Cleveland-Cliffs Reports Full-Year and Fourth-Quarter 2024 Financial Results

Cleveland-Cliffs Inc. (NYSE: CLF) announced its consolidated financial results for full-year and fourth-quarter 2024 on February 24, 2025, illustrating a challenging operating environment for the American steel producer.

For the full-year period ended December 31, 2024, consolidated revenues declined to $19.2 billion from $22.0 billion in the prior year. The company recorded a GAAP net loss of $708 million, or $1.57 per diluted share, compared to a net income of $450 million, or $0.78 per diluted share, in 2023. Adjusted results also reflected a sharp turnaround, with an adjusted net loss of $351 million, or $0.73 per diluted share, versus an adjusted net income of $545 million, or $1.07 per diluted share, reported in the previous year. Adjusted EBITDA fell to $780 million in 2024, down from $1.9 billion in 2023, with the decline primarily attributed to lower steel index pricing, partially offset by reduced operating costs.

In the fourth quarter of 2024, the company reported consolidated revenues of $4.3 billion, compared to $5.1 billion in the same period last year. The quarter also resulted in a GAAP net loss of $434 million, or $0.92 per diluted share, while the prior year posted a net loss of $139 million, or $0.31 per diluted share. Adjusted figures showed a net loss of $332 million, or $0.68 per diluted share for the fourth quarter, in contrast with a modest loss of $25 million, or $0.05 per diluted share, reported in the comparable period of 2023. Fourth-quarter adjusted EBITDA registered a loss of $81 million, in contrast to $279 million in adjusted EBITDA during the same quarter in 2023.

Lourenco Goncalves, Chairman, President and CEO, attributed the weak results to what he described as “the worst steel demand environment since 2010 (ex-COVID).” He noted that the company’s strategic focus on supporting high-end U.S. manufacturers made it particularly vulnerable in an environment where a record number of imported automobiles has exerted downward pressure on domestic steel prices. Goncalves indicated that the downturn was most acutely felt in the fourth quarter, which he expects represents the trough for the cycle. He also highlighted early signs of a rebound in 2025, pointing to improvements in automotive pull, index pricing, and a strengthening overall order book. Additionally, he commented on the anticipated benefits stemming from revised trade enforcement and a supportive industrial policy aimed at bolstering U.S. manufacturing, which he believes will benefit Cleveland-Cliffs more than many of its peers.

The filing provided detailed insights into the company’s steelmaking segment, noting variations in net ton sales mix across product categories such as hot-rolled, coated, cold-rolled, plate, stainless products, and others. The full-year 2024 steel product sales volume amounted to 15.6 million net tons while the fourth-quarter volume was approximately 3.8 million net tons.

Looking ahead to 2025, Cleveland-Cliffs outlined several expectations that now include the recently acquired Stelco operations. The company anticipates steel unit cost reductions of approximately $40 per net ton compared to 2024, capital expenditures of about $700 million, selling, general and administrative expenses near $625 million, depreciation, depletion and amortization expenses of roughly $1.1 billion, and cash pension and OPEB payments and contributions of around $150 million.

The announcement comes as the company prepares to host a conference call on February 25, 2025, at 8:30 a.m. ET, where management is expected to provide further color on the performance results and the outlook for 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cleveland-Cliffs’s 8K filing here.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.