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Cleveland-Cliffs CLF Steelmaking — Capital additions

Other segment segments

Other Businesses
$2M0.0%
Eliminations
$0

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Other financials

Income statement

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Revenue$5.2B+5.9%
Gross profit$132.0M+162%
Operating income-$49.0M+90.2%
Net income-$134.0M+71.7%
EPS (diluted)-$0.25+74.5%

Balance sheet

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Cash & equivalents$70.0M+14.8%
Total debt$7.7B-0.3%
Total equity$5.6B-3.7%
Total assets$20.1B-1.7%

Cash flow

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Operating cash flow-$325.0M+7.4%
CapEx$157.0M+40.2%
Free cash flow-$477.0M+5.2%

Valuation

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Market cap$7.22B+55.7%
Enterprise value$14.85B+20.7%
P/S0.4×+0.1×

Profitability

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Gross margin-1.1%
Operating margin-4.2%-1.5pp
Net margin-4.3%-1.5pp
FCF margin-5.3%-0.3pp

Returns & leverage

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Return on equity-14.6%-4.3pp
Debt / equity1.4×0.0×
Current ratio1.9×-0.2×

Where this comes from

Reported directly by Cleveland-Cliffs in its filing.

Tagged under the XBRL concept us-gaap:SegmentExpenditureAdditionToLongLivedAssets.

The source filing: Cleveland-Cliffs’s 10-Q, filed July 23, 2026.

Filed
Jul 23, 2026, 4:08 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000764065-26-000100
(In millions)SteelmakingOther BusinessesEliminationsTotal
Currency exchange(19)
Changes in fair value of derivatives, net(12)
Gain on disposal of assets, net2
Other, net(4)
Net loss$(134)
Capital Additions$187$2$189
1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA, certain idled facilities charges and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $11 million and the exclusion of depreciation, depletion and amortization of $5 million.

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Cleveland-Cliffs's steelmaking — capital additions?
Cleveland-Cliffs (CLF) reported steelmaking — capital additions of $187M in Q2 2026.
How has Cleveland-Cliffs's steelmaking — capital additions changed year-over-year?
Cleveland-Cliffs's steelmaking — capital additions increased by 24.7% year-over-year, from $150M to $187M.
What is the long-term trend for Cleveland-Cliffs's steelmaking — capital additions?
Over 4 years (2021 to 2025), Cleveland-Cliffs's steelmaking — capital additions has grown at a -3.9% compound annual growth rate (CAGR), from $787M to $670M.
What does steelmaking — capital additions mean?
Represents the total investment in property, plant, and equipment intended to expand or maintain the steelmaking segment's production capabilities. This metric is a key indicator of the company's commitment to long-term growth, modernization, and operational efficiency.

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