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Companies / Materials / Cleveland-Cliffs Inc.
CLF

Cleveland-Cliffs Inc.

MaterialsMining
Ticker CLFCLEVELAND, OHFiscal year ends DecemberBook value per share $9.96Diluted shares 571.0M

Cleveland-Cliffs Inc. (NYSE: CLF) is a North American steel producer serving automotive manufacturers, infrastructure and manufacturing businesses, steel distributors and converters, and other steel producers. Its vertically integrated operations span iron ore mining and pellet production, direct-reduced iron, ferrous… From the company’s description.

In fiscal 2025, Cleveland-Cliffs Inc. reported revenue of $18.61B, down 3.0% from fiscal 2024, and a net loss of $1.43B. Its operating margin was −8.5%, and operations used $462.00M in cash. Over the twelve months to Sep 30, 2026, revenue was $20.07B.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-09-30
Sales & profitability
$18.61BFY2025
−3.0% year over year
Last 12 mo $20.07B
-8.48%FY2025
−4.5 percentage points
Last 12 mo -1.40%
$-1.43BFY2025
−101.7% year over year
Last 12 mo $-433.00M
-21.53%FY2025
−14.1 percentage points
Last 12 mo -8.32%
Cash & financing
$-462.00MFY2025
−540.0% year over year
Last 12 mo $116.00M
$-1.02BFY2025
−73.4% year over year
Last 12 mo $-485.00M
1.19FY2025
Was 1.06× a year earlier
Last 12 mo 1.34
508.0MFY2025
+5.8% year over year
Last 12 mo 571.0M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What Cleveland-Cliffs Inc. does

In the company’s own words

Cleveland-Cliffs Inc. (NYSE: CLF) is a North American steel producer serving automotive manufacturers, infrastructure and manufacturing businesses, steel distributors and converters, and other steel producers. Its vertically integrated operations span iron ore mining and pellet production, direct-reduced iron, ferrous scrap processing, steelmaking, finishing, stamping, tooling and tubing. Products include hot- and cold-rolled, coated, plate, stainless and electrical steels, as well as steel slabs, HBI, scrap, coke and iron ore. The company is organized into four operating segments—Steelmaking, Tubular, Tooling and Stamping, and European Operations—with Steelmaking as its primary reportable segment. Its downstream businesses supply carbon and stainless steel tubing, tool design and manufacturing, and stamped components and assemblies. Cleveland-Cliffs operates in the United States and Canada and employs approximately 25,000 people. At December 31, 2025, its seven blast furnaces and four electric arc furnaces had configured annual raw-steel production capacity of approximately 20 million net tons.

Company details
Sector
Materials
Industry (SIC)
Mining
Headquarters
CLEVELAND, OH
Fiscal year end
December
CIK
764065
SIC
1000

Financial performance, year by year

Fiscal 2013–2025 · USD
$-11.44B$-2.05B$7.34B$16.73B$26.12B2013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns Cleveland-Cliffs Inc. — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

283
funds hold it
2 of 35
superinvestors hold it
$1.64B
held by funds, at market
28.0%
of shares held by funds
9
bond issues held by funds

Superinvestors in Cleveland-Cliffs Inc. · what they did last quarter

Prem WatsaUNCHANGED
Fairfax Financial Holdings
5.3%of 13F portfolio
Stanley DruckenmillerINCREASED +82.2%
Duquesne Family Office
0.9%of 13F portfolio

Share of each manager’s reported 13F portfolio. Change is in shares held, since the previous quarter.

Largest fund holders · Cleveland-Cliffs Inc.’s weight in each

iShares Core S&P Mid-Cap ETF
IJH · iShares Trust
0.15%of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%of fund net assets
3.18%of fund net assets
VANGUARD SMALL-CAP INDEX FUND
VB · VANGUARD INDEX FUNDS
0.07%of fund net assets
VANGUARD SMALL-CAP VALUE INDEX FUND
VBR · VANGUARD INDEX FUNDS
0.11%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Cleveland-Cliffs Inc.’s bonds, as funds hold them

Funds report holding 9 issues of Cleveland-Cliffs Inc.’s debt, $3.18B at market value — what funds hold, not the company’s total debt. Weighted-average coupon 6.96%, maturing 2029 to 2040.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

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  • “How do Cleveland-Cliffs Inc. and its peers compare on margins and cash generation over ten years?”
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