On May 7, 2025, Cleveland-Cliffs Inc. issued a press release containing its financial results for the first quarter of 2025. In part, Cliffs reported a $483 million GAAP net loss for the quarter, compared to a $434 million GAAP net loss for the fourth quarter of 2024. Further, Cliffs announced that it had “made the decision to fully or partially idle six facilities to optimize its footprint, reposition away from loss-making operations, and release excess working capital.” The press release contained a statement from Cliffs’ CEO, who stated in part that Cliffs’ “first-quarter results were negatively impacted by underperforming non-core assets and the lagging effect of lower index prices in late 2024 and early 2025.”
On this news, Cleveland-Cliffs’ stock fell over 15% on May 8, 2025, and a further 2% on May 9, 2025.
