continuing operations | (0.25) | (0.98) | (0.66) | (1.99) |
| Discontinued operations | — | — | (0.01) | — |
| (0.25) | (0.98) | (0.67) | (1.99) | |
Balance Sheet (Unaudited)
(In millions)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Other current assets | 10 | 7 |
| Other non-current assets | 6 | 10 |
| Other current liabilities | (93) | (24) |
| Other non-current liabilities | (12) | (2) |
Statements of Unaudited Condensed Consolidated Cash Flows
(In millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net loss | (363) | (959) |
| Adjustments to reconcile net loss to net cash used by operating activities: | ||
| Depreciation, depletion and amortization | 521 | 675 |
| Pension and OPEB credits | (111) | (82) |
| Deferred income taxes | (102) | (303) |
| Restructuring and other charges | 3 | 89 |
| Asset impairments | — | 39 |
| Other | 130 | 63 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (607) | (199) |
| Inventories | 229 | 396 |
| Income taxes | 2 | 10 |
| Pension and OPEB payments and contributions | (73) | (73) |
| Payables, accrued employment and accrued expenses | 277 | 5 |
| Other, net | (1) | 33 |
| Net cash used by operating activities | (95) | (306) |
| INVESTING ACTIVITIES | ||
| Purchase of property, plant and equipment | (309) | (264) |
| Other investing activities | 43 | 8 |
| Net cash used by investing activities | (266) | (256) |
| FINANCING ACTIVITIES | ||
| Proceeds from issuance of senior notes | — | 850 |
| Borrowings (repayments) under ABL Facility, net | 444 | (183) |
| Debt issuance costs | — | (14) |
| Other financing activities | (69) | (86) |
| Net cash provided by financing activities | 375 | 567 |
| Net increase in cash and cash equivalents | 14 | 5 |
| Cash, cash equivalents, and restricted cash at beginning of period | 63 | 60 |
| Effect of exchange rate changes on cash | (1) | 3 |
| Cash, cash equivalents, and restricted cash at end of period | 76 | 68 |
| Restricted cash | (6) | (7) |
| Cash and cash equivalents at end of period | 70 | 61 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share amounts); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗