US-based mining and natural resources company, Cleveland-Cliffs Inc., has reported its financial results for the third quarter of 2025.
In the third quarter, the company reported total revenues of $4.7 billion, compared to $4.9 billion in the second quarter of 2025. The third quarter adjusted EBITDA was $143 million, compared to the adjusted EBITDA loss of $94 million in the second quarter of 2025.
Cleveland-Cliffs expects its full-year 2025 capital expenditures of approximately $525 million from its previous expectation of approximately $600 million.
“Our third quarter results marked a clear sign of demand recovery for automotive-grade steel made in the USA, and that is a direct consequence of the new trade environment implemented and enforced by the Trump Administration. As a result of this new trade environment, we have won new and growing supply arrangements with all major automotive OEMs, locking in multi-year agreements that reflect the reliability of our well-established supply chains anchored by our nine galvanizing plants dedicated to automotive-grade steels, with five of these plants specialized in exposed parts. Our Q3 results show a richer sales mix and improved pricing, further bolstered by our continued execution on costs. With the end of the slab supply contract to ArcelorMittal in early December, we expect this trend to accelerate into 2026,” said Lourenco Goncalves, President and CEO of the company. “The United States is the most attractive steel market in the world. It is large, growing, and is now hostile territory for dumped steel from abroad. As the only truly integrated producer with leadership positions in automotive steel, electrical steel, stainless steel, and plate, Cleveland-Cliffs sits at the center of this ecosystem. For a foreign partner, the opportunity to participate in the U.S. market through Cliffs is incredibly valuable. This past quarter, we entered into a Memorandum of Understanding with a major global steel producer, which seeks to leverage our unmatched U.S. footprint and trade-compliant operations. We expect the ultimate outcome of this MoU to be highly accretive to our shareholders. We look forward to sharing more on this ongoing development soon.”
Mr. Goncalves concluded, “Beyond steelmaking, the renewed importance of rare earths has driven us to re-focus on this potential opportunity at our upstream mining assets. It is our obligation to do so as a company with our geological footprint. We have looked at all of our ore bodies and tailings basins, and two sites in particular, one in Michigan and one in Minnesota, show the most potential. At these two sites, geological surveys show key indicators of rare-earth mineralization. If successful, it would align Cleveland-Cliffs with the broader national strategy for critical material independence, similar to what we achieved in steel. American manufacturing shouldn’t rely on China or any foreign nation for essential minerals, and Cliffs intends to be part of the solution."