NYSE: CLF
CLEVELAND-CLIFFS INC.CIK 0000764065 · SIC 1000 · Metal Mining
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Cleveland-Cliffs swung to a third-quarter profit as revenue rose 18.5% to $5.61B.
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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 Oct 20, 2026 (period ending Sep 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 September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Revenues | 5,612 | 4,734 | 15,760 | 14,297 |
| Operating costs: | ||||
| Cost of goods sold | (5,147) | (4,780) | (15,245) | (14,951) |
| Selling, general and administrative expenses | (153) | (130) | (432) | (400) |
| Restructuring and other charges | (1) | (3) | (4) | (92) |
| Asset impairment | — | — | — | (39) |
| Miscellaneous, net | — | (25) | (30) | (63) |
| Total operating costs | (5,301) | (4,938) | (15,711) | (15,545) |
| Operating income (loss) | 311 | (204) | 49 | (1,248) |
| Other income (expense): | ||||
| Interest expense, net | (148) | (153) | (452) | (442) |
| Net periodic benefit credits other than service cost component | 64 | 57 | 192 | 157 |
| Changes in fair value of derivatives, net | (15) | (10) | (37) | (34) |
| Other non-operating income | 1 | 1 | 2 | 2 |
| Total other expense | (98) | (105) | (295) | (317) |
| Income (loss) from continuing operations before income taxes | 213 | (309) | (246) | (1,565) |
| Income tax benefit (expense) | (46) | 78 | 55 | 375 |
| Income (loss) from continuing operations | 167 | (231) | (191) | (1,190) |
| Loss from discontinued operations, net of tax | (2) | (3) | (7) | (3) |
| Net income (loss) | 165 | (234) | (198) | (1,193) |
| Net income attributable to noncontrolling interests | (13) | (17) | (32) | (42) |
| Net income (loss) attributable to Cliffs shareholders | 152 | (251) | (230) | (1,235) |
| Earnings (loss) per common share attributable to Cliffs shareholders - basic | ||||
| Continuing operations | 0.27 | (0.51) | (0.39) | (2.49) |
| Discontinued operations | — | — | (0.01) | — |
| 0.27 | (0.51) | (0.40) | (2.49) | |
| Earnings (loss) per common share attributable to Cliffs shareholders - diluted | ||||
| Continuing operations | 0.26 | (0.51) | (0.39) | (2.49) |
| Discontinued operations | — | — | (0.01) | — |
| 0.26 | (0.51) | (0.40) | (2.49) | |
Balance Sheet (Unaudited)
(In millions)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Other current assets | 15 | 7 |
| Other non-current assets | 13 | 10 |
| Other current liabilities | (170) | (24) |
| Other non-current liabilities | (8) | (2) |
Statements of Unaudited Condensed Consolidated Cash Flows
(In millions)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net loss | (198) | (1,193) |
| Adjustments to reconcile net loss to net cash provided (used) by operating activities: | ||
| Depreciation, depletion and amortization | 780 | 963 |
| Pension and OPEB credits | (166) | (130) |
| Deferred income taxes | (57) | (381) |
| Restructuring and other charges | 4 | 92 |
| Asset impairment | — | 39 |
| Other | 166 | 126 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (723) | (215) |
| Inventories | 59 | 399 |
| Income taxes | — | 15 |
| Pension and OPEB payments and contributions | (116) | (121) |
| Payables, accrued employment and accrued expenses | 412 | (31) |
| Other, net | (32) | (12) |
| Net cash provided (used) by operating activities | 129 | (449) |
| INVESTING ACTIVITIES | ||
| Purchase of property, plant and equipment | (461) | (421) |
| Other investing activities | 74 | 27 |
| Net cash used by investing activities | (387) | (394) |
| FINANCING ACTIVITIES | ||
| Proceeds from issuance of senior notes | — | 1,700 |
| Borrowings (repayments) under ABL Facility, net | 383 | (713) |
| Debt issuance costs | — | (26) |
| Other financing activities | (110) | (108) |
| Net cash provided by financing activities | 273 | 853 |
| Net increase in cash and cash equivalents | 15 | 10 |
| 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 | 77 | 73 |
| Restricted cash | — | (7) |
| Cash and cash equivalents at end of period | 77 | 66 |
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 ↗