---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-25-000033"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2025-02-03T23:59:59+00:00"
generated_at: "2026-05-27T04:23:18.812697+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Cleveland-Cliffs reports preliminary Q4 adjusted EBITDA loss of ~$85M; launches $850M notes offering at 7.500%

## Summary
- Q4 expected revenues ~$4.3B, steel shipments 3.8M net tons; FY2024 adj. EBITDA ~$775M (pro-forma $1.2B incl. Stelco).
- Stelco acquisition closed Nov 1, 2024; included only Nov-Dec in Q4 results.
- CEO cites worst steel demand since 2010 (ex-COVID) and expects recovery from tariffs on Mexico, Canada, China.
- Priced $850M senior guaranteed notes at 7.500% due 2031; upsized from $750M; proceeds to repay ABL borrowings.
- Notes offering expected to close Feb 6, 2025; unsecured, guaranteed by material domestic subsidiaries.

## SEC filing metadata
- accession: 0000764065-25-000033
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2025-02-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406525000033/0000764065-25-000033-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406525000033/clf-20250203.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-25-000033
- JSON: https://secwatch.observer/filing/0000764065-25-000033.json
- Plain text: https://secwatch.observer/filing/0000764065-25-000033.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.