Q4 2025 total shipments were 3.8 million tons, slightly lower than Q3 due to heavier seasonal impacts (CFO).
Q1 2026 shipments expected to improve back to ~4 million tons; full-year 2026 shipments guided to 16.5–17 million tons (CFO).
Q4 2025 price realization was $993/net ton, down ~$40/ton due to lagging indices, lower automotive volume, and slab price disconnection (CFO).
2026 realized prices expected to increase ~$60/ton from 2025, with further upside if pricing trend continues (CFO).
2025 marked third straight year of unit cost reductions, with another $40/ton reduction; 2026 unit costs expected to decline another $10/ton (CFO).
2025 CapEx was a record low $561 million; 2026 CapEx projected at ~$700 million, including pre-work for Burns Harbor furnace C reline in 2027 (CFO).
2027 CapEx expected ~$900 million (driven by blast furnace reline), then back to ~$700 million in 2028 (CFO).
Total liquidity at end of 2025 was $3.3 billion; ABL draw at lowest since Stelco acquisition (CFO).
Asset sale proceeds expectation of $425 million remains intact; $60 million received so far from closed sales (CFO).
2025 safety TRIR (including contractors) was 0.8 per 200,000 hours worked, a 43% improvement vs. 2021 (CEO).
POSCO due diligence ongoing; targeting definitive agreement in 2026; MOU is non-binding (CEO).
Termination of index-based slab supply contract with ArcelorMittal; EBITDA benefit estimated at ~$500 million from replacing slabs with higher-margin products (CEO).
Canadian government restricted steel imports into Canada late 2025, improving momentum for Stelco in 2026 (CEO).
Official Guidance:
Q1 2026: Shipments ~4 million tons; ASP up ~$60/ton vs. Q4 2025; costs up ~$20/ton in Q1, normalizing into Q2 (CFO).
Full-year 2026: Shipments 16.5–17 million tons; unit costs down ~$10/ton vs. 2025; CapEx ~$700 million (CFO).
Mgmt Quotes:
"We have already secured more business from our automotive clients, and that will show throughout 2026 as the OEMs reshore production back to the United States." (CEO)
"When hot rolled coil prices rally, we, Cleveland-Cliffs, benefit." (CEO)
"The expected combination of these market share gains with an increased domestic production of vehicles will be a massive gain for our throughput efficiency, costs, and ultimately profits." (CEO)
"Our order book is solid, demand is improving, lead times are going out, prices are rising, costs are still coming down, tariffs are in place, the slab contract is gone, manufacturing is coming back..." (CFO)
"We are targeting signing a definitive agreement in 2026. This remains the number one strategic priority for both Cleveland-Cliffs and POSCO." (CEO)