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Cleveland-Cliffs stock drops 19% after challenging fourth quarter
Steel producer expects improvements in 2026 after disappointing 2025
Published on Feb. 9, 2026
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Cleveland-Cliffs (CLF) stock dropped 19% on Monday morning after the steel producer's fourth quarter revenue missed estimates. The company said it expects improvements in 2026 after a disappointing end to 2025, citing persistently weak automotive production, an expiring slab contract, and an adverse dynamic in the Canadian market.
Why it matters
Cleveland-Cliffs is one of the largest steel producers in North America, so its performance is seen as an indicator of the broader steel industry. The company's struggles in 2025 highlight the challenges facing manufacturers reliant on the automotive sector, as well as the impact of supply chain disruptions and changing market dynamics.
The details
The steel producer recorded a net loss per share of $0.44 in the fourth quarter, which was narrower than the $0.60 loss Wall Street was expecting. For the full year, the company reported an adjusted net loss of $2.48 per share, compared to a net loss of $0.73 a year ago. Revenue of $4.3 billion also fell short of estimates of $4.5 billion. In the fourth quarter, Cleveland-Cliffs had 3.77 million net tons in steel shipments, compared to 3.8 million tons in the same period a year earlier. For 2026, Cleveland-Cliffs expects to ship 16.5 million to 17 million tons of steel.
- In the fourth quarter, Cleveland-Cliffs had 3.77 million net tons in steel shipments, compared to 3.8 million tons in the same period a year earlier.
- For 2026, Cleveland-Cliffs expects to ship 16.5 million to 17 million tons of steel.
The players
Cleveland-Cliffs
One of the largest steel producers in North America.
Lourenco Goncalves
CEO of Cleveland-Cliffs.
What they’re saying
“Our performance in 2025 was negatively affected by persistently weak production levels from the automotive sector throughout the entire year, an expiring five-year slab contract becoming value-destructive during its last year, and a newly adverse dynamic in the Canadian market.”
— Lourenco Goncalves, CEO, Cleveland-Cliffs (Cleveland-Cliffs)
The takeaway
Cleveland-Cliffs' struggles in 2025 highlight the challenges facing manufacturers reliant on the automotive sector, as well as the impact of supply chain disruptions and changing market dynamics. The company's expectations for improvements in 2026 suggest it is optimistic about the future, but the steel industry's performance will continue to be closely watched as an indicator of broader economic conditions.
