secwatch.observer — SEC 8-K summary
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Issuer:     CLEVELAND-CLIFFS INC. (CLF)
CIK:        0000764065
Form:       8-K
Filed at:   2025-05-07T23:59:59+00:00
Accession:  0000764065-25-000100
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764065/000076406525000100/0000764065-25-000100-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764065/000076406525000100/clf-20250507.htm
  HTML page:      https://secwatch.observer/filing/0000764065-25-000100

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer