Cleveland-Cliffs (NYSE: CLF) reported Q4 EPS of ($0.43), $0.13 better than the analyst estimate of ($0.56). Revenue for the quarter came in at $4.31 billion versus the consensus estimate of $4.58 billion.

2026 Expectations

The Company put forth the following expectations for the full-year 2026:

Steel shipment volumes of approximately 16.5 - 17.0 million net tons
Steel unit cost reductions of approximately $10 per net ton compared to 2025, inclusive of richer mix impact from expiration of slab contract
Capital expenditures of approximately $700 million
Selling, general and administrative expenses of approximately $575 million
Depreciation, depletion and amortization of approximately $1.1 billion
Cash Pension and OPEB payments and contributions of approximately $125 million

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