Cleveland-Cliffs Q1 net loss $483M, idles six facilities for $300M+ annual savings

CLEVELAND-CLIFFS INC.

2026-Q1 EPS reported -$1.01 vs consensus -$0.39 ▼ miss (-159.4%)

Q1 GAAP net loss $483M ($1.00/sh), adjusted loss $456M ($0.92/sh); revenues $4.6B vs $4.3B Q4.
Adjusted EBITDA loss $174M vs loss $81M in Q4; steel selling price $980/ton down from $1,175 YoY.
Six facilities fully or partially idled; expected annual savings >$300M; flat-rolled output unchanged.
Full-year 2025 capex guidance reduced to $625M from $700M; SG&A to $600M from $625M.
Slab contract with ArcelorMittal/Nippon Steel ending year-end; termination seen as $500M annualized EBITDA benefit from 2026.

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