US-based mining and natural resources company, Cleveland-Cliffs Inc., has reported its results for the first quarter of 2025.
In the first quarter, the company reported total revenues of $4.6 billion, compared to $4.3 billion in the fourth quarter of 2024. The first quarter adjusted EBITDA loss was $174 million, compared to an adjusted EBITDA loss of $81 million in the fourth quarter of 2024.
Cleveland-Cliffs expects its full-year 2025 capital expenditures of approximately $625 million from its previous expectation of approximately $625 million.
“Our first-quarter results were negatively impacted by underperforming non-core assets and the lagging effect of lower index prices in late 2024 and early 2025. As a result, we are taking decisive action to streamline our operations and enhance efficiency. This will drive meaningful fixed cost savings and sharpen our focus on our core strength: supplying steel to the automotive industry. The Trump Administration has shown strong support for both the steel and the automotive sectors, and Cliffs is uniquely positioned at the intersection of these two industries. As a result of the actions taken by the Administration designed to boost the production of vehicles in the United States, we have already arranged higher volume commitments with our automotive OEM customers, and we now have a clear line of sight to recover the stable EBITDA base that the automotive business has historically delivered,” said Lourenco Goncalves, President and CEO of the company.