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AI brief of an SEC Form 8-K · Cleveland-Cliffs (CLF)

Cleveland-Cliffs swings to 2024 net loss of $708 million; revenue falls to $19.2 billion

Negative Impact 4 of 5 earnings Written later

Cleveland-Cliffs reported a full-year 2024 GAAP net loss of $708 million, or $1.57 per diluted share, compared with 2023 net income of $450 million, as revenue fell to $19.2 billion from $22.0 billion. CEO Lourenco Goncalves blamed weak steel demand and unsustainably low steel prices from imports, and said the fourth quarter should be the trough. The filing gives 2025 expectations that now include Stelco, but no 2025 revenue or earnings forecast.

Key points

  • Full-year 2024 revenues were $19.2 billion, down from $22.0 billion in 2023.
  • Full-year 2024 GAAP net loss was $708 million ($1.57 per diluted share), versus 2023 net income of $450 million ($0.78 per diluted share).
  • Fourth-quarter 2024 GAAP net loss was $434 million ($0.92 per diluted share); Adjusted EBITDA was a $81 million loss, versus $279 million a year earlier.
  • 2025 expectations include capital expenditures of approximately $700 million and steel unit cost reductions of approximately $40 per net ton versus 2024.

The filing

CompanyCleveland-Cliffs (CLF)
Form8-K, current report
Filed with the SECFeb 24, 2025, 5:08 PM ET
Accession number0000764065-25-000055

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:59 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 24, 2025.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.