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Cleveland-Cliffs (NYSE:CLF) Management stated that operational efficiencies, higher realized pricing, and improved shipment volumes produced meaningful financial progress driven by footprint optimization and cost reduction. The company emphasized proactive actions in supply chain management and debt reduction, including the use of internal coke supplies and non-core asset monetization. Market developments such as Section 232 tariffs and planned tariffs on Brazilian pig iron, alongside the company’s vertical integration, may improve Cleveland-Cliffs Inc.'s domestic positioning relative to import-reliant competitors. Further EBITDA (non-GAAP) growth is expected following the expiry of the Arcelor slab agreement in December 2025, supported by stable liquidity and near-term leverage reduction initiatives.

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