American mining and production company Cleveland-Cliffs Inc. reported financial results for the third quarter of 2025.
The company reported total revenue of $4.7 billion in the third quarter, up from $4.9 billion in the second quarter of 2025. Adjusted EBITDA in the third quarter was $143 million, compared to an adjusted EBITDA loss of $94 million in the second quarter of 2025.
Cleveland-Cliffs expects full-year 2025 capital expenditures to be approximately $525 million, compared to previous expectations of approximately $600 million
"Our third quarter results were a clear sign of a recovery in demand for automotive steel produced in the United States, and this is a direct result of the new trading environment introduced and implemented by the Trump Administration. As a result of this new trading environment, we have entered into new and growing supply agreements with all major automotive manufacturers equipment through multi-year agreements that reflect the strength of our established supply chains anchored by our nine automotive steel galvanization plants, with five of these plants specializing in exposed parts. Our third quarter results show a richer sales mix and improved pricing, further supported by continued cost reductions. With the completion of the contract for the supply of slabs from ArcelorMittal will close in early December, a trend we expect to accelerate in 2026,” said Lourenco Gonçalves, the company’s President and CEO. “The United States is the most attractive steel market in the world. It is large, growing and currently hostile territory for dumped steel from abroad. Being the only truly integrated As a manufacturer with leadership positions in automotive steel, electrical steel, stainless steel and sheet metal, Cleveland-Cliffs is at the center of this ecosystem. For a foreign partner, the opportunity to participate in the US market through Cliffs is incredibly valuable. Last quarter, we entered into a Memorandum of Understanding with a major global steel producer that is seeking to leverage our unrivaled US presence and trade compliant operations. We expect that the final outcome of this Memorandum of Understanding will be of great benefit to our shareholders. We look forward to sharing more details about this ongoing development soon."
Mr. Gonsalves concluded: “Beyond steel production, the renewed importance of rare earth metals has prompted us to re-focus on this potential opportunity in our
