Cleveland-Cliffs Q1 net loss widens to $483 million as six facilities are idled
Cleveland-Cliffs reported a first-quarter 2025 GAAP net loss of $483 million, or $1.00 per diluted share, compared with a net loss of $53 million a year earlier. The company is idling six facilities, which it expects to save over $300 million annually, and it updated full-year 2025 cost and capital spending expectations.
Key points
- GAAP net loss of $483 million, or $1.00 per diluted share, vs. a net loss of $53 million in Q1 2024
- Adjusted EBITDA loss of $174 million, vs. Adjusted EBITDA of $414 million in Q1 2024
- Revenue of $4.6 billion, up from $4.3 billion in Q4 2024 but down from $5.2 billion in Q1 2024
- Full-year 2025 steel unit cost reduction now about $50 per net ton (previously about $40); capital expenditures now about $625 million (previously $700 million)
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:58 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 May 07, 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.