Cleveland-Cliffs 3Q Revenue Rises, Boosted by Steel Tariffs — Update

By Nicholas Miller

Cleveland-Cliffs posted higher third-quarter revenue and said demand for U.S.-produced steel was rising due to the Trump administration's tariffs.

The Cleveland-based steel company on Monday reported sales of $4.73 billion, up from $4.57 billion the year before. Analysts were expecting $4.9 billion, according to FactSet.

Cleveland-Cliffs said it was seeing a recovery in demand for automotive steel made in the U.S. as a result of President Trump's tariffs. Trump slapped a 50% levy on steel earlier this year.

"As a result of this new trade environment, we have won new and growing supply arrangements with all major automotive [original equipment manufacturers]," said Chief Executive Lourenco Goncalves.

Cleveland-Cliffs also said it entered a memorandum of understanding with a global steel producer seeking to benefit from the company's U.S. production.

The company posted a third-quarter loss of $251 million, or 51 cents a share, compared with a loss of $244 million, or 52 cents a share, the year prior.

Adjusted earnings were 45 cents a share, in line with analysts' expectations.

The company also said it was seeking to expand its presence in rare-earth metal production, and that it is examining mining sites in Michigan and Minnesota that show key indicators of rare-earth minerals. The mining sites "would align Cleveland-Cliffs with the broader national strategy for critical material independence, similar to what we achieved in steel," Goncalves said.

Write to Nicholas Miller at nicholas.miller@wsj.com

(END) Dow Jones Newswires

October 20, 2025 07:07 ET (11:07 GMT)