Cleveland-Cliffs Q3 adjusted loss narrows to $0.45 a share; revenue falls to $4.7 billion
Cleveland-Cliffs reported third-quarter 2025 results with revenue of $4.7 billion, down from $4.9 billion in the second quarter. The GAAP net loss narrowed to $234 million from $473 million, and adjusted EBITDA rose to $143 million from $94 million, which shows the steelmaker's losses shrinking even as sales declined. The company also lowered its full-year 2025 capital expenditure and SG&A expectations.
Key points
- Revenue was $4.7 billion in Q3 2025, compared with $4.9 billion in Q2 2025.
- Adjusted net loss was $223 million, or $0.45 per diluted share, versus $250 million, or $0.51 per share, in Q2 2025.
- Adjusted EBITDA was $143 million, up from $94 million in Q2 2025.
- Full-year 2025 capital expenditure expectation was cut to approximately $525 million from $600 million; SG&A expectation was cut to approximately $550 million from $575 million.
The filing
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 October 20, 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.