Overview

* Cleveland-Cliffs Q2 2025 revenue misses analyst expectations, per LSEG data

* Adjusted loss per share for Q2 beats consensus, reflecting cost optimization benefits

* Adjusted EBITDA for Q2 beats estimates

Outlook

* Company expects 2025 capital expenditures of $600 mln, down from $625 mln

* Cleveland-Cliffs ( CLF ) sees 2025 SG&A expenses at $575 mln, down from $600 mln

* Company anticipates 2025 depreciation, depletion and amortization at $1.2 bln, up from $1.1 bln

* Cleveland-Cliffs ( CLF ) maintains steel unit cost reduction of $50 per net ton

Result Drivers

* FOOTPRINT OPTIMIZATION - Initiatives led to cost reductions and improved adjusted EBITDA, per CEO Lourenco Goncalves

* INVENTORY REDUCTION - Reduced inventories drove a meaningful release in working capital during the qtr

* STEEL SHIPMENTS - Record steel shipments of 4.3 mln net tons in Q2 2025

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Miss $4.90 $4.93

Revenue bln bln (8

Analysts

)

Q2 Beat -$0.5 -$0.74

Adjusted (7

EPS Analysts

)

Q2 Net -$470

Income mln

Q2 Beat $97 mln -$7.38

Adjusted mln (7

EBITDA Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "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 ( CLF ) is $8.75, about 8.3% below its July 18 closing price of $9.48

Press Release:

(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.)