Cleveland-Cliffs CLF Business Segments
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Revenue by Business | ||||||
| Eliminations | -$42M-50.0% | -$21M+8.7% | -$24M-20.0% | -$37M-68.2% | -$28M-7.7% | |
| Other Businesses | $167M+3.1% | $159M+1.3% | $173M+15.3% | $163M-7.9% | $162M-5.8% | |
| Steelmaking | $4.8B+6.7% | $4.18B-0.4% | $4.59B+3.3% | $4.81B-2.6% | $4.5B-11.0% | |
| Segment Reporting, Other Segment Item, Amount by Business | ||||||
| Eliminations | $0— | $0— | $0— | $0— | $0— | |
| Other Businesses | $2M— | $1M-50.0% | $0+100% | $0+100% | $0-100% | |
| Steelmaking | -$23M-309% | -$10M— | -$26M-158% | $7M+128% | $11M+137% | |
| Total Assets by Business | ||||||
| Other Businesses | $603M-5.2% | $596M-3.9% | $627M-1.6% | $623M-6.5% | $636M-3.3% | |
| Steelmaking | $19.51B-3.4% | $19.42B-4.5% | $19.66B+21.1% | $19.85B+21.3% | $20.2B+20.7% | |
| Cost of Product and Service Sold by Business | ||||||
| Eliminations | -$42M-50.0% | -$21M+12.5% | -$26M-13.0% | -$35M-66.7% | -$28M0.0% | |
| Other Businesses | $154M+0.7% | $145M-2.7% | $163M+16.4% | $147M-8.1% | $153M-2.5% | |
| Steelmaking | $4.89B-0.2% | $4.4B-1.7% | $4.64B+1.9% | $5.03B+5.0% | $4.9B+2.4% | |
| Adjusted EBITDA by Business | ||||||
| Eliminations | $0— | $0-100% | $2M-33.3% | -$2M-100% | $0-100% | |
| Other Businesses | $15M+50.0% | $15M+50.0% | $12M+50.0% | $16M-11.1% | $10M-41.2% | |
| Steelmaking | $80M+142% | -$36M— | $129M+16.2% | $83M-72.9% | -$189M-148% | |
| Selling, General and Administrative Expense by Business | ||||||
| Eliminations | $0— | $0— | $0— | $0— | $0— | |
| Other Businesses | $8M+14.3% | $7M-12.5% | $7M0.0% | $7M0.0% | $7M0.0% | |
| Steelmaking | $117M-7.1% | $137M+4.6% | $123M+17.1% | $130M+35.4% | $126M+0.8% | |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) by Business | ||||||
| Eliminations | $0— | $0— | $0— | $0— | $0— | |
| Other Businesses | $0— | $0— | $0— | $0— | $0— | |
| Steelmaking | -$64M-12.3% | -$66M-4.8% | -$57M+8.1% | -$43M+30.6% | -$57M+5.0% | |
| Depreciation, depletion and amortization by Business | ||||||
| Eliminations | $0— | $0— | $0— | $0— | $0— | |
| Other Businesses | $8M0.0% | $7M-12.5% | $9M+28.6% | $7M-22.2% | $8M0.0% | |
| Steelmaking | $251M-8.4% | $265M+6.0% | $279M+22.4% | $386M+76.3% | $274M+23.4% | |
| Foreign currency translation by Business | ||||||
| Other Businesses | $0— | $0— | $0— | $0— | $0— | |
| Steelmaking | -$14M-256% | $9M+257% | $9M+257% | $9M+257% | $9M+257% | |
| Capital additions by Business | ||||||
| Eliminations | $0— | $0— | $0— | $0— | $0— | |
| Other Businesses | $2M-66.7% | $0-100% | $2M— | $2M0.0% | $6M+500% | |
| Steelmaking | $124M+0.8% | $192M-25.6% | $205M-2.8% | $150M-19.8% | $123M-21.2% | |
| Goodwill by Business | ||||||
| Other Businesses | $49M0.0% | $49M0.0% | $49M0.0% | $49M0.0% | $49M0.0% | |
| Steelmaking | $1.75B+1.9% | $1.77B+2.7% | $1.75B+82.7% | $1.77B+84.6% | $1.72B+79.7% | |
| Revenue by Product | ||||||
| Coated steel | $1.43B+5.1% | $1.24B+0.7% | $1.44B+4.7% | $1.39B-10.0% | $1.36B-16.1% | |
| Cold-rolled steel | $637M+7.8% | $530M-8.8% | $636M-5.2% | $645M-9.3% | $591M-21.1% | |
| Hot-rolled steel | $1.41B+20.9% | $1.15B+11.7% | $1.12B+11.9% | $1.33B+19.5% | $1.17B+3.4% | |
| Other | $617M+7.7% | $568M-3.6% | $578M+4.0% | $580M-4.1% | $573M+0.5% | |
| Other steel products | $108M-56.3% | —— | $204M-26.1% | $276M-13.2% | $247M-26.3% | |
| Plate steel | $254M+2.8% | —— | $286M+20.7% | $275M-13.2% | $247M-25.8% | |
| Stainless and electrical steel | $465M+4.7% | $404M-3.1% | $466M+3.8% | $434M-9.6% | $444M-3.7% |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- How does Cleveland-Cliffs break its business down?
- Cleveland-Cliffs (CLF) reports revenue by business across 3 parts — Eliminations, Other Businesses and Steelmaking. Each is extracted from the segment footnotes and tracked over time.
- Where does Cleveland-Cliffs's segment data come from?
- Segment breakdowns are pulled from the segment footnotes in Cleveland-Cliffs's SEC filings (the XBRL dimensional tags), so every line ties back to a reported figure. Switch between quarterly, annual, and TTM, or open any segment for its full history.
