Overview

* Adjusted EPS for Q3 beats consensus, despite a net loss of $234 mln

* Cleveland-Cliffs ( CLF ) Q3 revenue of $4.7 bln missed analyst expectations

* Company highlights demand recovery for automotive-grade steel, signs MoU with global producer

Outlook

* Cleveland-Cliffs ( CLF ) updates 2025 capital expenditures to $525 mln from $600 mln

* Company maintains 2025 steel unit cost reductions at $50 per net ton

* Cleveland-Cliffs ( CLF ) expects 2025 SG&A expenses to be $550 mln, down from $575 mln

Result Drivers

* AUTOMOTIVE STEEL DEMAND - CEO Lourenco Goncalves attributes demand recovery for automotive-grade steel to new trade environment and multi-year supply agreements with major OEMs

* SALES MIX AND PRICING - Co reports a richer sales mix and improved pricing, supported by cost execution

* RARE EARTH OPPORTUNITY - Co explores rare earth potential at mining sites in Michigan and Minnesota, aligning with national strategy for critical material independence

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $4.70 $4.89

Revenue bln bln (8

Analysts

)

Q3 Beat -$0.45 -$0.47

Adjusted (5

EPS Analysts

)

Q3 Net -$234

Income 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 ( CLF ) is $12.00, about 11% below its October 17 closing price of $13.32

Press Release:

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(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.)