Overview

• Cleveland-Cliffs reported a Q1 2025 adjusted net loss of $0.92 per share on $4.63 billion revenue, missing analysts' estimates.
• The company will fully or partially idle six facilities, including sites in Steelton, Pennsylvania, and Riverdale, Illinois, to optimize operations and cut losses.
• Plans to develop a transformer production facility in Weirton, West Virginia, have been scrapped due to changes in project scope by its partner.
• These restructuring efforts are expected to generate over $300 million in annual savings through reduced overhead and improved productivity.
• CEO Lourenco Goncalves emphasized a strategic shift to streamline operations and focus on core automotive steel production.