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Cleveland-Cliffs CLF Steelmaking — Stelco Acquisition

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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$6.98B+50.5%
Enterprise value$14.61B+18.8%
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:GoodwillAcquiredDuringPeriod.

The source filing: Cleveland-Cliffs’s 10-K, filed February 9, 2026.

Filed
Feb 9, 2026, 4:28 PM EST
Fiscal year
FY2025
Accession
0000764065-26-000025
(In millions)December 31, 2025 / SteelmakingDecember 31, 2025 / Other BusinessesDecember 31, 2025 / TotalDecember 31, 2024 / SteelmakingDecember 31, 2024 / Other BusinessesDecember 31, 2024 / Total
Beginning balance$1,719$49$1,768$956$49$1,005
Stelco Acquisition11616786786
Sale of business(6)(6)
Foreign currency translation3636(23)(23)
Ending balance$1,765$49$1,814$1,719$49$1,768
1Refer to NOTE 3 - ACQUISITIONS for further details.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Cleveland-Cliffs's steelmaking — stelco acquisition?
Cleveland-Cliffs (CLF) reported steelmaking — stelco acquisition of $4M in Q4 2025.
How has Cleveland-Cliffs's steelmaking — stelco acquisition changed year-over-year?
Cleveland-Cliffs's steelmaking — stelco acquisition decreased by 98.0% year-over-year, from $196.5M to $4M.
What does steelmaking — stelco acquisition mean?
This metric captures the direct financial costs and capital outlays associated with the acquisition of Stelco within the steelmaking segment. It represents the investment made to integrate new production capacity and market share into the existing business structure. Analyzing this figure allows stakeholders to evaluate the capital intensity and strategic expansion efforts of the company.

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