---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-25-000146"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2025-10-20T23:59:59+00:00"
generated_at: "2026-05-17T03:19:21.059878+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Cleveland-Cliffs Q3 GAAP net loss $234M, adjusted EBITDA $143M, guides lower capex

## Summary
- GAAP net loss $234M ($0.45/diluted); adjusted net loss $223M; revenues $4.7B.
- Adjusted EBITDA $143M vs $94M in Q2; steel shipments 4.0M net tons.
- Average steel selling price $1,032/ton; cash margin $205M.
- FY2025 capex guided to ~$525M (from $600M); SG&A ~$550M (from $575M).
- Entered MoU with major global steel producer; rare earths potential at Michigan/Minnesota.

## SEC filing metadata
- accession: 0000764065-25-000146
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2025-10-20T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406525000146/0000764065-25-000146-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406525000146/clf-20251020.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-25-000146
- JSON: https://secwatch.observer/filing/0000764065-25-000146.json
- Plain text: https://secwatch.observer/filing/0000764065-25-000146.txt

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