---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-25-000121"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2025-07-21T23:59:59+00:00"
generated_at: "2026-05-18T05:25:09.465377+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Cleveland-Cliffs Q2: record steel shipments 4.3M tons; GAAP net loss $470M

## Summary
- Revenues $4.9B; GAAP net loss $470M includes $323M non-recurring charges.
- Adjusted net loss $247M ($0.50/diluted share); adjusted EBITDA $97M, $271M QoQ improvement.
- Steel shipments 4.3M net tons (record); average selling price $1,015/ton.
- Full-year capex guidance lowered to ~$600M; SG&A to ~$575M; DD&A raised to ~$1.2B.
- CEO says slab supply contract with competitor ends in <5 months; not to be extended.

## SEC filing metadata
- accession: 0000764065-25-000121
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2025-07-21T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406525000121/0000764065-25-000121-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406525000121/clf-20250721.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-25-000121
- JSON: https://secwatch.observer/filing/0000764065-25-000121.json
- Plain text: https://secwatch.observer/filing/0000764065-25-000121.txt

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