Cleveland-Cliffs reported a net loss of $1.4 billion on $18.6 billion in revenue for 2025, down from $19.2 billion the prior year. Weak automotive production and lower spot steel prices halved margins, while global oversupply and a CEO share sale weighed on sentiment.

First-quarter revenue reached $4.9 billion, topping estimates of $4.81 billion, with shipments rising to 4.1 million net tons. The adjusted loss narrowed to $0.40 per share from $0.93, and adjusted EBITDA turned to a $95 million profit despite an $80 million winter energy cost headwind.

Section 232 tariffs lifted hot-rolled coil prices to an average of $980 per ton, a 24% year-over-year gain, while steel imports fell to the lowest level since the financial crisis. Management cites stronger order books, improving automotive demand and longer lead times as signs of a recovering domestic market.

Trailing EPS stands at negative $2.31, with a forward P/E of roughly 29x reflecting expected recovery. The stock trades at about 1.0x book value and 0.31x sales, suggesting distress pricing, while normalized EBITDA multiples imply a $10–$15 valuation. Management forecasts positive free cash flow beginning in Q2, which could catalyze a turnaround narrative.