Cleveland-Cliffs Narrows Q1 Loss to $237M as Revenue Climbs 6%

Cleveland-Cliffs Inc. (NYSE: CLF), a vertically integrated steel producer, posted a net loss of $237 million for the first quarter ended March 31, 2026, compared with a $498 million loss in the same period last year. The loss per diluted share narrowed to $0.42 from $1.01. Read more earnings reports.

Revenue climbed 6% to $4.92 billion from $4.63 billion in the prior-year quarter. The company's operating loss improved to $213 million from $543 million a year earlier.

Cost of goods sold inched lower to $5.00 billion from $5.03 billion, while selling, general and administrative expenses fell to $125 million from $133 million. The company recorded an income tax benefit of $81 million, down from a $149 million benefit in Q1 2025.

Cash Flow and Balance Sheet

Cleveland-Cliffs used $325 million in operating activities during the quarter, compared with $351 million consumed in the year-ago period. Capital expenditures and other investing activities required $140 million, down from $145 million.

Financing activities generated $454 million in cash, a decrease from $499 million in Q1 2025. Combined cash and restricted cash stood at $52 million as of March 31, 2026, down from $63 million at the end of Q1 2025.

Total assets rose to $20.12 billion from $20.01 billion at December 31, 2025. Long-term debt increased to $7.76 billion from $7.25 billion at year-end, while total liabilities climbed to $14.10 billion from $13.69 billion.

Working Capital Shift

Inventory decreased to $4.59 billion from $4.77 billion at the end of 2025, while accounts receivable jumped to $1.88 billion from $1.44 billion. Current liabilities edged up to $3.32 billion from $3.30 billion.

Stockholders' equity fell to $5.82 billion from $6.12 billion at December 31, 2025. The retained earnings deficit widened to $766 million from $529 million. Common shares outstanding increased to 570.4 million from 569.8 million.

Financial Summary