Cleveland-Cliffs (CLF) stock rallied on Monday after the steel production company posted its Q3 2025 earnings report. That’s despite the company’s adjusted earnings per share of -51 cents, which missed Wall Street’s estimate of -45 cents. It was also a wider loss per share compared to the -33 cents reported in the same period of the year prior.
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Cleveland-Cliffs reported revenue of $4.73 billion, another miss compared to the analyst estimate of $4.9 billion. However, the company’s revenue did climb 3.5% year-over-year from $4.57 billion. Cleveland-Cliffs President and CEO Lourenco Goncalves attributed this to “a richer sales mix and improved pricing, further bolstered by our continued execution on costs.” He also said the company expects this trend to accelerate in 2026 with the end of the ArcelorMittal (MT) slab supply contract in December.
Cleveland-Cliffs stock was up 9.23% in pre-market trading on Monday, following a 1.77% dip on Friday. The shares have climbed 41.7% year-to-date but were still down 2.35% over the past 12 months.
Cleveland-Cliffs Guidance
Cleveland-Cliffs updated its full-year 2025 guidance in its latest earnings report. The company expects:
- Capital expenditures of roughly $525 million, down from its previous estimate of $600 million.
- Selling, general, and administrative expenses of approximately $550 million, compared to its prior guidance of $575 million.
- Steel unit cost reductions maintained at about $50 per net ton compared to 2024.
- Depreciation, depletion and amortization maintained at around $1.2 billion.
- Cash pension and OPEB payments and contributions maintained at roughly $150 million.
Goncalves also commented on a potential deal that could benefit Cleveland-Cliffs shareholders. He said, “This past quarter, we entered into a Memorandum of Understanding with a major global steel producer, which seeks to leverage our unmatched U.S. footprint and trade-compliant operations. We expect the ultimate outcome of this MoU to be highly accretive to our shareholders. We look forward to sharing more on this ongoing development soon.”
Is Cleveland-Cliffs Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Cleveland-Cliffs is Moderate Buy, based on three Buy and six Hold ratings over the past three months. With that comes an average CLF stock price target of $12.46, representing a potential 6.46% downside for the shares. These ratings and price targets will likely change as analysts update their coverage following today’s earnings report.
