Cleveland-Cliffs Stock Crushed on Results
Weak year drowns out 2026 optimism
This article first appeared on GuruFocus. Cleveland Cliffs Inc. (NYSE:CLF) got hit hard Monday, with shares sliding about 19% after the steelmaker posted another rough quarter and a sharply worse full year loss, despite management talking up a turnaround in 2026. Fourth quarter revenue came in at $4.3 billion, basically flat from a year ago but not enough to calm investors. The company narrowed its quarterly net loss to $235 million, or $0.44 per share, while an adjusted loss of $0.43 per share came in $0.19 better than expectations. Adjusted EBITDA improved as well, though it was still negative at $21 million.
Warning! GuruFocus has detected 9 Warning Signs with CLF. Is CLF fairly valued? Test your thesis with our free DCF calculator. The full year numbers told a tougher story. Cleveland-Cliffs reported a 2025 net loss of $1.4 billion, or $2.91 per share, as revenue slipped to $18.6 billion. Adjusted EBITDA collapsed to just $37 million, down sharply from $773 million in 2024. CEO Lourenco Goncalves blamed weak auto production, a value eroding slab contract, and pressure in Canada. He said those headwinds are easing in early 2026 and expects improved results ahead. Investors now want proof.