Cleveland-Cliffs Revenue Climbs on Resilient Steel Demand

The company’s narrowed loss of $134 million, or 25 cents a share, marked a significant improvement over the $229 million loss reported during the same period last year. Adjusted figures of 20 cents a share narrowly outperformed the consensus estimate of 21 cents from analysts polled by FactSet. This performance was anchored by an increase in the average net selling price per ton, which rose to $1,124 from $1,015.

Chief Executive Lourenco Goncalves pointed to suppressed import levels and extended lead times as indicators of a healthy domestic sector. He signaled optimism for the latter half of the year, projecting that improving volumes and costs could make it the firm's strongest performance since 2021. To support this growth, the company maintained its annual shipment guidance of 16.5 million to 17 million net tons, with capital expenditures projected at $700 million.

Alongside the financial results, a leadership shift saw Chief Financial Officer Celso Goncalves named company president. He assumes the role from his father, Lourenco Goncalves, who will continue to serve as chairman and chief executive officer. Celso Goncalves, who joined the firm in 2016, will also hold a seat on the board of directors.